Even a month after demonetisation, the central government is looking for other avenues to deal with the long queues outside ATMs and banks besides supply of notes. In this episode, the government has announced a package to promote digital payment so that people can use it and the practice of using cash can be minimized. The government has made 11 such announcements, using which the general public can not only make their life easier but can also save.




11 Government Announcements Encouraging Digital Payments:


Every single person buys petrol and diesel. The use of personal vehicles for transportation has become common from metros to small villages. The government has announced that if you pay for the petrol purchased at the petrol pump through digital means, then petroleum companies will give you a discount of 0.75 percent. According to the data released by the central government, every day 4.5 crore people get petrol or diesel filled at petrol pumps in our country by spending Rs 18000 crore.

Out of this, 20 percent people were using the medium of digital payment, which has increased to 40 percent after demonetisation. According to an estimate, if e-wallet and other digital mediums are combined, then a total of 360 crores were digitally being used for petrol purchase. It is expected that after this relaxation, this figure can increase by another 30 percent.

In cities, people are aware of digital payment, but villages are still untouched by this technology. The central government has also tried to connect rural areas with it. For this work, the government will take the help of NABARD to make digital payments easy, which will provide financial assistance to encourage banks. The effort of the government is to provide 2 POS machines in 1 lakh villages with a population of less than 10 thousand. 

The government plans that POS machines will be provided to such rural businessmen, who are related to agriculture and most of the business in rural areas, so that more and more villagers can reach them. According to an estimate, this exemption will benefit 75 crore population living in villages, which have not yet been able to connect through digital means of transactions.

Apart from this, the government will give Rupay Kisan Card to encourage digital payment among the villagers. Read on to know the usefulness of RuPay card. Apart from nationalized banks, these cards will also be issued through rural banks and cooperative banks. Such farmers who are currently using Kisan Credit Card, the government will also provide them RuPay Debit Card for transactions. The number of farmers holding Kisan Credit Card is currently 4 crore 32 lakh.

The government has also encouraged another major cash flow segment in the country for digital payments. Indian Railways conducts transactions worth Rs 2 thousand crores every year in the purchase and sale of tickets, out of which a major part is cash flow. In order to reduce the share of cash, the government has announced a discount of 0.5 percent on the purchase of tickets through digital payment. Railways will extend the benefit of this discount to those passengers who use the digital mode while paying for monthly and seasonal tickets in the Sub-Urban Railway network, but at present, consumers will have to wait till January 1, 2017 for this discount.

After this, this discount will be available only on the tickets purchased. Currently, 80 lakh passengers are using this facility through cash payment in the Suburban Railway. It is expected that after this offer, more and more passengers will buy these tickets using the digital medium to save their money and the cash transactions in this sector are expected to come down to 1000 crores. .

During the journey, Indian Railways had started accident insurance on booking tickets online from IRCTC. For this, some amount was collected from the passengers by adding it to the ticket. The government has now decided that free of cost accident insurance up to Rs 10 lakh will be provided to the passengers who have booked tickets online. 

Every day 14 lakh railway passengers buy tickets from Indian Railways, out of which 58 percent tickets are purchased online or through digital means. After this announcement, it is expected that there can be an increase of 20 percent in the tickets booked online. If this happens, then 11 lakh passengers traveling by Indian Railways will get the benefit of this facility and in case of an accident, they will be given an appropriate sum insured.

The Central Government has used Indian Railways as a tool to encourage digital payments and giving another discount on other services provided in the railways, such as catering, accommodation, rest houses etc., on making digital payments. 5% discount will be given on digital payment.

The government has announced a discount or credit of up to 10 percent on premium payment through online or digital means of life insurance plans of public sector insurance companies. Along with this, Life Insurance Corporation of India has announced a discount or credit of 8 percent on the premium on the online payment made on getting a new life insurance policy.

In another announcement, the central government has waived the surcharge or transaction fee during digital payment. Till now, this amount being collected from the consumers, the service department, public institution or any other service provider will bear it at their level. The central government has also advised the state governments to implement such a system in their respective states.

Till now, merchants and businessmen had to pay a hefty fee for POS terminal or mobile POS or for micro ATM, due to which they avoided taking this service and forced the customer to pay in cash. . The Central Government understood this problem and advised the banks to charge a maximum monthly rent of Rs 100 for this facility.

Small businessmen and businessmen, whose income is limited, are going to benefit the most from this decision of the government. If we look at a figure, it is known that according to the data of public banks, they have provided 6.5 lakh point of sale machines to the merchants so far. This decision will increase digital transactions and consumers will also benefit along with shopkeepers, small traders and businessmen.

Taking another big step, the government has made digital transactions up to Rs 2000 free from service charge. Also, no merchant discount rate or MDR will be charged till this price.
10% discount will be given if you use digital medium like RFID card or FASTag for payment at toll plaza on National Highways.

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