Inserted by Finance Act 2019:
269SU. Every person, carrying on business, if his total sales, turnover or gross receipts, in business exceeds fifty Crore rupees during the immediately preceding previous year shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic modes, of payment, if any, being provided by such person.
Effective from 1st day of January, 2020
Every person carrying on business:
If he is total sales / Turnover or gross receipts in the business exceed 50CR in the previous financial year (Specified Person) shall provide facility for accepting payment through following electronic modes:
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and
(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)”
This Section provides for levy of penalty of 5000/ per day in case of failure by the specified person to comply with the provisions of S/269SU.
Section 271DB of the Act shall not be levied if the specified person installs and operationalises the facilities on or before 31st January, 2020.