India's marching towards Cashless Economy : The Benefits for people

INDORE, India - Dec. 9, 2016 - PRLog -- India is keen taking  effort to go ahead a cashless transaction economy by minimizing the use of physical cash and it helps develop the financial infrastructure and spreads digital transaction habits among people.  India identified  the digitalization of transactions as the best way to march towards cashless economy.  The main advantage of building a cashless economy is riddance of black money.
The special incentives to encourage digital payments are:
Discount of 0.75% on digital payment s at Central Government Petroleum PSUs
10 percent discount for toll payment on National highways using RFID Cash/Fast tags in 2016-17
Discount of 0.5 percent for monthly or seasonal tickets on digital payments from 1st January 2017 on suburban  railway network.
Free Accident insurance upto Rs. 10.00 lakh on buying online tickets in Railways.
No Service on Digital transactions charges/MDR upto Rs. 2000 per transaction.
Discount or credit upto 10 percent on the insurance premium sold through the customer portals of public sector insurance companies on digital payment.
Rural Regional banks and Co-operative banks to issue Rupee Kisan Cards to 4.32 crore Kisan credit card holders. Government will support this through NABARD.
2 POS device will be deployed in 1 lakh villages with population of less than 10,000. Government through NABARD will extend financial support.
Central government department and PSUs to bear transactions fee/MDR charges on digital payments.

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