Budget 2019: Four proposals made by government to boost Digital India
The government is constantly working to scale up the Prime Minister Narendra Modi's Digital India vision. The encouragement to the scheme from Central government has led to transparency in the system.
The government is constantly working to scale up the Prime Minister Narendra Modi's Digital India vision. The encouragement to the scheme from Central government has led to transparency in the system and ease of life to the common people. In order to make the scheme more productive, the government has made certain provisions in this Budget. Here are the changes in the Digital India initiative.
1. TDS on cash withdrawal
Amid ton of announcements made in the budget 2019, the central govt announced a TDS (Tax Deducted as Source) on annual cash withdrawal of over Rs 1 crore. The move will curb people to excrete cash from the system.
2. Mandatory to facilitate customers with digital payment options
The budget has also presented a provision for the business owners with an annual turn over of Rs 50 crore, to bring systematic digital facilities for customers in order to increase efficiency and transparency in the economy.
3. The banks will need to encourage digital transactions
RBI and other banks will need to accommodate the savings, from less liquidity in cycle to encourage the digital transactions in system.
4. Preparations to change the rules
The government is working to amend the Income Tax Act & Payment and Settlement Systems Act 2007 to make digital payment facilities popular among common people.