India Budget 2017

The Finance Minister of India, Arun Jaitley, gave his annual Budget speech for 2017-18 today.

The Government is thinking seriously about pushing the economy into a “digital direction”. Here are some interesting announcements and observations related to digital payments –

  • Cash transactions above 3 lakh Rupees will become an offense
  • Target of 20 lakh Aadhaar based swipe machines by 2020
  • Demonetization will lower borrowing costs and increase access to credit
  • 125 lakh people downloaded BHIM app of the Government
  • Aadhaar Pay system to be launched soon
  • Service charge on e-tickets booked through IRCTC will be withdrawn.
  • Duty exempted on various POS machines and iris readers to encourage digital payments.
  • Proposal of creation of a six-member Payments Regulatory Board in the RBI.

Also, check out Budget highlights from The Hindu here.

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