1. Demonetisation: Post ban on currency notes, states like Jharkhand, Assam chalk out plans to promote cashless transactions

Demonetisation: Post ban on currency notes, states like Jharkhand, Assam chalk out plans to promote cashless transactions

With the implementation of the demonetisation policy and the ban on currency notes of higher denomination, digital mode of transaction had been steadily becoming the formal medium of economic exchange across all sectors of the country.

By: | New Delhi | Published: November 30, 2016 2:01 PM
Digital mode of transaction had been steadily becoming the formal medium of economic exchange across all sectors of the country. (Reuters) Digital mode of transaction had been steadily becoming the formal medium of economic exchange across all sectors of the country. (Reuters)

With the implementation of the demonetisation policy and the ban on currency notes of higher denomination, digital mode of transaction had been steadily becoming the formal medium of economic exchange across all sectors of the country. And even after three weeks after the initiation of the note-ban policy, as people continue finding it difficult to collect enough usable paper currency, state governments are making desperate attempts to make cashless transaction the basic medium of exchange among people.

The Jharkhand government had, today, announced the initiation of the ‘Mission Cashless Jharkhand’ from December 2 and as a part of the mission, the state government asserted that it will be organizing camps to help account holders download various applications to facilitate e-transactions. In an attempt to ensure that there is at least one bank accounts per family, government officials will also be helping people open new accounts, especially for the unorganized sector workers.

Citing the importance of technologically advanced electronic devices for the ease of digital marketing, the Jharkhand state government had planned to waive of the Value Added Tax (VAT) on smartphones and electronic point-of -sale machines, to popularize the use of cashless transactions.

Earlier, the Assam government had also prepared its action plan for cashless transaction in the state. After a meeting with representatives from the Reserve Bank of India (RBI), BSNL, major bankers and key government departments, on November 6, the Assam government led by Chief Minister Sarbananda Sonowal had announced measures to make the state adopt digital payment as the basic medium of transaction. The State government had also planned to organize a literacy campaign to spread knowledge on digital mode of transaction, with the help of the state’s education department, State Bank of India (SBI) representatives and about 20,000 volunteers.

The ban on currency notes of the denomination Rs 500 and Rs 1,000 came following the initiation of the demonetisation policy by Prime Minister Narendra Modi, on November 8.

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