RBI launching a new payment system called the Unified Payments Interface (UPI), which will allow people to send and receive money across banks just through a single identification without sharing financial information.


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  • BID TO CURB BLACK MONEY FLOW - Task Force for Measures to Boost Cashless Transactions


    Allowing first five interbank transactions free & setting up of more ATMs recommended

    In a bid to curb the flow of black money, the government is looking at a slew of measures to promote cashless economy, including creating an ecosystem to incentivise cashless transactions. “We are holding consultations with all stakeholders, including the Reserve Bank of India,“ said a finance ministry official who requested not to be named.A task force set up under Neeraj Kumar Gupta, secretary of department of investment and public asset management (DIPAM), has suggested measures for promoting cashless transactions and asked both banks and National Payment Corporation of India (NPCI) to look at creating an ecosystem for promoting and incentivising cashless transactions.

    The measures suggested include encouraging installation of point of sale (POS) machines by rationalising merchant discount rate (MDR) and allowing first five interbank transactions free of cost to promote online money transfer, said the finance ministry official. The taskforce has also suggested setting up of more ATMs so that more people start using plastic money.

    “We have the Jan Dhan platform under which RuPay cards have been issued. Now we have to ensure that infrastructure platforms like ATMs, POS machines are available so that there is ease to withdraw as well,“ the official said.

    The government wants to build upon its ambitious social security schemes and promote cashless transactions to plug leakages. According to the Reserve Bank of India the growth in acceptance infrastructure has not kept pace with the growth in cards. While debit cards registered a growth of 64% between October 2013 and October 2015, during the same period ATMs increased by around 43% while POS machines increased by around 28%.

    In a statement on Tuesday the finance ministry noted that the government has taken sustained steps for curbing black money which includes enactment of a new Black Money Act with strict penalty provisions and new income disclosure scheme formulated for domestic black money. Earlier this month RBI said in a concept paper on card acceptance infrastructure that year-on-year growth of deployment of POS terminals has come down in recent years with lower MDR being cited as one of the reasons making this business unviable. MDR for debit card transaction has been capped at 0.75% for transaction values up to `. 2,000 and at 1% for transaction values above . 2,000.`

    In February 2016, the union cabinet had approved a list of pro posals for pro motion of pay ments through cards and digi tal means, which included steps for with drawal of sur charge or servi ce charge or convenience fee on card and di gital payments currently impo sed by various government de partments and organisations.

    Earlier finance minister Arun Jaitley had said that the government wants to drive the country towards a cashless society to curb the flow of black money.


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