Economic Affairs Secretary S C Garg said objectives of the note ban, like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved.
GST: Ministerial panel favours deferment of sops for digital payments; want reverse charge mechanism removed
To incentivise digital transactions, the GST Council in its last meeting in May had discussed giving a concession of 2% in GST rate (where the tax rate is 3% or more) to consumers making payment through cheque or digital mode.
Retail lending sees rapid growth in FY18 with loan book rising by 25%, number of accounts by 32%: Cibil data
The report found robust growth in all consumption lending products consumer durable loans, credit cards and personal loans - during the period under review
Mobile banking to overtake internet banking as half of the digital transactions are happening on mobile, says ICICI
According to B. Madhivanan, around half of the digital transactions of savings account are taking place on mobile banking.
In a big push to 'cashless economy', govt waives MDR charges for digital transactions up to Rs 2,000
Ravi Shankar Prasad was briefing the media about the Union Cabinet scrapping MDR for debit card payments and other digital transactions
The government will hold deliberations with the Reserve Bank of India (RBI) to work out a mechanism for bringing down merchant discount rates (MDR) which have increased from 0.25 percent of transaction value to 0.90 percent recently, a finance ministry official said.
Alphons pointed out that digital payment system is reaching out to the villages but it needs to reach more people.
Cashless economy: Govt hopes 1,800 crore digital payment transactions will take place in 2018 financial year
The scale and value of digital payment transactions underscored how these new forms of payment had reached the masses, govt said
At HT Leadership Summit, Narendra Modi lauds JAM trinity, says Aadhaar will help govt weed out benami properties
At HT Leadership Summit, Narendra Modi says country saw a behavioural change after demonetisation which helped achieve a clean and healthy economy.
The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions.
Digital world to create new, highly skilled jobs; India must not miss fourth industrial revolution: Amitabh Kant
Amitabh Kant says in digital or connected world, manufacturing will become customer-centric
IT spending in Indian banking sector to see 11.7% jump to hit $9.1 bn as banks turn to contactless payments
As part of their increased IT spending, top banks in India are investing heavily into contactless payment
During the launch Samsung Pay was available through 10 models and has expanded it to 26 models since then.
It has been changing from time to time. Now an era of digital currency has started and India should not lag behind," said, Modi.
Blockchain technology is a type of distributed ledger or decentralised database that keeps records of digital transactions.
A cost-benefit analysis of demonetisation will have to be done once the government is done with the process and that’ll happen sooner than later.
Demonetisation: Bhavin Turakhia's Zeta launches SuperCard for fraud-free online, offline transactions
"While demonetisation is a great push for the transformation into a cashless economy, the threat of digital transactions falling prey to frauds can prove to be an impediment in the process.
The Govt must introduce rules to deem cash transactions above certain value illegal; charge a fee on large cash withdrawals with additional scrutiny; and announce tax rebate for businesses accepting electronic payments.