Calling it a practical approach and while supporting the clarion call of Prime Minister Narendra Modi for adoption of digital payments in the Country, The Confederation of All India Traders (CAIT) has appreciated the use of less cash by Prime Minister Mr. Narendra Modi in his Man Ki Baat today since less cash in first instance will ultimately convert in cash less over a period of time.
CAIT President Mr. B.C.Bhartia & Secretary General Mr. Praveen Khandelwal said that if urban areas are prompted to adopt and use digital payments for their day to day transactions, the surplus money available in lieu of using digital payments can be transferred to rural and far flung areas where awareness & usability of digital payment is very less. In this way, people across the Country will be able to meet out their daily expenses.
CAIT has urged the Union Government to ensure speedy adoption of electronic payments, the Government should provide incentives on every usage of digital payment and transaction cost levied by the Banks on usage of Card payments may be subsidised by the Government to Banks. It has also suggested that import duty on POS terminals should be waived off to make the cost of POS terminals cheaper whereas facilitation should be done to manufacture POS machines in India under Make in India program.
The CAIT has planned to hold a India Economic Summit on 2nd and 3rd December, 2016 at New Delhi to consider situation of post demonetisation and adoption of digital payments, GST, financial inclusion.
Meanwhile, to make people aware about digital payments technology, the CAIT has created an exclusive website www.lesscash.in which was released yesterday by Mr. Amitabh Kant, CEO, NITI Aayog at a Traders Conference at New Delhi by CAIT. The CAIT has also issued its less cash manifesto yesterday spelling out steps for smooth adoption of electronic payments particularly by traders and people in general.
It is noted that CAIT in association with MasterCard has been advocating digital payments since last about two years and has so far organized over 150 seminars, conferences, round-tables and workshops in over 30 cities across different states and reached over 20 lakh traders to promote the adoption of electronic payments. The module 'Master Your Card' training has proved to be effective and is now coming handy when the government accelerates its intensity to penetrate every part of India via digital means.