After demonetisation, Government of India is currently mooting several proposals to push the country towards being less-cash. Apart from giving discounts on using debit or credit cards, there is a possibility that using cash may be taxed, Aseem Manchanda reports.
Using cash to make payments may attract cash handling charges, cash withdrawal charges or cash payment charges, sources told Zee Business. Till now, Government was giving various incentives to people for using digital currencies and mobile payments like UPIs or mobile wallets like Paytm, Mobikwik, Freecharge, etc. MDR charges have also been reduced or withdrawn in order to make it attractive for people to use their debit or credit cards more.
However, some more proposals that the Government is currently studying to decrease use of cash are as follows:
Cash transactions of over Rs 3 lakh to be banned.
One will need special permission to keep cash over Rs 15 lakh in their homes.
ATMs will dispense only specified amount of cash.
A customer will have to pay an additional charge in order to withdraw more cash from an ATM.
Payments at Government offices or for booking Railway tickets using cash may attract extra charges.
The MB Shah Committee that the Government had constituted to stop black money had given various suggestions in this regard. Ex-finance secretary Ratan Wattal, too, has given proposals to increase digital currency in order to curb black money.