Electronic payments to be largely encouraged
Posted on: 01/Feb/2017 5:30:42 PM
Targeting to make the country a cashless economy intending to tackle corruption and clean up the entire system is among the major government strategies. During the union budget for 2017, a few notable steps to boost digital economy was announced by the finance minister Arun Jaitley.
There were three main concerns which were level of security, building up the necessary infrastructure and promoting cashless methods of financial transactions.
Making announcement in this regard, Jaitley stated that strengthening of digital payment infrastructure will be done coupled with grievance handling system. The needed infrastructure will be built up for supporting cashless transactions along with a focus on rural and semi urban areas.
Such cashless transactions will be promoted at post offices, banking sectors, and fair price shops. Digital payments will be mandated by promoting Bhim app at petro pumps, municipalities, fertilizer depots, road transport offices, universities and colleges, hospitals, block offices, and other institutions.
Proposals are also made to make all the government expenses beyond a threshold to be made electronic. Suggestions made by the CM’s panel for digital payments will also be implemented.
The panel of state chief ministers is likely to submit final report. There will be amendments made in the Payments and Settlement Act 207.
