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Finance Ministry to launch a Host of Incentives on Cashless Payments

News

  • 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

Source:ET

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