- A draft Cabinet note has been circulated by the finance ministry to various ministries and departments for incorporating comments and suggestions on e-payments system.
- Draft contains around 30 measures to encourage Consumers and merchants on payments through plastic money
- The draft was posted on MyGov.in for public feedback and suggestions are incorporated in the draft.
- It is proposed to provide income tax benefits and wave off transaction charges for a person who pays a portion of his expenditure through e-transactions
- Benefits will also be given to shopkeepers if they accept payments through plastic money.
All high value transactions exceeding ₹ 1 lakh will have to be made through electronic mode
- Arun Jaitley says that the objective of this proposal is to curb the flow of black money.
- The proposal will be presented before the Union Cabinet in a short time