First step to empower “Cashless India” was taken on 08-Nov-2016, three months later Government presented Union Budget 2017 to further boost the power of #CashlessEconomy in India. With #Fintech firms and #Banks gearing up to provide easy and sustainable solutions for #CashlessPayments in India, what were the proposals made in #UnionBudget2017 that could enable common man, firms, government services, business owners to contribute towards #cashlesssociety.
Let’s take a closer look –
- Cash Funding for political parties restricted to 2000 – A well-known fact is that no political party could sustain without funding/donations. Restricting the cash amount leads to initiation of money transfer via #cashless mode.
- Schools/Universities/Educational Institutes to Accept Digital Payment – With the new move it would be easy for parents to pay for their kids’ education without cash withdrawals.
- Train Booking via IRCTC eliminates service charge – Another reason to go #cashless, save on cash and anytime access.
- Adhaar Pay Payments to be enabled – Transactions to be made possible with #Aadharpay merchants, especially for people who do not have debit cards, credit cards, mobile wallets or mobile phones. A new mission is set to target 25 billion digital transactions via IMPS, AdhaarPay, UPI, USSD for the year 2017-2018.
- Goodbye to cash Transactions above 3lakhs – Any transactions above 3 lakhs would not be dealt in cash. So, if you are going to buy a new SUV make sure to keep your payment options ready!
- #CashlessDevices to be exempted from BCD, Excise/CV duty and SAD – To facilitate domestic manufacturing and easy installation the miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Scanners and Iris Scanners have been exempted from BCD, excise/CV duty and SAD.
- Payment Regulatory Board to be formed in RBI – To keep on boosting #DigitalIndia with new initiatives and scheme’s, it is proposed to replace the existing Board for Regulation and Supervision of Payment and Settlement Systems in RBI.
- Initiatives to digitize rural areas – To help and let the #Digitization wave flow through rural areas the access points like Post Offices, Fair Price Shops and Banking Correspondents mode would be used to channelize Digital Payment Infrastructure. Also, other points like petrol pumps, fertilizer depots, municipalities, Block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App[UPI-based Bharat Interface for Money (BHIM)]
- Government Receipts Through Digital Means- #UnionBudget2017 underlined a proposal to mandate all government receipts through digital means, beyond a prescribed limit.
While Government of India is sailing cautiously on its #Digital ship, firms like Teknospire with their #Fintechsolutions are making sure to contribute in their own way. Let’s joins our hands for a better tomorrow of #DigitalIndia! Would you?
Union Budget 2017: Measures to strengthen digital economy
Budget 2017: 9 key measures Arun Jaitley proposed to boost digital economy