In order to increase overall transparency in the economy, the Government said that it has set into motion for long-term schemes to encourage digital payments so that tax evasion can be minimised, according to a release issued by NITI Ayog on Saturday. “It is possible to leverage technology to carry out business transactions digitally through online payments, mobile banking, e-wallets, debit cards etc. There are a large number of instruments to move from digital to Digi-Dhan,” it said.
The Government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years. “Demonetization of Rs500 and 1000 notes is an important milestone in this endeavour. These large denomination currencies have resulted in a number of ill effects upon the economy,” it added. In Africa, it added, a developing country like Kenya has made this possible. In a country like India, 65 per cent of the population is below 35 years of age, whose IT prowess is well recognised.
“Even poor and illiterate people exercise their franchise through EVMs, this transformation toward digital economy is definitely possible provided the citizens resolve to do so. This would enable the economy to grow at a faster pace,” the release said. NITI Aayog has also requested National Payment Corporation of India (NPCI) to conceptualise and launch a new scheme to incentivise digital payments. It would be useful to reiterate that NPCI is a not for profit company which is charged with a responsibility of guiding India towards being a cashless society.