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E-payments made mandatory for Government Departments for contracts exceeding Rs 5,000!

Updated on: 09 Aug, 2023 11:32 AM

The government is trying to put its best foot forward in a bid to make India a cashless society. In a recent move by the government, Finance Ministry has made it mandatory for the government departments to make E-payments if contract exceeds Rs 5,000.

All the ministries and departments of the Government of India have been now directed by the Ministry of Finance to ensure with immediate effect that all payments above Rs 5,000 to suppliers, contractors, grantee and loanee institutions etc are made by issue of payment advises only, an official statement said.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.