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Tuesday, August 23, 2016

Govt for greater use of plastic money

After Air India, the government now wants the Railways to lower transaction charge for online reservations and is also urging banks to cut charges as it seeks to reduce the usage of cash and promote use of plastic money .

Reducing the use of cash has been identified as a key priority of the government as it seeks to put curbs on black money . Several steps have already been initiated, which were expected to be in place during the coming weeks. Recent steps taken by a Prime Minister-appointed Task Force on promotion of payments through cards and digital means have already prompted government departments to bear the transaction cost, common ly known as merchant discount rate (MDR). As part of the plan, Air India has decided to scrap the transaction cost on tickets booked through its websites using cards. Others such as state-run telecom company BSNL have also followed.

In the months ahead, the National Highways Authority of India will offer some a cash back facility for those using a Tag that will help them drive through toll plazas smoothly and help reduce congestion.

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