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Cheap petrol to discount on rail tickets: Highlights of steps for cashless India

Finance minister Arun Jaitley announced a slew of measures on Thursday to promote cashless transactions, including discounts on the purchase of rail tickets, insurance policies and petroleum products using plastic money or e-wallets. Addressing a press conference, he said this was part of the government’s campaign to encourage people to use less paper currency.

india Updated: Dec 08, 2016 18:46 IST
Finance minister Arun Jaitley speaks in the Lok Sabha in New Delhi on Thursday.
Finance minister Arun Jaitley speaks in the Lok Sabha in New Delhi on Thursday. (PTI)

Finance minister Arun Jaitley announced a slew of measures on Thursday to promote cashless transactions, including discounts on the purchase of rail tickets, insurance policies and petroleum products using plastic money or e-wallets.

Addressing a press conference, he said this was part of the government’s campaign to encourage people to use less paper currency.

Here are the major announcements:

* Petrol and diesel will be cheaper by 0.75% for people using digital wallets.

* Two Point of Sale (PoS) machines each for one lakh villages with a population of less than 10,000. The exercise will be supported through financial inclusion fund.

* The government will support regional rural banks and cooperative banks through NABARD to issue “Rupay Kisan Cards” to 4.32 crore Kisan Credit Card holders.

* 0.5% discount on suburban monthly/season railway tickets for digital payments. These discounts start January 1 with the Mumbai Suburban Railways.

* All railway passengers buying online ticket shall be given free accidental insurance cover of up to Rs. 10 lakh if digital payment is made.

* 5% discount on paid services offered through affiliates of Indian Railways if customers pay by cards/e-wallets.

* 10% discount for those buying policies/paying premium from the websites of government-run insurance companies.

* 10% discount on toll charges by using FASTags and RFID.

* The government will ensure that transaction charges associated with digital payment shall not be passed on to the consumers.

* State-run banks to ensure that merchants should not be required to pay more than Rs 100/month as monthly rental for PoS terminals/micro ATMs/mobile PoS.