Niti Aayog announces two award schemes to push online payments: Highlights
Niti Aayog announced awards for people making digital payments -- a mega award of Rs 1 crore first prize, second prize 50 lakh, third 25 lakh and 15,000 winners will get Rs 1000 each.black money crackdown Updated: Dec 15, 2016 17:32 IST
Niti Aayog on Thursday announced awards for people making payments through digital means. Niti Aayog’s CEO Amitabh Kant made the key announcement in a press conference.
•15,000 winners will get Rs 1000 each for 100 days starting Christmas. The scheme runs from December 25, 2016, to April 14, 2017.
• 7,000 weekly draws with maximum prize of Rs 1 lakh each for consumers and maximum award of Rs 50,000 each for merchants
• On April 14, a mega award of Rs 1 crore will be announced for consumers. The second prize will be of Rs 50 lakh and third of Rs 25 lakh.
•The scheme will not cover transactions above Rs 5000 and below Rs 50.
•The scheme will not cover B2B transactions.
•Transactions using RuPay, USSD,UPI and AEPS will only be covered under this scheme; payments made through credit cards and e-wallets won’t be covered.
Niti Aayog’s announcement comes days after the finance ministry declared multiple incentives -- ranging from discounts on fuel, highway toll and railway tickets to cheaper insurance cover – for those using digital payment modes.
The government has come under opposition attack for its November 8 move to recall Rs 500 and Rs 1000 notes but it has repeatedly defended itself, saying the decision was necessary to stamp out black money and counterfeit currency.
In recent weeks, Prime Minister Narendra Modi also extolled the virtues of a cashless society, giving examples of beggars using ATM machines, and said any pain from a shortage of cash was temporary and that the move will benefit the country in the long run.