Niti Aayog panel on digital payments invites feedback

A Niti Aayog committee, set up to suggest ways to promote digital payments, has invited comments from all the stakeholders by October 10.

The panel was set up in August under the chairmanship of former finance secretary and Aayog's Principal Advisor Ratan P Watal to review the framework on digital payments to move towards a cashless society.

"The Committee invites specific suggestions from all stakeholders (individuals, companies, NGOs) which will help achieve a vision of less cash economy over the medium term. The last date of submission is October 10, 2016," Niti Aayog said.

The stakeholders may submit suggestions related with legislative/regulatory aspects, government payment system, leveraging eKYC and payments history and other measures for improving payments ecosystem, government think tank Niti Aayog said.

The Committee has been tasked to frame recommendations to foster growth of digital payments by addressing underlying issues.

The 11-member committee will recommend various measures to incentivise transactions through cards and digital means, like through tax rebates/incentives, introduction of cash back/lottery.

The panel has been asked to submit its report in one year.

The panel, which will review the payments system in the country and recommend measures for encouraging digital payments, had been set up following a decision taken by the Cabinet in February.