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Govt panel to suggest ways to step up card transactions

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The finance ministry has set up a panel, led by former finance secretary Ratan Watal, to suggest steps to reduce cash transactions to promote card payments through incentives such as tax rebates and cash back schemes.
The 11-member high-level panel has been tasked with reviewing the payment system in the country and suggest measures for encouraging digital payments. The panel will suggest various measures to “incentivise transactions through cards and digital means, for example, through tax rebates/incentives, introduction of cash back/lottery,” the ministry in a notification on its website.
Other members of the panel include former Reserve Bank of India (RBI) deputy governor H R Khan, secretary, or a nominee, from the Department of Investment and Public Asset Management, heads of banking, technology and payments system industry bodies, and chairperson of the Central Board of Direct Taxes, among others. The panel has been asked to submit its report in one year.
Business Standard New Delhi,27th August 2016

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