Finance Minister Arun Jaitley on Thursday announced few measures to promote digital payment system in the country. While addressing the media persons in New Delhi after one month of PM Narendra Modi's demonetisation move, Jaitley said, transitory pain is regrettable but the move will lead to a cleaner economy and better GDP growth in the long run.
Jaitley said: "The motive was to make less use of cash transactions and promote digital transactions."
Here are the top highlights of Jaitley's announcements on digital payment -
# 1 Lakh villages with population less than 10,000 to get 2 PoS machines free of cost, supported through financial inclusion fund.
# All railway passengers who buy tickets online get free accident insurance cover worth Rs 10 lakh.
# People buying monthly seasonal tickets in the Suburban railway networks through digital payment mode, to get 0.75% discount.
# This is effective from Jan 1st 2017, starting from the Mumbai suburban railways.
# Rail amenities to get 5% discount on digital payments.
# NABARD will give Rupay card to people who have Kisan credit card.
# 8% discount for those availing life insurance policy directly through customer portals of public sector insurance companies.
# Petrol/diesel cheaper for those who pay by digital mode, to get 0.75% discount.
# Digital payments up from 20 per cent to 40 per cent at petrol pumps.
# Two POS machines will be provided free of cost to every village which has a population up to 10,000.
# Fuel cheaper will be available on digital payments.
# One key aim is to lessen cash and promote digital transactions.
# The government has been attempting to reduce cash transactions and encourage alternate modes of digital payments.
# In the one month post Demonetisation we are seeing a switch-over happening in a major way.
# RBI has been releasing currency as per schedule. The aim of DeMonetisation has been to move towards digital transactions.
# Government has tried to reduce the volume of cash transactions in last one month.
# Today, a month has passed since PM Narendra Modi and the government announced demonetisation.