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16
December 2016
In yet another clarification on the
government's demonetisation drive aimed to curb black money, Finance Minister
Arun Jaitley said on Thursday that the move towards a cashless economy is
actually a "less cash economy" as no economy can be fully cashless. The Total Investment
& Insurance Solutions
Making his opening remarks at the
fifth meeting of the Parliamentary Consultative
Committee, he said digital
transactions are a parallel mechanism and not a substitute for cash
transactions as no economy can be fully cashless, a Finance Ministry release
here said. The
Total Investment & Insurance Solutions
He emphasised that a "cashless
economy is actually a less cash economy", it said.
"He said that less cash can be
gradually substituted to the possible extent through digital payments and
transactions," the statement added. The Total Investment
& Insurance Solutions
According to the ministry, Jaitley
told the committee members that the "government was trying its best to
minimise common man's pain". The Total Investment & Insurance
Solutions
Admitting that there are visible and
hidden costs in reducing cash volume in the economy, the government last week
announced a series of eleven measures designed to increase the pace of digital
payments.
The Total Investment & Insurance Solutions
Among the measures, payment by card
for petrol and diesel will enjoy a discount of 0.75 per cent. The Total Investment
& Insurance Solutions
Customers will get a higher discount
on digital payment as all central undertakings will ensure that the transaction
fee and merchant discount rate (MDR) charges are waived on such payments,
Jaitley said.
The Total Investment & Insurance Solutions
Suburban railway monthly and season
tickets bought through digital payment will get a 0.5 per cent discount,
effective from January 1, 2017, beginning with the Mumbai suburban railway
network.
The Total Investment & Insurance Solutions
Jaitley also announced that online
payment for public sector insurance companies (life insurance and general
insurance) will get 10 per cent discount for general insurance and 8 per cent
discount for life insurance for new policies sold.The Total Investment
& Insurance Solutions
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