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January 04, 2017

GO Cashless GO Digital

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  1. Lucky Grahak Yojana &
    Digi-धन Vyapar Yojana
    The initiative plans to enable CITIZENS and MERCHANTS to undertake real time digital transactions through the DIGIDHAN Bazaar.

    Check if you are a winner

  2. NITI Aayog CEO Amitabh Kant today announced what he called a "Christmas gift to the nation," a bonanza of cash rewards to promote digital transactions as the government pitches a cashless economy after the notes ban. The schemes - called the "Lucky Grahak Yojana" for customers and the 'Digi Dhan Vyapar Yojana' for merchants - begins on December 25, Christmas Day, and a total Rs. 340 crore will be given in prizes for both customers and merchants selected through lucky draws.
    Mr Kant said the schemes would cover small transactions between Rs. 50 and Rs. 3,000. The objective is to encourage all sections of society to transition to making digital payments. It is estimated that only five per cent Indians make digital payments, the rest use cash.
    "Our objective is to make digital payments a mass movement... Beginning December 25, the NPCI will announce 15,000 winners of 1000 rupees for the next 100 days... It will be a Christmas gift to the nation," Mr Kant said.

    The first draw will be held on December 25, and the National Payment Corporation of India (NPCI) will announce the 15,000 winners who will get Rs. 1,000 each day for the next 100 days. There will also be 7,000 weekly awards each for consumers and merchants.

    On April 14, the birth anniversary of Dalit icon B R Ambedkar, a mega draw will be held. Consumers can win awards of Rs. 1 crore, Rs. 50 lakh and Rs. 25 lakh while merchants can win Rs. 50 lakh, Rs. 25 lakh and Rs. 5 lakh.

    "The focus of Lucky Grahak and Digi-Dhan Yojana is on poor, middle class and small businesses so as to bring them into the digital payments revolution," said Mr Kant. He said those who use credit cards and e-wallets of private companies will not be eligible to participate in the scheme.

    Those who pay using government issued RuPay cards or through the Unified Payment Interface (UPI), Unstructured Supplementary Service Data (USSD) and Aadhar-Enabled Payment Systems, will be eligible for lucky draws.

    Prime Minister Narendra Modi had announced a sudden ban on 500 and 1000 rupee notes on November 8, aimed at combating black money and money laundering. The transition to a cashless economy is the next big step in that battle against corruption, the government has said.

  3. Jaitley announces slew of measures to promote digital dealings

    Almost a month into demonetisation of old Rs. 500 and Rs. 1,000 notes, the Finance Ministry has come out with a slew of incentives to push cashless transactions.

    At a press conference in New Delhi on Thursday, Finance Minister Arun Jaitley said dealing with cash has economic as well as in-built cost in a democratic set-up.

    Following are the measures aimed at expediting digital transactions.

    >> Digital payments for buying petrol and diesel will get a 0.75 per cent discount. Payments through digital mode availing services such as catering, accommodation, and retiring room in railways will get five per cent discount.

    >> Suburban railway network shall provide an incentive by way of giving a discount of up to 0.5% to customers for monthly or seasonal tickets from January 1, 2017, if payment is made through digital means.

    >> Buying general, life insurance policies and renewal premiums from PSU insurers’ websites will attract 10 per cent and 8 per cent discount, respectively.

    >> Two Point of Sale (PoS) machines will be given to villages with a population of 10,000 people. One lakh villages will be selected for this scheme.

    >> No service tax will be charged on all digital transaction upto Rs. 2000.

    >> For payments at toll plazas on national highways using RFID card/Fast Tags, a discount of 10% per cent will be available to users in the year 2016-17.

    >> Public sector banks are advised that merchants should not be required to pay more than Rs. 100 as monthly rental for PoS terminals/Micro ATMs/mobile POS. This is aimed at bringing small merchants on board the digital payment eco-system.

    >> Passengers buying railway tickets online shall be given free accident insurance cover of up to Rs. 10 lakh.

    >> The Central government through NABARD will also support rural regional banks and cooperative banks to issue “Rupay Kisan Cards” to 4.32 crore Kisan Credit Card holders, to enable them to make digital transactions at POS machines/Micro ATMs/ATMs.

    >> Central government departments and PSUs will not charge transaction fees for payments made through digital means. The State governments have also been advised to follow it.

  4. Prime Minister Narendra Modi played a Santa on the Christmas Day and announced two schemes to promote digital transactions and banking to make India a cashless economy. For the next 100 days from Sunday, he said, some 15,000 people making e-payments will get Rs 1,000 cash back in a daily lucky draw.

    And a weekly draw can win cashless transactions prize money running into lakhs of rupees, Modi said in the year's last edition of his monthly radio broadcast 'Mann Ki Baat'.

    "On the day of Christmas, Indians will get the benefit of two schemes -- Digi Dhan Vyapar Yojana and Lucky Grahak Yojana. It will last for 100 days. As such, crores of rupees will be distributed to lakhs of people," Modi said.

    Traders going cashless with online payments would get an exemption in Income Tax, he announced.

    And the lure doesn't stop here.

