From discounts to reduced taxes, here’a list of incentives for digital transactions

Image result for Point of saleThe Government of India has announced a package of incentives to encourage digital transactions. Here is the list of such incentives & measures:

  • 1. The Central Government Petroleum PSUs will offer a discount of 0.75% of the sale price to consumers on purchase of petrol/diesel if payment is made through digital means.
  • 2. To expand digital payment infrastructure in rural areas, the Central Government – through NABARD – will extend financial support to eligible banks for deployment of 2 POS devices each in 1 Lakh villages with population of less than 10,000.
  • 3. 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.
  • 4. Railway – through its suburban railway network – shall provide incentive by way of discount of up to 0.5% to customers for monthly or seasonal tickets from January 1, 2017, if payment is made through digital means.
  • 5. Railways shall give free accidental insurance cover of up to Rs. 10 lakh to all railway passengers buying online tickets.
  • 6. For paid services – e.g. catering, accommodation, retiring rooms, etc. the railways is offering through affiliated entities/corporations to passengers – it will provide a discount of 5% for payment of these services through digital means.
  • 7. Public sector insurance companies will provide incentive, by way of discount or credit, of up to 10% of the premium in general insurance policies, and 8% in new life policies of Life Insurance Corporation, sold through the customer portals, in case payment is made through digital means.
  • 8. The Central Government Departments and Central Public Sector Undertakings will ensure that consumers will not face digital payment transactions fee/MDR charges, and they shall bear all such expenses.

 

Source by yahoo….

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