Arun Jaitley: Use Cards, Avail Discounts

Exactly one month after the demonetization move made by Prime Minister Narendra Modi pushing Indian economy towards cashless economy sweeping the black money from circulation, here comes Finance Minister Arun Jaitley today announced few measures to promote digital payments.

1. 0.75% discount for those who buy petrol and diesel using cards or other digital methods at bunks. 4.5 Crore consumers buy petrol and diesel worth Rs.1800 Crores daily and in one month, digital payments have doubled to 40 per cent.

2. 10 per cent discount for payments made using RFID or fast tags at toll plazas on national highways.

3. Those who buy monthly and seasonal tickets on suburban railway networks digitally will get a 0.5 per cent discount. Railways will also give 5 per cent discount for services like catering and use of waiting rooms, if purchased digitally. 

4. Railway passengers who buy tickets digitally will be eligible for Rs. 10 Lakhs insurance coverage.

5. No service tax on purchases made using credit or debit card for up to Rs.2000. Currently, 15 per cent tax is imposed on such transactions.

6. Reserve Bank of India has also doubled the balance in prepaid wallets from Rs.10000 to Rs.20000.

7. Public sector insurance companies will provide incentive by way of discount or credit up to 10% of premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through customer portals, in case payment is made through digital means.

8. 4.32 crore villagers who have Kisan credit cards will get RuPay Kisan cards from NABARD.

9. Villages with population of 10,000 will be given two Point of Sale or swipe machines. These machines will be deployed at primary cooperative societies, milk societies or agricultural input dealers.