Source: News Bharati English07 Dec 2016 10:15:40
New Delhi, December 7: Post demonetization the nation is heading towards cashless transactions. The online transactions, mobile wallets are taking stand to facilitate smooth transactions. On Tuesday the government has asked the banks to install 10 lakh additional Point of Sale (PoS) terminals i.e. swipe machines by March 31, to promote digital transactions across the country.
Towards this end, banks have already placed orders for 6 lakh PoS machines and another 4 lakh are likely to be ordered in the next few days, a Finance Ministry said. “As part of the plan to expand the digital payments ecosystem and facilitate the move towards cashless transactions, the government has decided that an additional one million new PoS terminals should be installed by March 31," it added.
There are about 15 lakh PoS terminals currently across different merchants to facilitate card based payments. To encourage purchase of PoS machines, the excise duty payable on acquisition of PoS machine which was earlier 16.5 per cent has been waived till March 31.
A special drive has also been undertaken jointly with Ministry of Labor & Employment and States' Administration to open banks accounts for unorganized labor by holding camps at various locations.
"Appropriate action is being taken against individuals involved in irregular and unauthorised activities. Since December 3, 2016, action against 7 officials of Public Sector Banks (PSBs) has been taken," it said.
Besides, audit has been taken-up in few branches of PSBs, it said, adding that the concurrent audit is also being initiated as per the requirement and under the extant guidelines of RBI.
Post demonetization banks are making all efforts to facilitate digital transactions. After demonetizing Rs 500 and Rs 1000 currencies; in a move to curb black money every individual is taking efforts to make India a digital platform.