Why it’s relevant : Government policy that can directly affect a number of start-ups in India. 

The government has identified 19 short-term measures to be implemented in the current financial year in keeping with its plan to move to a cashless economy.

The national task force for promotion of payments through cards and digital means is facilitating coordination among different agencies to ensure speedy roll-out of initiatives including digital paymentsthrough ration shops, strengthening the network of business correspondents in rural areas and equipping all existing and future ATMs with Aadhaar authentication facility.

“The government is committed to digital transactions infrastructure and putting in place the ecosystem where facility for transactions can be availed at doorstep by common man,” said Neeraj Kumar Gupta, secretary, Department of Investment and Public Asset Management (Dipam), who is also heading the national task force.

The government’s move on Tuesday to demonetise Rs 500 and Rs 1,000 notes to check black money, counterfeit currency and terror financing will also encourage digital transactions, officials said.

Finance minister Arun Jaitley had on Wednesday said that the government’s decision to withdraw Rs 500 and Rs 1,000 notes will move the country towards a cashless economy.

“It will take India towards a cashless economy, it doesn’t merely push the country in that direction, but significantly pushes it,” he said.

Read the complete story on ET Tech.

 

Advertisements