September 26, 2019
When a customer uses a credit and debit card
The Railways, through its suburban railway network, will provide discounts of up
to 0.All public sector insurance companies will give auto bearings factorys Factory
discounts of upto 10 per cent of premium in their general insurance policies and
eight per cent in new life policies of the Life Insurance Corporation sold
through portals, if payments are made through digital means.
When a customer
uses a credit and debit card to purchase of goods or services, merchants are
charged a merchant discount rate (MDR) by the card-issuing banks.75 per cent of
the sale price to consumers on purchase of petrol and diesel through digital
means. People will get a five per cent discount on digital payments for
catering, accommodation and retiring rooms, among others, being offered by the
Indian Railways through its affiliated entities or corporations. (Photo: PTI)
New Delhi: To encourage people to go cashless, the Centre on Thursday announced
discounts for buying petrol, diesel, railway tickets and catering, insurance
from PSUs insurers and national highway toll through digital means like online
banking, credit and debit cards and e-wallets.
About 70 per cent of all
transactions are less than Rs 2,000.5 per cent to customers for monthly or
season tickets purchases from January 1, 2017 if the payment is made through
digital means.The Centre will advise public sector banks that merchants should
not be required to pay more than Rs 100 per month as monthly rental fees for PoS
terminals/micro ATMs or mobile POSs to bring small merchants on board the
digital payments ecosystem. All railway passengers buying online ticket will get
a free accident insurance cover of up to Rs 10 lakhs. However, this waiver will
be limited to payments upto Rs 2,000 in a single transaction.
I may only
clarify that merely depositing money in the bank doesn’t mean that it changes
colour from black to white. TheRBI had said on Wednesday that nearly Rs
11.State-owned petrol pumps will give a discount of 0.Finance minister Arun
Jaitley said petrol and diesel worth Rs 1,800 crores is sold per day, out of
which nearly 20 per cent was being paid through digital means.44 lakh crores
junked notes were back in the system. In November it had increased to 40 per
cent, and cash transactions of Rs 360 crore per day had got shifted to cashless
transaction methods, said the finance minister. Mr Jaitley said the state
governments are also being advised that they should consider absorbing the
transaction fee charges related to digital payments made to them and that
consumers should not be asked to bear it. Its tax liability will still remain
because what is unexplained would still remain taxable,†he said. He said the
incentive scheme has the potential of shifting at least 30 per cent more
customers to digital payment means, which he said will further reduce the cash
requirement of nearly Rs 2 lakh crores per year at petrol pumps. The finance
minister said Central government departments and PSUs will ensure that
transaction fee charges that are associated with payments through digital means
will not be passed on to consumers, and all such expenses shall be borne by
them.
Mr Jaitley said around 80 lakh passengers use season or monthly tickets on
the suburban railways, largely in cash, spending nearly Rs 2,000 crores per
year.85 lakh crores out of the Rs 15.Service tax waived for credit/debit card
transactions upto Rs 2,000 Union Finance Minister Arun Jaitley.The government
has also waived service tax on debit and credit card transactions of upto Rs
2,000.With 76 per cent of the old currency coming back into the banking system,
Mr Jaitley warned that mere depositing of old notes in the banks will not change
the money from "black†to "whiteâ€, and that tax liability would remain on all
unexplained funds.Mr Jaitley said for toll payments at toll plazas on national
highways using a RFID card or "fast tagsâ€, a discount of 10 per cent will be
available to users. In order to encourage merchants to accept card payments, the
government has waived service tax on MDR
Posted by: wheelunit at
03:00 AM
| No Comments
| Add Comment
Post contains 686 words, total size 4 kb.
13kb generated in CPU 0.0065, elapsed 0.0439 seconds.
33 queries taking 0.0391 seconds, 47 records returned.
Powered by Minx 1.1.6c-pink.
33 queries taking 0.0391 seconds, 47 records returned.
Powered by Minx 1.1.6c-pink.