Measures For Promoting Digital Payments & Creation of Less Cash Economy After Demonetization

Abstract

Digital Economy is one of 10 central themes for Budget-2017 for establishing speed, accountability and transparency in the system. In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. With an aim to promote Digital Payments and converting India to a less-cash society, a large number of policy and implementation initiatives are being taken by the Government for its procurement, service offering and disbursements and also the Government has been taking several measures in consultation with the various stakeholders to incentivise greater adoption of digital payments by large sections of the society. This paper made an attempt to provide the various initiatives introduced by the Indian Government to promote the digital payments especially focusing on after demonetization at one place.