The good news – the bank will soon transfer the money to your account, the government ordered

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The good news – the bank will soon transfer the money to your account, the government ordered

The government has made this change to move towards a cashless economy to encourage digital transactions.

The Central Board of Direct Taxes (CBDT) has advised banks in a circular to levy fees on electronic platforms under Section 269 SU of the Income Tax Act not to levy any charges on any future transactions made through this platform.

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The government has added a new provision in the form of Section 269 SU in the Financial Act 2019 to move towards a cashless economy to encourage digital transactions.

Under the law, it is required that a person who trades more than Rs 50 crore last year should ensure payment arrangements from an electronic platform with immediate effect. Immediate refund of any transaction charged on or after January 1, 2020, using electronic mode. And there will be no charge for such transactions in the future.

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The CBDT said that in December 2019, it was clarified that from January 2020, the merchant would not be able to levy any charges, including discount rates, on transactions made in the prescribed electronic mode, such as debit cards, unified payment interfaces, and UPI quick response codes.

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