{"id":7902,"date":"2020-01-14T17:50:17","date_gmt":"2020-01-14T12:20:17","guid":{"rendered":"https:\/\/blog.payumoney.com\/?p=7902"},"modified":"2020-01-30T16:10:52","modified_gmt":"2020-01-30T10:40:52","slug":"hefty-fine-for-not-accepting-digital-payments-from-feb","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/hefty-fine-for-not-accepting-digital-payments-from-feb\/","title":{"rendered":"Hefty Fine for Not Accepting Digital Payments from Feb. Stay Calm. PayU is Here."},"content":{"rendered":"\n<p style=\"text-align:left\">As a part of its initiatives towards making India a \u201ccash-less\u201d economy, the government recently stated that <strong>any business with an annual turnover of Rs.50 crore will have to provide the prescribed digital payment facilities to its customers from February 1, 2020<\/strong>. <strong>And they will be charged with a hefty fine of Rs 5,000 per day on failing to do so!<\/strong><\/p>\n\n\n\n<p style=\"text-align:left\">Debit Card powered by RuPay, BHIM UPI and UPI QR codes are among the prescribed mode of payment for digital transactions, apart from other electronic modes that businesses may want to offer to their customers. Here is the <a href=\"https:\/\/www.incometaxindia.gov.in\/News\/notification_105_2019.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"detailed notification (opens in a new tab)\">detailed notification<\/a>.  <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201cIn order to allow sufficient time to the specified person to install and operationalise the facility for accepting payment through prescribed electronic modes, it is hereby clarified that the penalty shall not be levied if the specified person installs and operationalises the facilities on or before January 31, 2020,\u201d a notification issued by the Central Board of Direct Taxes (CBDT) said. <\/p><\/blockquote>\n\n\n\n<p>The government is hoping that this move will not only help push the digital India initiative but also help in the development of the economy overall. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Start Accepting Digital Payments Easily with PayU!<\/strong><strong> <\/strong><\/h2>\n\n\n\n<p>It is not just the government, but people too want everything digitized. According to stats, more than 1 billion people are willing to carry out transactions online. The digital transformation of payments in India is inexorable. And businesses should take leverage of the technology and innovations online payment solution providers give. <\/p>\n\n\n\n<p>Done well, payments can be a gateway for broader digital financial services. For this, the digitization of SMBs and consumers is crucial. While some businesses have been quick to transition into the digital world, many SMEs are yet to put the technologies at work. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><em>If you too still haven\u2019t started accepting online payments yet, sign up on PayU now. You can start accepting within minutes after signing up on PayU. We offer an omnichannel product suite that serves the payment needs of all businesses. You have a website or you don\u2019t have a website, you want to accept payments online or offline, through QR code or by sending a payment link to your customer via WhatsApp or message, PayU can be your trusted payment solution provider at all times. <\/em><\/p><\/blockquote>\n\n\n\n<p>In fact, PayU is more than just a payment gateway. <a href=\"\/guide-to-choose-the-best-online-payment-solution-for-your-business\/?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_term=Hefty%20Fine%20for%20Not%20Accepting%20Digital%20Payments%20from%20Feb.%20Stay%20Calm.%20PayU%20is%20Here.\" target=\"_blank\" rel=\"noreferrer noopener\">Read here<\/a> to know how PayU is the best online payment solution for your business. <\/p>\n\n\n\n<p>With more than 1.8 million daily transactions and 3.5L active merchants, PayU has been helping businesses accept digital payments smoothly. If you too want to start accepting online payments within minutes, <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><a href=\"https:\/\/onboarding.payumoney.com\/app\/account?utm_source=google&amp;utm_medium=organic&amp;utm_campaign=internal&amp;utm_term=Hefty%20Fine%20for%20Not%20Accepting%20Digital%20Payments%20from%20Feb.%20Stay%20Calm.%20PayU%20is%20Here.\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/01\/signup-v2-1.png\" alt=\"Sign_Up_on_PayU\" class=\"wp-image-7903\" width=\"263\" height=\"72\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As a part of its initiatives towards making India a \u201ccash-less\u201d economy, the government recently stated that any business with an annual turnover of Rs.50 crore will have to provide&#8230;<\/p>\n","protected":false},"author":31,"featured_media":7940,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[584],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hefty Fine for Not Accepting Digital Payments from Feb. 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