STEP FORWARD TO
CASHLESS ECONOMY
Government has announced the
Different incentives to boost the cashless transaction.
1.
Cash back/Discount on Petrol payments
The Central Government Petroleum PSUs shall give
incentive by offering a discount at the rate of 0.75% of the sale price to
consumers on purchase of petrol/diesel if payment is made through digital
means.
By the above incentive a person will get benefit of Rs
15 on payment of Rs 2,000 by Digital means.
Expectation
Nearly 4.5 crore customers buy petrol or diesel at such
petrol pumps per day who can take benefit of this incentive scheme. It is estimated that petrol/diesel worth
Rs.1800 crore is sold per day to the customers out of which nearly 20% was
being paid through digital means. In the
month of November 2016 it has increased to 40% and the cash transaction of
Rs.360 crore per day have got shifted to cashless transaction methods. The incentive scheme has the potential of
shifting at least 30% more customer to digital means which will further reduce
the cash requirement of nearly Rs. 2 lakh crore per year at the petrol pumps.
2.
Railway’s e-ticket
Railway through its sub urban railway network shall
provide incentive by way of discount upto 0.5% to customers for monthly or
seasonal tickets from January 1, 2017, if payment is made through digital
means.
By the above incentive a person will get benefit of Rs
5 on payment of Rs 1,000 by Digital means.
Expectation
Nearly 80 lakh passengers use seasonal or monthly ticket on suburban railways, largely in cash, spending worth nearly Rs.2,000 crore per year. As more and more passengers will shift to digital means the cash requirement may get reduced by Rs.1,000 crore per year in near future.
3.
Free Travel Insurance on railway journey
All railway passengers buying online ticket shall be
given free accidental insurance cover of upto Rs. 10 lakh.
Expectation
Nearly 14 lakh railway passengers are buying tickets everyday out of which 58% tickets are bought online through digital means. It is expected that another 20% passengers may shift to digital payment methods of buying railway tickets. Hence nearly 11 lakh passengers per day will be covered under the accidental insurance scheme.
4.
Discount of ancillary service on railway
journey
For paid services e.g. catering, accommodation,
retiring rooms etc. being offered by railways through its affiliated
entities/corporations to the passengers, it will provide a discount of 5% for
payment of these services through digital means.
All the passengers travelling on railways availing these services may avail the benefit.
All the passengers travelling on railways availing these services may avail the benefit.
5.
Discount on Toll Taxes
For the payment of toll at Toll Plazas on National
Highways using RFID card/Fast Tags, a discount of 10% will be available to
users in the year 2016-17.
6.
Reduced Service tax burden
No service tax will be charged on digital transaction
charges/MDR for transactions upto Rs.2000 per transaction.
7.
Discount on Insurance Premium
Public sector insurance companies will provide
incentive, by way of discount or credit, upto 10% of the premium in general
insurance policies and 8% in new life policies of Life Insurance Corporation
sold through the customer portals, in case payment is made through digital
means.
8.
Reduced POS machines rental
Public sector banks are advised that merchant should
not be required to pay more than Rs. 100 per month as monthly rental for PoS
terminals/Micro ATMs/mobile POS from the merchants to bring small merchant on
board the digital payment eco system.
Expectation
Nearly 6.5 lakh machines by Public Sector Banks have been issued to merchants who will be benefitted by the lower rentals and promote digital transactions. With lower rentals, more merchants will install such machines and promote digital transactions.
9.
Issuing new Rupay Kisan Cards
The Central Government through NABARD will also support
Rural Regional Banks and Cooperative Banks to issue “Rupay Kisan Cards” to 4.32
crore Kisan Credit Card holders to enable them to make digital transactions at
POS machines/Micro ATMs/ATMs.
10. Government
to go Digital
The Central Government Departments and Central Public
Sector Undertakings will ensure that transactions fee/MDR charges associated
with payment through digital means shall not be passed on to the consumers and
all such expenses shall be borne by them.
State Governments are being advised that the State Governments and its
organizations should also consider absorbing the transaction fee/MDR charges
related to digital payment to them and consumer should not be asked to bear it.
11. Digital
transaction facility to rural area
To expand digital payment infrastructure in rural
areas, the Central Government through NABARD will extend financial support to
eligible banks for deployment of 2 POS devices each in 1 Lakh villages with
population of less than 10,000. These
POS machines are intended to be deployed at primary cooperative societies/milk
societies/agricultural input dealers to facilitate agri-related transactions
through digital means.
Expectation
This will benefit farmers of one lakh village covering
a total population of nearly 75 crore who will have facility to cashless
transaction in their villages for their agriculture needs.
This will help to connect great amount of people to step in digital India companion.
0 comments:
Post a Comment