Mandatory electronic payment acceptance for large businesses under new rules; prohibition on transaction charges and penalties for non-compliance.
Section 269SU requires persons above the turnover threshold to provide three specified electronic payment facilities-RuPay debit card, UPI, and UPI QR Code-and prohibits transaction or other charges on payments made through those prescribed modes, backed by an amendment in the Payment and Settlement Systems framework; failure to operationalise the facilities by the compliance deadline attracts a daily penalty for each day of default. (AI Summary)