Arun Jaitley: 11 things that the Government is Planning to Promote Digital Payments will make using Cash a LUXURY.

By | December 8, 2016

It’s been a month since the Indian government banned old 500 and 1000-rupee notes as a component of its battle against unaccounted or black money. Fin. Minister Minister Arun Jaitley today declared 11 measures that the legislature has taken to facilitate the Digital switchover, including a 0.75 for every penny markdown for the personal’s who buy petrol or diesel through digital payments.

Following are the highlights of Finance Minister Arun Jaitley’s media briefing:

  • The point of demonetisation is to money exchanges however much as could be expected.
  • The Indian government will give 2 POS or Point of Sale machines for nothing to every town that has a population of more than 8,000. Around 75 crore people will access these machines.
  • Suburban train passengers who pay digitally for their tickets will get a 0.5% rebate. This discount will be applicable from January 1, 2017.
  • Railways passengers who buy tickets online will be qualified for a insurance coverage of Rs. 10 lakh.
  • Passengers buying tickets online will also get a 5% discount on space, catering and retiring room at railway stations across India.
  • No service tax will be charged on transactions of up to Rs. 2,000/- if a card is used.
  • People paying general insurance premiums will get a 10% discount and 8% discount for life insurance if the payment is made online.
  • Government forms will not charge a transaction fee for digital payments.
  • People who pay digitally, and use Smart TAGs and RFID services at toll plazas on national highways will get a 10% discount.
  • Extreme cash can also lead to malpractices, and thus it is being depressed. The shift to a ‘less-cash’ economy has to be realized.
  • The cost of these discounts will be tolerated by the concerned organizations.
  • Dealing in cash brings its own costs and loads, so this will be a welcome alteration.

Only depositing money into bank accounts won’t change black to white. All these transactions will be closely scrutinized and a tax will be compulsory on it.

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