PM Modi reviews note ban, discusses ways to digitise economy
Prime Minister Narendra Modi reviewed on Wednesday his decision to demonetise Rs 1,000 and Rs 500 notes with the Cabinet, and discussed ways to fast track digitisation to enable cashless transactions.india Updated: Dec 15, 2016 08:23 IST
Prime Minister Narendra Modi reviewed on Wednesday his decision to demonetise Rs 1,000 and Rs 500 notes with the Cabinet, and discussed ways to fast track digitisation to enable cashless transactions.
The Prime Minister initiated the discussion on the move, which was announced last month, with the ministers after the meeting of the Union Cabinet ended in New Delhi this evening.
As it was not on the agenda, the issue was taken up after the Cabinet meeting was over.
The meeting assumes importance as the deadline of December 30, wherein people can deposit the old notes, nears. The government has pushed for improving digitisation to enable larger number of cashless transactions through multiple means.
The focus of the meeting remained digitisation, sources said, adding that issues like digital wallet services also came up for discussion.
The government wants to expand the scope of this digital payment mode so that they can be accepted at more places such as metro stations and petrol pumps.
A three-member committee of secretaries is already in place to study ways of transitioning India into a cashless economy.
The banks have temporarily waived off the merchant discount rate to encourage card payments through swipe machines at business establishments.