The cabinet has approved introduction of steps for promotion of payments through cards and digital means, a move aimed at weeding out black money menace by changing the cash-dominated payment ecosystem. “The move aims at reducing cash transactions,“ an official statement said on Wednesday .
The cabinet approved several short term measures to be implemented within a year and medium term measures to be implemented within two years by government and departments.
The essential features of the proposals for promotion of payments through cards and digital means include steps for withdrawal of surcharge or service charge or convenience fee on card and digital payments currently imposed by various government departments and organisations.
The steps include rationalization of telecom service charges for digital transactions, promotion of mobile banking and creation of necessary assurance mechanism for quick resolution of fraudulent transactions.
“Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card or digital means and shifting payment ecosystem from cash dominated to non-cash or less cash payments,“ it said.
The cabinet approved several short term measures to be implemented within a year and medium term measures to be implemented within two years by government and departments.
The essential features of the proposals for promotion of payments through cards and digital means include steps for withdrawal of surcharge or service charge or convenience fee on card and digital payments currently imposed by various government departments and organisations.
The steps include rationalization of telecom service charges for digital transactions, promotion of mobile banking and creation of necessary assurance mechanism for quick resolution of fraudulent transactions.
“Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card or digital means and shifting payment ecosystem from cash dominated to non-cash or less cash payments,“ it said.
No comments:
Post a Comment