Relief for small enterprises, shopkeepers adopting digital payment mode: Ravi Shankar Prasad

Union Information Technology Minister Ravi Shankar Prasad on Saturday said that no inquiry or opening on their transactions pre November 8 will be done if small shopkeepers and enterprises adopt digital payment mode.

Prasad said that this observation was made by Prime Minister Narendra Modi duing the MPs meet on Friday.

“If any enterprise or a shopkeeper comes on digital payment mode, then for small
shopkeepers, middle shopkeepers no opening shall be done about transactions before
November 8,” said Prasad at the Ficci Annual General Meet.

“Second, in terms of labour employment, if by digital payment, the number of employees
rises, then no inquiry should be made pre November 8 in case of small shopkeepers or
other concerns. So that past is past. What is important is to bring into digital mode in a
bigger way.

“If your transaction is digital, your consumer base is known and if consumer base is known the lending banks would have enough material available about your commercial vialbility to expedite the loan system. Money coming in the system becomes avaialbale for banks to
invest,” he added.

Prasad further said that digital governance is equal to good governance, transparent governance, and honest governance.

“Another mode of digital payment we are pushing in a big way is Aadharbased
payment. About 30 crore Indians do not have a mobile phone, but they have access to mobile phones at home. How will they have the benefits? That’s why we are encouraging Aadhar based payment. We are planning it with the Finance Ministry,” he said.

Prasad also gave a demo on Aadharbased payments using biometrics and smartphone.
He also said Goods and Services Tax (GST) is going to technologyenabled.

“We have 6.3 crore enterprise in India. Through the digital move of the government, every informal firms will move into formal economy.”

Source : Economic Times – Dated 17th December’2016

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