Thursday, November 24, 2016

Demonetization: 8 new announcements to incentivize digitization and help farmers

The Economic Affairs Secretary, Shaktikanta Das, addressed the media on Government's move to demonetize High Denominations Notes (HDNs) of Rs 500/1000. He briefed the media about slew of measures proposed by Govt. to incentivize digitalization and provide relief to farmers. The Govt. has announced following measures to promote demonetization: 

1) Maximum limit for recharging e-wallets and other prepaid instruments has been increased from Rs 10,000 to Rs 20,000.

2) There will be no service charge for using any debit card and booking of online railways tickets till December 31, 2016.

3) A pilot programme is underway in 20 banks that are using a new Unified Payment Interface Mobile Application (App). This app will enable not just making payments but also getting payments, all instantly, in real time. The transaction limit for using this app is Rs 50,000.

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