Central Govt. Announced incentives for cashless transactions

The Central Government has announced on a package of incentives for cashless Transactions and promotion of digital and cashless economy in the country,” it said. Cheaper fuel, free insurance on Rail tickets and many more. Promote cashless transactions, Finance Minister Arun Jaitley today announced of incentives for those opting digital mode of payment for various services.

(adsbygoogle = window.adsbygoogle || []).push({});

Purchased Via Digital Mode Petrol, Train Tickets to Cash Less 

Cashless Transactions

incentives schemes will be effective from January 1 2017

The following are the incentives announced by Union Finance Minister Arun Jaitley

(adsbygoogle = window.adsbygoogle || []).push({});

  1. Central Govt. Petroleum PSUs will offer discount at the rate of 0.75% of the sale price to consumers making payment through digital means.
  2. Central Govt. Dept & PSUs to ensure that transactions charges associated with digital payment shall not be passed on to the consumers.
  3. Public Sector Banks to ensure that merchants should not be required to pay more than Rs. 100/month as monthly rental for PoS terminals/Micro ATMs/mobile PoS.
  4. No service tax will be charged on digital transaction charges/MDR for transactions upto Rs.2000 per transaction.
  5. For the payment of toll at Toll Plazas on National Highways using RFID card/Fast Tags, a discount of 10% will be available to users in the year 2016-17.
  6. One Lakh villages with population less than 10,000 to get 2 PoS machines free of cost, supported through financial inclusion fund.
  7. Govt. will support RRBs and Cooperative Banks through NABARD to issue “Rupay Kisan Cards” to 4.32 crore Kisan Credit Card holders.
  8. Sub-urban railway consumers making digital payment for monthly/season tickets to get discount upto 0.5% from January 1, 2017.
  9. All railway passengers buying online ticket will get free accidental insurance cover of upto Rs. 10 lakh.
  10. Railways to provide a discount of 5% for digital payment of paid services like catering, retiring rooms, offered through its affiliates.
  11. Public sector insurance companies will provide incentive, by way of discount or credit, upto 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals, in case payment is made through digital means.

(adsbygoogle = window.adsbygoogle || []).push({});

Disclaimer : Above information is published for reference only. For any changes to the content, you can visit the official website.