New Delhi: Explaining the reason behind demonetisation, Union Finance Minister Arun Jaitley on Thursday said the main purpose of the move was to reduce cash transactions as much as possible.
“The aim of demonetisation is to reduce cash transactions as much as possible,” Jaitley said while addressing a press conference here.
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He announced that by using cards and e-wallets consumers will get 0.75 percent discount on petrol and diesel purchases.
“Those using cards and e-wallets, petrol and diesel purchases will now attract a 0.75% discount,” he said.
“100,000 villages with population less than 10,000 to get 2 PoS machines free of cost, supported through financial inclusion fund,” he said.
Jaitley said: “Govt. will support RRBs and Cooperative Banks through NABARD to issue ‘Rupay Kisan Cards’ to 4.32 crore Kisan Credit Card holders.”
Announcing further, he said: “Sub-urban railway consumers making digital payment for monthly/season tickets to get discount up to 0.5% from January 1, 2017.”
He said: “All railway passengers buying online ticket shall be given free accidental insurance cover of up to Rs. 10 lakh if digital payment is made.”
He said Railways will provide a discount of 5 percent for digital payment of paid services offered through its affiliates.
He said: “No service tax will be charged on digital transactions up to Rs. 2000 per transaction.”
The Centre on Nov 8 announced banning of old Rs 500 and Rs. 1000 currency notes.
Image Courtesy: Arun Jaitely/Twitter
IBNS
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