Salim Mandviwala, the chair of the Senate Standing Committee on Finance, placed a strong emphasis on the enforcement of credit card payment laws.
The chairman of the FBR promised stringent measures to guarantee that stores take credit card payments, declaring that companies will now have to enable these kinds of transactions.
“Retailers that don’t accept credit card payments will be forced to close,” said FBR chairman, emphasizing the negative effects of non-compliance.
Senator Sherry Rehman expressed worry about merchants using technological difficulties as justifications for refusing to accept credit cards and called for prompt action to remove these obstacles.
Senator Rehman emphasized, “We can’t tolerate delays in implementing these measures.” The committee emphasized that regulatory action against non-compliant enterprises will only be taken in response to three customer complaints per day or five complaints per week.
Furthermore, companies who do not use Point of Sale (POS) systems to provide at least three daily or five weekly receipts risk fines of up to Rs 500,000.
In order to improve oversight and accountability, the FBR chairman stated that a new monitoring dashboard will be implemented to track the working status of POS machines throughout shops.
