Digital Payment Discount LIC Insurance Petrol Diesel
Today Finance Minister Made this announcement and made below listed essential things cheaper if end user would use digital payment like Debit Card, Credit Card, E wallets or UPI payments. These steps had been taken to encourage cashless transactions.
| Sno | Items | Discount |
| 1 | Petrol and Diesel | .75% Cheaper |
| 2 | Catering and Renting Room | 5 % Cheaper |
| 3 | Accidental Insurance Railways | Free |
| 4 | Suburban railways | .5 % Cheaper |
| 5 | Life Insurance (LIC and PSU) | 8% Cheaper |
| 6 | General Insurance (LIC and PSU) | 10% Cheaper |
| 7 | Digital Payment upto rs 2000 | No Service Tax |
| 8 | Highway Toll | 10% Cheaper |
It is been one month that demonetisation had taken place in India. A large part of the nation is still struggling with the no-cash situation. Most of the pensioners still waiting for their pension to arrive at the banks as each branch is suffering from no-cash disease at this moment.
When the entire nation is caught up to such hullaballoo of demonetisation the central government is leaving no stone unturned to motivate people to go cashless across the nation. Prime Minister Shree Narendra Modi is continuously announcing and promoting to use e-wallets, cards and e-banking to transact money. Now the finance Minister (Central) Shree Arun Jaitley has made a declaration on Thursday 8th of December 2016, exactly one month after the demonetisation, about some facilities that will encourage people to go cashless.
The facilities:
- In case of Railways people who will use digital method to buy tickets will get 5% discounts on total cost of catering services and retiring room services.
- Those who will be buying railway tickets through card or digital method will get accident insurance up to Rs. 10 Lac for free. They do not need to pay anything for this.
- Those who are daily passengers and travel daily to suburban areas will get 0.5% discount on their daily ticket price.
- In petrol pumps if the customers buy petrol or diesel through digital method or debit or credit card or e-wallets then the customer will get 0.75% discount on his / her purchase.
- For the insurance buyers the discount rate is 8% for the life insurance only if the buyer opts for online purchase from the agent or the public sector unit. The discount rate for the general insurance is 10%.
- Government will provide Point of Sale Machines to the villages that consist of 8, 000 people. As per the finance minister each village will get 2 POS machines for digital transaction.
- Those villagers who have Kisan Credit card will be eligible to receive the Rupay Debit Card issued by NABARD in the rural areas. Once they have the Rupay cards they can easily go for cashless transactions.
- The discount is levied on highway toll and other digital transaction as well. According to the finance minister those who will pay toll in highways via digital method will get 10% discount. On the other digital transaction up to Rs. 2000/- will be freed from any service tax.
Conclusion
Demonetisation was started to drain out the black money from the economy. But off late this seems to be back fired to the well being of the economy as mass common people are unable to get their money for daily survival. E-Banking systems are getting hampered due to heavy traffic on the websites. The government is trying hard to encourage people to go cashless by offering such advantages.
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