 "E-payments, UPI")
In another push towards a ‘less-cash economy’, the finance ministry on Tuesday said that companies with annual turnover of over Rs 50 crore which do not accept payments through home-grown RuPay and Unified Payments Interface (UPI) platforms will have to pay a penalty of Rs 5,000 every day. This will be applicable with effect from February 1, 2020, a notification issued by the Central Board of Direct Taxes (CBDT) said.
“In order to allow sufficient time to the specified person to install and operationalise the facility for accepting payment through prescribed electronic modes, it is hereby clarified that the penalty
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