The Confederation of All India Traders (CAIT) today urged the government to introduce policies to boost electronic payments and create a cashless society.
In order to ensure early adoption of cashless society, the government should bring incentivisation policy which may include tax benefits, discounts in property tax, telephone and electricity bills and other areas, CAIT said in a statement.
According to CAIT, 96 per cent of retail transactions in the country are conducted in cash and only 3.6 per cent of households in India make cashless transactions.
The body further said it will be a proactive step towards eradication of black money since use of digital payments will bring accountability and make the system more transparent.
“The National Payment Council of India (NPCI) should be made an independent regulator and Rupay must be handled by a separate authority,” CAIT added.