Saturday, 17 December 2016

Cess on cash handling, levy on digital payments minimal

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Cash shortage following the demonetisation of high value currency notes will end by mid- January, NITI Aayog CEO Amitabh Kant said today while hinting that cash handling would be dearer in future by way of a cess. "Various incentive schemes have been provided aimed at promoting digital payments such as 'Lucky Grahak Yojana' and 'Digi Dhan Vyapari Yojna'. The cash handling would be expensive in future by way of access and transaction cost on digital payments would be minimal," Kant was quoted as saying by industry body Ficci in a statement. 

He further said cash shortages following demonetisation of high value currency notes will end by mid-January by which time about Rs 3 trillion of black money would be sucked out of the economy, leaving about Rs 12 trillion in cash to finance normal transactions. Disruption in the economy was inevitable after this step, taken as India aspires to have become a USD 10 trillion economy, Kant said.

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