Question ID :
Are the requirements of Section 119 for providing digital modes (suggested by aforesaid section) are applicable to an NBFC into lending business even if they are already providing digital modes i.e RTGS/IMPS/NEFT etc ? As these modes of payment can be provided.
Extract of the notification no 105/2019 and circular no 32/2019 dt 30.12.2019
In this regard, new Rule 119AA (Modes of payment for the purpose of Section 269SU) hasbeen inserted in the Income-tax Rules, 1962. Rule119AA provides that the speci?ed person shallprovide facility for accepting payment throughfollowing electronic modes, in addition to thefacility for other electronic modes of payment, ifany, being provided by such person, namely
(i) Debit Card powered by RuPay
(ii) Uni?ed Payments Interface (UPI) (BHIM-UPI); and
(iii) Uni?ed Payments Interface Quick ResponseCode (UPI QR Code) (BHIM-UPI QR Code.
Apr 26, 2020