Union Cabinet approves steps to promote cashless transactions
Q. Union Cabinet has approved several steps to promote cashless transactions. These are:- Published on 26 Feb 16a. Mandatory card based or e-payments beyond prescribed threshold
b. Withdrawal of additional charge imposed on digital payment by various government entities
c. Rationalisation of Merchant Discount Rate on card transactions and telecom service charges for digital financial transactions.
d. All of the above
ANSWER: All of the above
These include mandatory card-based or electronic payments beyond a prescribed threshold and withdrawal of any additional charge currently imposed on card or digital payments by various government entities and the introduction of the required infrastructure for digital payments in all government offices. Cabinet also gave approval for rationalising of the merchant discount rate (MDR) on card transactions and telecom service charges for digital financial transactions to promote mobile banking.
