Union Government announces package for promotion of digital & cashless economy

December 9, 2016

The Union Government has announced package of incentives and measures for promotion of digital and cashless economy in the country.
It was announced to supplement the surge in the digital transactions aftermath demonetisation of old Rs.500 and Rs.1,000 notes for promotion of digital cashless economy and cutting out cash transactions.

Key Provisions of Package

Petroleum companies will offer a discount of 0.75% on diesel and petrol to consumers who pay through digital means.
0.5% discount will be given to people who will buy monthly seasonal tickets in the Suburban railway networks through digital payment mode.
Passengers will get 10 lakh rupees free accident insurance cover on booking of Railway ticket through online mode.
Payments through digital mode for railways catering, accommodation, retiring room will also attract 5% discount.
People will be get 10% discount on General Insurance and 8% discount on new life Insurance policies of PSUs purchased online.
Discount of 10% will be available to users for payment of toll at Toll Plazas on National Highways using RFID card and Fast Tags.
Government departments and PSUs will ensure that transaction, MDR charges are not borne by customers for public dealings.
NABARD will extend financial support to eligible banks for deployment of two Point of Sale (PoS) devices each in 1 Lakh villages with population of less than 10,000.
NABARD will also support Rural Regional Banks (RRBs) and Cooperative Banks to issue Rupay Kisan Cards to over 4 crore 32 lakh Kisan Credit Card (KCC) holders to enable them to make digital transactions at ATMs and POS machines.
Merchants will not pay more than 100 rupees monthly rental for PoS terminals, Micro ATMs and mobile POS from the merchants.

digital-package