 "A beneficiary provides her fingerprint for biometric verification (File Photo)")
India has removed duties on components and devices for point of sales machines, biometric readers and iris scanners to encourage local production of point of sale devices and encourage digital payments.
"To promote cashless transactions, I propose to exempt BCD (basic custom duties), excise duties, CVD (countervailing duties), SAD (special additional duty) on miniaturised card readers and mPOS micro ATMs standards for version 1.5.1, finger print readers, scanners and iris scanners," said Jaitley in his Budget speech. "Simultaneously, I propose to exempt parts... components for manufacturing of such device so as to encourage domestic manufacturing of these items," Jaitley said.
The Finance
