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₹50 cr value firms must have digital payment facility

Dec 31, 2019 13:10 IST

Firms with an annual turnover of ₹50 crore or more are required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy. Failing which, they would be made to cough up ₹5,000 a day as penalty from February 1, 2020. However, companies do not have to pay any penalty till January 31 for not installing the system.