CAIT DEMAND DIGITAL PAYMENT REGULATION BOARD & WAIVER OF CHARGES ON DIGITAL PAYMENTS

Raipur.

CAIT National Senior Vice President Amar Parwani, chairman Magelal Maloo , Amar Gidwani State President Jitendra Doshi , States Working President Vikram Singh Deo, Parmanand Jain , Vashu Makhija, state General secretary Suriender singh , State Working General secretary Bharat Jain, and State Treasure Ajay Agrawal In order to make India a less cash economy, the faster adoption of digital payments by trade & commerce as also by public at large is essentially important and to achieve the goal, the transaction charges on digital payments needs to be subsidised by the Government directly to the Banks and a Digital Payment Promotion Board should also be constituted to promote digital payments in India-said Mr.Amar Parwani, National Senior vive President of the Confederation of All India Traders ( CAIT) and State President Mr. Jitendra Doshi also opined that National Payment Corporation ( NPCI) should run UPI, Bheem etc and a separate Regulatory Authority should be set up for monitoring and regulate the payment Indistry. He also said that when open network is being created as a policy by the Government then payment industry should also be given open network ensuring best services to the users. Undoubtably, the Rupey has played an important role in the Country.

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Mr . Parwani and Mr. Doshi said that it is essential that the Union Government should subsidies transaction charges levied on digital payments to the Banks directly to avoid any financial burden either on the traders or the consumers.

Mr Parwani & Mr. Dishi said that burden of tansaction charges is one of the major deterrent in adoption and acceptance of digital payments in the Country and as such steps are needed to incentivise usage of digital payments. It will also help the efforts for bringing informal economy to formal economy. Large amount is being spent by the Government in printing of currency and its security and logistics. Subsidising the transaction charges to the Banks will promote larger usage of digital payments at all levels and substantially fulfill the vision of to convert cash rich India to less cash India. They also suggested that on usage of ATMs beyond three times in a month, a nominal fee should be levied for subsequent cash withdrawal at ATMs.Further, an incentive scheme for greater usage of digital payments needs to be introduced and all sorts of debit and credit cards all other mode of digital payments including POS terminals, M-POS, mobile wallets, mobile applications, QR code, UPI & Aadhar enabled applications should be brought under the ambit of incentive schemes.

Mr.Parwani and Mr. Doshi l suggested to form a Digital Payment Promotion Board comprising of senior officials and representatives of traders and consumers and in accordance with the recommendations of Wattal Committee an independent Payments Regulatory Board should be set up. The Non Banking Finance Companies & Micro Finance Institutions should also be brought under the landscape of digital payments to install white label POS terminals by encouraging a scheme to subsidize POS terminals directly or indirectly across both urban and rural areas- added Mr.Parwani and Doshi

He further said that Government has drafted an incentive proposal in August,2015 which spells out certain tax benefits and waiver of transaction costs charged by Banks. While urging the Government to implement said proposals, he said that proposal to provide incentives to shopkeepers accepting payments in business transactions through digital payments will encourage traders to embrace e-payment system.