Government wants country to be cash-less society: Jaitley
The government wants to drive the country towards a cash-less society to curb the flow of black money, finance minister Arun Jaitley said on Saturday.business Updated: Feb 28, 2015 15:11 IST
The government wants to drive the country towards a cash-less society to curb the flow of black money, finance minister Arun Jaitley said on Saturday.
"One way to curb the flow of black money is to discourage transactions in cash... now that a majority of Indians have, or can have, a RUPAY debit card," the finance minister said while presenting the Union Budget 2015-16 in parliament.
"I, therefore, propose to introduce soon several measures that will incentivize credit or debit card transactions, and disincentivise cash transactions," he added.
RUPAY debit cards are launched by the National Payments Corporation of India to address the needs of Indian consumers, merchants and banks. The benefits of RuPay debit card are flexibility of the product platform and high levels of acceptance.
He also mentioned in his speech that the government has embarked on two more game-changing reforms. The goods and services tax (GST) and the JAM Trinity - Jan Dhan Yojana, Aadhar and Mobile - to implement direct transfer of benefits.
"GST will put in place a state-of-art indirect tax system by April 1, 2016. The JAM Trinity will allow us to transfer benefits in a leakage-proof, well-targeted and cashless manner," Jaitley added.