Senate Standing Committee on Finance, led by Salim Mandwiwala, has focused on the implementation of credit card payment regulations.
The FBR chief assured strict measures to ensure retailers accept payments through credit cards and said it will now be mandatory for businesses to facilitate such transactions.
“Traders must accept payment through credit cards or be shut down,” said the FBR chief, pointing out the consequences of non-compliance with this requirement.
Senator Sherry Rehman expressed concern about retailers citing technical issues as an excuse for not accepting credit cards, and called for swift action to overcome such barriers.
“We cannot delay the implementation of these measures,” said Senator Rehman. The commission says only three complaints a day or five complaints a week from consumers will take regulatory action against non-compliant businesses.
Additionally, businesses that fail to issue at least three receipts per day or five receipts per week through the Point-of-Sale (POS) system face a $500,000 fine.
The FBR chief said a new dashboard was implemented to track the operational status of POS machines in shops, improving control and accountability.
