The CBDT has notified ‘debit card powered by RuPay’ and  ‘UPI’ as prescribed mode of payments for s. 269SU.  Further to representations receive, the CBDT has issued Circular No. 12/2020 clarifying that s. 269SU shall not be applicable to specified persons having only B2B transactions (i.e no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts are by any mode other than cash.

Notification for ready reference.