While appreciating the government for accepting PHD
Chamber’s suggestions on the removal of costs for digital transactions, Mr.
Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry has further
suggested to incentivize RTGS (Real Time Gross Settlement) and NEFT (National
Electronic Funds Transfer) under the ambit of digital transfers so that more
and more people adopt the available facility and are less dependent on cash
transactions.
Provisions of digital transactions in central government
petroleum PSUs, primary cooperative societies/milk societies/agricultural input
dealers, railways and public sector insurance companies are encouraging, said
Mr. Jiwarajka.
Removal of service tax charged while making payments
through credit card, debit card, charge card or any other payment card up to
Rs.2,000 in a single transaction is a good start for the transformation from
cash transactions to the digital transfers, however, the limit needs to be
revised to Rs.10,000, he said.
A threshold limit of Rs.2,00,000 for transactions under
the RTGS and Rs.50,000 for transfers under NEFT should be exempted from the
service tax, said Mr. Gopal Jiwarajka.
Daily cash withdrawal limit from ATMs should also be
increased to Rs.10,000 so that people are not coming in queue again and again,
he said.
We suggest facility for withdrawal of new currency
denominations through mobile ATM’s in the government, public sector and private
corporate sector offices having more than 25 employees in their establishments,
he added
Cash driven sectors such as construction sector and Small
and Micro Units (SMEs) should be facilitated by expanded cash limits to
withdraw from the banking sector for the payment of salaries of their daily
wage and contractual workers, he said
We believe faster implementation of the suggested
measures would help the people to contribute more in the process of
demonetization to remonetization, said Mr. Gopal Jiwarajka.
No comments:
Post a Comment