Thursday, December 15, 2016

SLEW OF MEASURES TO PROMOTE DIGITAL PAYMENTS

The following incentives have been announced to promote less cash Economy:

  • A 0.75 per cent discount on purchases of petrol and diesel using credit or debit cards, e-wallets and mobile wallets.
  • Monthly or seasonal tickets in suburban railway networks through digital modes will get a 0.5 per cent discount, effective from January 1 2017
  • Railway tickets online will receive free accidental insurance cover worth Rs 10 lakh,
  • Railways will provide a discount of 5% on digital payments for railway catering, accommodation, and retiring rooms.
  • Public sector insurance companies will provide incentive(s), by way of discount or credit, up to 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals of 4 PSU Insurers.
  • Two point-of-sale machines in  every village with a population of up to 10 000, and 1 lakh villages will be selected for this scheme.
  • A 10 per cent discount will be provided on payments made using RFID or Fast Tags at Toll Plazas on national highways effective till the end of March 2017.
  • To enable mobile banking on feature phones, the USSD charges have been rationalized and reduced from Rs.1.50 per SMS to Rs.0.50
  • An application for mobile phone payments (*99#) in four languages has been developed
  • Service providers' charges have completely waived the charges for limited time.
  • Government waived service tax on debit and credit card transactions fee on transaction up to Rs 2,000
  • Point of sales machines to be provided to shop keepers at a very low price of Rs. 100 PM.


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