Whenever an individual goes to a fuel station – diesel, petrol pumps to get their fuel tank full, a lot of people choose to pay the bill by cash. However, paying the fuel bill via e-transactions such as debit card, credit card, and e-wallet is top trick. The Centre in 2016 had announced a massive step in the wake of promoting Narendra Modi government’s ‘Digital India’ initiative. The government offers a discount of 0.75 per cent on diesel and petrol made using digital payment. The decision came post-demonetisation.
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The Indian Oil Corp, India’s largest fuel retailer said that the discount will be credited to the buyer’s account in three days from the date of the transaction. The customer gets 0.75 per cent discount when payment is made using credit/debit cards, e-wallets or mobile wallets.
The “discount will be credited to customer’s account by way of cash back within maximum three working days of the transaction,” IOC said in a statement.
“As a part of these initiatives, to promote cashless transactions Government of India has announced to incentivise petrol/diesel customers transacting at PSU petrol pumps by way of 0.75 per cent discount when a customer uses Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards,” the statement said.
This 0.75% benefit was announced after the big step of demonetisation.
Narendra Modi on November 8, 2016, announced the demonetisation of all Rs 500 and Rs 1000 notes. The government said that the step was taken to curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed had created significant disruption throughout the economy, threatening economic output. The Reserve Bank of India introduced new Rs 500 and Rs 2000 banknotes instead.