Govt unveils new bank card cost insurance policies

FBR chairman assured strict measures to make sure retailers settle for funds by way of bank cards, stating it’s going to now be necessary for companies to facilitate such transactions.

“Retailers should settle for cost by way of bank card, or face closure,” declared FBR chairman, highlighting the results for non-compliance.

Senator Sherry Rehman voiced issues over retailers citing technical points as excuses for not accepting bank cards, urging swift motion to resolve such impediments.

“We won’t tolerate delays in implementing these measures,” Senator Rehman burdened. The committee underscored that solely three complaints per day or 5 per week from shoppers would provoke regulatory motion in opposition to non-compliant companies.

Moreover, companies failing to problem not less than three receipts per day or 5 receipts per week by way of Level of Sale (POS) programs will face penalties as much as Rs500,000.

FBR chairman stated implementing a brand new monitoring dashboard to trace the operational standing of POS machines throughout outlets, enhancing oversight and accountability.