    "On the occasion of Ambedkar Jayanti (B.R. Ambedkar's birthday) -- April 14, 2017, we will be conducting a bumper draw in which the winning prize will be in crores (of rupees)."

    Strongly defending his widely criticised November 8 demonetisation decision, which has led to an unprecedented cash crunch across the country, Modi acknowledged inconvenience caused to people due to the ban of R 500 and Rs 1,000 currency bills.

    "People are going through pain, hardship. Who won't feel the pain? I am also feeling the pain as much as people are," Modi said.

    Modi has been severely criticised by the opposition at home and renowned economists abroad over the disruptive move to recall 86 per cent of the total currency in circulation, ostensibly aimed at curbing corruption and black money in the country.

    The decision has caused economic upheaval and forced people in large numbers across India to wait for hours in serpentine queues outside banks and ATMs to withdraw new currency or deposit the spiked notes.

    More than six weeks after the move, people are still struggling to manage even their daily expenses because the Reserve Bank of India has been able to supply enough new notes of Rs 500 and Rs 2,000 to replace the now invalid currency notes.

    Modi took a dig at the opponents and thanked the people for not heeding to the "rumours".

    "I congratulate people for not only enduring pain but also for giving appropriate answers to those who tried to mislead them."

    Modi said he had received an overwhelming response over demonetisation. There were three kinds of suggestions, he noted, he got from the people.

    "Some people have written about the problems, inconvenience citizens were facing. In the second category, people have stressed on the good work, (which is) in the interest of the nation. They also spoke about irregularities in some parts and how new ways of corruption are being devised."

    "In the third category, people have supported (the move). In addition, they have asked to continue the war against black money, corruption. They have asked for stricter steps to weed out corruption, black money," Modi said.

    He also took a note of parliamentary disruptions that led to the entire winter session washed away in noisy protests by both opposition as well as treasury benches.

    He said he wanted a debate in Parliament on donations being given to political parties but it could not take place.

    "I wish there was a discussion in Parliament on funding for political parties," he said, scoffing at rumours that there were different rules for funding of political parties.

    "Law is the same for everyone, whether it is individual, organisation or a party," he said.

  5. Minicoy (Lakshadweep): The Lakshadweep islands will soon become a 100 per cent cashless society as part of the Centre's Digital India initiative, Union Territory Administrator Farooq Khan announced on December 28.

    He also said, steps are underway to achieve this goal and they are hopeful of reaching it soon.

    "Because of communication problems, we have certain issues. But the government of India is attending to those issues," he told reporters on the sidelines of the valedictory of two-day national Minicoy festival last evening.

    "Very soon all the shops in the islands would have digital money transaction facilities. Other mechanisms like USST are also being ensured now," he said.

    On the impact of PM Narendra Modi's demonetisation, he said the move had caused no difficulties to the islands and had not triggered any panic among the locals. "Our officers were upto the task of taking the challenge head on. They were able to manage the situation in a manner that there were no long queues seen before ATMs... banks functioned absolutely normally.. and no point of any shortage of money was reported from any side," the administrator said.

    "Senior central government observers were also here to monitor the situation. We have ensured that people keep on getting what they are legally authorised to get from the banks," Khan said.

    "By and large, we had an absolute smooth transition after demonetisation," he added.

  6. NEW DELHI: Indians should not be forced to go cashless despite the government's laudable efforts to root out black money - this was the take of Muhammad Yunus, the founder of the Grameen Bank of Bangladesh who was awarded a Nobel Peace prize for pioneering the concept of microcredit and microfinance.

    Speaking to NDTV on the sidelines of 104th Indian Science Congress regarding the government's notes ban and the efforts to push for cashless transactions to bring transparency into the system, Mr Yunus lauded Prime Minister Narendra Modi's war on black money. But the Prime Minister, he said, "should not force Indians to go cashless... Let Indian people embrace the digital economy at their own pace".

    Mr Yunus, who was felicitated by PM Modi at the conclave, however, added, "The die has been cast and demonetisation cannot be undone... The right environment has been created for India to slowly move towards a less cash society".

    Cashless transactions became crucial following the government's mega assault on black money with the ban on high denomination 500 and 1,000 rupee notes. As 86 per cent money went out of circulation overnight, a gigantic cash crunch followed, which could be countered only by increasing the quantum of cashless transactions. For the poor, it had proved a challenge.

    India, Mr Yunus said, needs to create a suitable fintech infrastructure that caters to the poor. He said he was willing to collaborate in what PM Modi called his "shudhi yagna" by making digital transactions easier for the poor. The poor, he said, "can be job creators and not just job seekers".

    The Grameen Bank, started by Mr Yunus, is highlighted as a classic success story in mainstreaming the poor into the nation's economy. The bank and its founder had received a joint Nobel prize in 2006 for their efforts to create "economic and social development from below".

    Parallel efforts have been on in India through the government's zero balance Jan Dhan accounts which were intended for the financial inclusion of the poor. On December 31, the government had launched the BHIM app, which could be used to conduct cashless transactions by anyone possessing a bank account and an Aadhar Unique Identity card.


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