Arun Jaitley, the Finance Minister in a press conference revealed that the Reserve Bank along with Government will taking concrete and quick steps to decrease the cost of Digital transaction. These steps will be taken to encourage and ease India’s movement towards the cashless society.
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Mr Jaitley while speaking to the media after the 5th Meeting of the Consultative Committee stated that government and RBI are keen to divert the India towards the cashless economy. He also stressed that in contrary to the misinformation spread, the cashless economy does not mean not using cash at all, but using less cash. The total disuse of cash is not at all possible.
The Finance Minister stated that already India is slowly but gradually accepting the digital transactions. citing an example he said that more than 55 percent of petrol pumps in India have turned to digital means. Mr. Jaitley further remarked that as the Center is aware about the possible increase in the cyber security breaches, both RBI and the government have taken the steps to strengthen the firewall and other security feature of the digital transaction systems.
Earlier today, as stated by the Finance Minister Mr Jaitley, Niti Aayog has announced incentives and awards to the people who are using digital transactions. Amitabh Kant, the Chairman of Niti Aayog in a press conference cash incentives for the people who will be using digital means. The scheme is to begin from the Christmas, 25 December will continue till 14 April.
The scheme will include a series of great incentives such as Rs 1000 for 15,000 winners for 100 days, the cash prizes up to Rs 1 lakh for the customers and Rs 50,000 for traders with the 7000 weekly draws, and the grand prize of Rs 1 crore, which is to be announced in 14 April, 2017. The schemes are however subjected to certain regulations such as that it will neither consider the digital transactions above Rs 5000 and below Rs 50; nor the bank to bank transactions. The transactions which will only use RuPay, USSD,UPI and AEPS will be considered.
This announcements of goodies by the Niti AAyog comes days after the Mr Jaitley and Prime Minister Narendra Modi had stated that his Government will be thinking of ways and incentives to divert the people to the cashless economy. since the demonetization of Rs 500 and Rs 1000 banknotes as it is the country is facing severe cash crunch.
The Prime Minister has time and again requested the people to shed the habit of using cash instead turn towards the digital transactions. But with people showing reluctance, the Center has come up with the scheme. it is to be seen how successful this turns out.
The post Jaitley and Niti Aayog Push for cashless society appeared first on Golkonda News.
