You are here: Home » News-ANI » Business
Business Standard

Digital payments get a boost; cheaper fuel, train tickets on digital transaction: Arun Jaitley

ANI  |  New Delhi [India] 

One month after Prime Minister Modi announced of high-value currency notes of 500 and 1,000 which accounted for 86 percent of the in circulation, Minister on Thursday announced various discounts on payments for fuel and train tickets.

To promote cashless transactions as well as in-built cost in a democratic set-up, the minister said the is promoting payment by credit, debit cards and e-wallets.

"Dealing with has its own economic costs, which is why the is promoting payments by credit cards, debit cards and e-wallets," said the Minister.

"Petrol and Diesel will get cheaper for those who choose modes of transactions. They will get a discount of 0.75 percent on every they make at various petrol pumps," said the Finance Minister stating payments have witnessed an upward trigger from 20 percent to 40 percent at petrol pumps.

"4.5 crore consumers buy petrol and diesel worth Rs. 1,800 crore daily; in one month, digital payments have doubled to 40 percent," he added.

"People buying monthly seasonal tickets in the suburban railway networks through mode, to get 0.75 percent discount," added Jaitley specifying that it will be effective from Jan 1, 2017, starting from the Mumbai suburban railways.

"The will provide two POS or Point of Sale machines for free to each village that has a population of over 8,000. Around 75 crore people will get access to these machines," he said.

Adding to this he said that passengers purchasing tickets online will also get a five percent discount on accommodation, catering and retiring room at railway stations across India.

No service tax will be charged on transactions of up to Rs. 2,000 if a card is used.

"People paying general insurance premiums will get a 10 percent discount and eight percent discount for life insurance if the payment is made online," added the minister.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 08 2016. 18:57 IST