The finance ministry pressures banks and businesses to put Infra RuPay

NEW DELHI: with a lot of banks only issuing Mastercard or Visa cards, the finance Minister has decided to ask them to ensure that there are no infrastructure or card restrictions that prevent consumers from taking advantage of the commercial discount rate at RuPay or UPI.

Similarly, the revenue department is meeting with industry agencies to spread the message that all companies with an annual turnover of Rs. Anyone who does not allow consumers to take advantage of this scheme will face a daily fine of Rs 5,000. We want to make sure the deployment is fluid, ”said a senior TOI officer.

The sources said tax officials will visit the stores starting February 1 to verify if the facility is available or not, and that anyone who is violating the dictation will be fined.

The move is part of the government’s push to promote digital transactions, which not only help track fund flow easily but also reduce the cost of business. Tax officials said that banks should be encouraging the use of cashless transactions instead of hobbling them. The revenue department stepped in to announce the measures that banks were seen to be moving slowly in the absence of RBI guidelines.

No se puede ver que los banks estén promoviendo uno u otro sistema de pago, necesitan proporcionar RuPay y UPI, dijo un oficial. La exención de MDR para empresas con una facturación anual de Rs 50 millones de rupias o más es efectiva a partir del miércoles. MDR es el costo pagado por un comerciante a un banco por aceptar el pago de sus clientes a través de medios digitales.