Full list of benefits announced by India Govt. for going Cashless

This was an easy guess. But glad that it happened sooner than expected. India Govt. has announced a set of benefits for merchants, businesses and people for going cashless. If you still haven’t switched completely to cashless, do it today. Here are the resources you need. I have a set of articles dedicated towards cashless economy, check it out here.

List of benefits for going cashless in India

1. Discount on Petrol – A 0.75 per cent discount on purchases of petrol and diesel (at Central Government Petroleum PSUs) using credit or debit cards, e-wallets and mobile wallets. If you are looking for credit cards that allow cashback on fuel purchases, here they are.
2. Railway ticket discounts – People buying monthly or seasonal tickets in suburban railway networks through digital payment systems will get a 0.5 per cent discount on purchases.
3. Accidental life insurance – Passengers who book railway tickets online through digital methods, will receive accidental insurance cover worth Rs 10 lakh.
4. Discount on railway catering – There will also be a discount of 5% on digital payments for railway catering, accommodation, and retiring rooms.
5. No transaction fees for Govt. dealings – Public dealings with (central) government departments and PSUs through digital mode will be free of transaction fees and Merchant Discount Rate (MDR) charges.
6. Less monthly rents for POS systems – For shops and merchants switching to digital payment gateways, there won’t be rent more than Rs.100. This includes point of Sale terminals, micro ATMs, and mobile Point(s) of Sales.
7. Discount on Life insurance policy premiums – There will also be a discount or credit, up to 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals, in case payment is made through digital means. (Just get one of the best cashback credit cards here.)
8. 10% Discouns on tolls – There’s also a 10 per cent discount on payments made using RFID or Fast Tags for at Toll Plazas on national highways. (Just get one of these mobile wallets.)
9. No service tax for credit card payments – Also, credit and debit card transactions worth up to Rs 2,000 will be exempt from service tax. Yay!

So, there you have it. All the benefits announced by the India Government today for going cashless. It’s not late. Get a credit card or start using a good mobile wallet as mentioned here.

P.S – My guess is that India Govt. will also abolish income tax sometime in 2017. Let’s wait and watch.