The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval for introduction of steps for promotion of payments through cards and digital means. The move aims at reducing cash transactions.
“Several short-term (to be implemented within one year) and medium-term measures (to be implemented within two years) have been approved for implementation by the government ministries/ departments/ organisations,” an official statement said after the meeting.
Promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of government payments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card/ digital means and shifting payment ecosystem from cash dominated to non-cash/less cash payments, it said.
Published 24 February 2016, 18:36 IST