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Package for Promotion of Digital and Cashless Economy

News and Press Release - Dated:- 8-12-2016 - In the aftermath of the cancellation of the legal tender character of old ₹ 500 and ₹ 1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelerate this process, the Central Government has decided on a package of incentives and measures for promotion of digital and cashless economy in the country. These incentives/measures are following: .....

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of November 2016 it has increased to 40% and the cash transaction of ₹ 360 crore per day have got shifted to cashless transaction methods. The incentive scheme has the potential of shifting at least 30% more customer to digital means which will further reduce the cash requirement of nearly ₹ 2 lakh crore per year at the petrol pumps. 2. To expand digital payment infrastructure in rural areas, the Central Government through NABARD will extend financial support to eligible banks for de .....

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o support Rural Regional Banks and Cooperative Banks to issue Rupay Kisan Cards to 4.32 crore Kisan Credit Card holders to enable them to make digital transactions at POS machines/Micro ATMs/ATMs. 4. Railway through its sub urban railway network shall provide incentive by way of discount upto 0.5% to customers for monthly or seasonal tickets from January 1, 2017, if payment is made through digital means. Nearly 80 lakh passengers use seasonal or monthly ticket on suburban railways, largely in ca .....

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digital payment methods of buying railway tickets. Hence nearly 11 lakh passengers per day will be covered under the accidental insurance scheme. 6. For paid services e.g. catering, accommodation, retiring rooms etc. being offered by railways through its affiliated entities/corporations to the passengers, it will provide a discount of 5% for payment of these services through digital means. All the passengers travelling on railways availing these services may avail the benefit. 7. Public sector i .....

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