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Government takes further big step, in view of making country cashless.

demonetizationAfter withdrawal of old Rs 500 and 1,000 banknotes, the country is facing the supply of new currency and as per Government’s this will be taking further entire December month to come out of scarcity of currency in the country. In view of making country the cashless, government has taken a next big step by motivating people to utilize maximum cashless instruments like payment via Internet banking, Credit cards, and debit cards. In process of making country cashless government has made it attractive and benefited if payment is made via credit cards or debit cards. In this direction, government announced exemption service tax up to the payment of Rs. 2000 done by credit card, debit card or any other payment card.

Similarly as per Finance Minister Mr. Arun Jaitley almost around 4.5 crore consumers buy fuel on every day basis, if these consumers are making payment via e-wallets, credit card or debit cards to buy petrol or diesel, they will get discount of 0.75 per cent. Moreover 10 per cent discount will be available for those people who will pay digitally and Smart TAGs and RFID facilities at toll plazas on national highways.

Further Mr. Jaitley announced good news if payment is made digitally as there will be 10 per cent and 8 per cent discount offered on general insurance and life insurance policy if bought by paying premium online via PSUs websites.

Also monthly and seasonal residential railway tickets if are purchased via digital mode like credit card, debit card, or net banking, will be getting 0.5 per cent discount from next year i.e. 2017, 1st day of January.

Moreover, UGC is directed to take Universities Fees via digital mode, in very rare and exception cases, the drafts can be accepted by the universities. This will lead to a system with transparency.

You can see the countries in sequence as per their cashless percentage.

1 Singapore 61
2 Netherlands 60
3 France 59
4 Sweden 59
5 Canada 57

India has got only 2% cashless transaction. The approach of government to make India cashless country is backed by major advantage of a cashless economy is that records of all economic transactions through electronic modes makes impossible to sustain black market majorly. If the black is erased from country, the improvement will be visible in each area of country and its society. The actual taxes will be accessible by the government which people can easily hide by cash transactions.

By: Ashu Bisht

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