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| No charges on digital payments made to large business establishments from 1 Nov |
No charges on digital payments made to large business establishments from 1 Nov
In a move that may boost digital payments, the government said banks or system providers will not impose charges or Merchant Discount Rate (MDR) on customers as well as merchants on digital payments made to establishments having turnover in excess of Rs 50 crore from November 1.
The Central Board of Direct Taxes (CBDT) has invited applications from banks and payment system providers who are willing that their payment systems may be used for the purpose as the government plans to prescribe certain electronic modes of payment.
Finance minister Nirmala Sitharaman in the Union Budget said that business establishments with annual turnover of more than ₹50 crore will have to offer low cost digital modes payments to customers and not impose charges or MDR on customers and merchants.
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