RuPay, UPI mandatory for businesses with over Rs 50 crore turnover from Feb 2020

01:40:00 PM, Tuesday 31st of December 2019 | in business

The Central Board of Direct Taxes (CBDT) has made it mandatory for all the companies with turnover of Rs 50 crores or more to provide facility of payment through RuPay Debit Card and Unified Payments Interface (UPI) QR code to their customers from February 1, 2020. The CBDT issued a circular on Tuesday as per the set guidelines by Union Ministry of Finance. The businesses failing to do so would be penalised Rs 5,000 a day.