Cabinet has given its approval for introduction of steps for promotion of payments through cards and digital means. The move aims at reducing cash transactions. Under the move no surcharge, service charge, convenience fee will be levied on card and digital payment. Steps will be taken for payments beyond a prescribed threshold mandatory through cards or digital mode. <br/><br/>It will be instrumental in reducing tax avoidance, migration of government payments and collections to cashless mode. The Cabinet also approved establishment of Atal Innovation Mission (AIM) and Self Employment and Talent Utilisation (SETU) in NITI Aayog. The decision would result in implementation of Mission activities in a focused manner. <br/><br/>In an another decision, the Cabinet also gave its nod for the signing of agreement between India and Maldives for avoidance of double taxation of income from International air transport. The Agreement provides for relief from double taxation for airline enterprises between the two countries. <br/><br/>The Cabinet also cleared a proposal for provision and operationalization of credit of 150 million dollar from EXIM Bank for development of Chabahar Port in Iran. The Port lies outside the Persian Gulf in Iran and will help in expanding maritime commerce in the region. India is negotiating this project to facilitate the growing trade and investment with Iran and other countries in the region, notably Afghanistan.
News On AIR | February 24, 2016 8:30 PM
Promotion of Payments through cards and digital means: Cabinet