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Budget gives a major push to Digital Economy; proposes No Cash Transaction above ₹ 3 lakh

Budget - Dated:- 1-2-2017 - Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017-18 Series of measures proposed to strengthen and regulate digital economy In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transacti .....

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BHIM App was launched to promote digital transactions and will unleash the power of mobile phones for digital payments and financial inclusion, The Finance Minister Shri Jaitley informed the House that 125 lakh people have adopted the BHIM app so far. The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile .....

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and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit. India is now on the cusp of a massive digital revolution, he added. The Finance Minister said that a shift to digital payments has huge benefits for the common man. The earlier initiative of the Government to promote financial inclusion and the JAM trinity were important precursors to the current push for digital transactions, the .....

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lso proposed to limit the cash expenditure allowable as deduction, both for revenue as well as capital expenditure, up to ₹ 10,000. Similarly, the limit of cash donation which can be received by a Charitable Trust is being reduced from ₹ 10,000/- to ₹ 2000/-. To promote cashless transactions, the Finance Minister in the Budget has proposed to exempt BCD, Excise/CV duty and SAD on miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Sca .....

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