Thu, Aug 24, 2017 | updated 04:16 PM IST

Replacement of high-value currency notes to provide major boost to electronic payments: NASSCOM

Updated: Nov 09, 2016 10:42 IST      
Replacement of high-value currency notes to provide major boost to electronic payments: NASSCOM

New Delhi [India], Nov 8 (ANI): NASSCOM welcomes the announcement earlier this evening by Prime Minister Narendra Modi scrapping the current high-value currency notes of Rs. 500 and Rs. 1,000 denomination, and replacing the Rs. 500 notes with a new design.

This move is a masterstroke that will make a major dent on unaccounted or 'black money', rendering it valueless unless it is taken to a bank to be exchanged, potentially bringing it into the tax net.

NASSCOM believes this move will also accelerate the push toward electronic payment, which presently has relatively little penetration in India, where cash accounts for 78 percent of all transactions by value according to the Reserve Bank of India.

This complements the other moves toward digital payments, including the foundation being created by the Pradhan Mantri Jan-Dhan Yojana under which 254.5 million bank accounts had been opened as of November 2, 2016.

"If most of the black money is brought into bank accounts or into the tax net, there will be far less reason to deal only in cash, and far more reasons to transact through electronic payments," said NASSCOM President R Chandrashekhar, who is a member of the Ministry of Finance Committee on Digital Payments, chaired by Ratan P Watal of NITI Aayog.

This is also a welcome move for the e-commerce industry, where a large number of deliveries in India are "COD" or cash on delivery, raising logistics costs and risks. While other reasons for use of cash, such as trust, may take longer to alleviate, the present announcement could mitigate a significant factor driving COD, the availability of unaccounted cash.

NASSCOM understands that a new currency note of Rs. 2,000 value has been introduced with immediate effect, and also that new Rs. 1,000 notes will also be printed and issued "in due course", along with new Rs. 10, 20 and 100 notes. It is heartening to note that these new currency notes will all have Braille features for the blind.

Based on information currently available, NASSCOM believes that the new Rs. 2,000 note and the plan to reintroduce the Rs. 1,000 note could be a potential dampener to the bold and progressive step by the government, as high value currency notes constitute the foundation of black money and the cash economy.

This historic step by the Government could, if optimally leveraged, hugely accelerate the migration to a digital economy. The benefits of such migration would include widening the tax net and minimizing black money. The opportunity should be used to the hilt. (ANI)

New Delhi [India], August 24 (ANI): Transport aggregator Ola has entered into a strategic alliance with the Airport Authority of India (AAI) to extend its range of mobility offering to commuters, through designated Ola Zones and kiosks at four of the busiest airports in the country- Netaji Subhas Chandra Bose International Airport, Kolkata; Chennai International Airport; Pune International Airport, and Chaudhary Charan Singh International Airport, Lucknow.

Full Story >>

Indian entrepreneurs keen on expanding footprint to Rwanda

Updated: Aug 24, 2017 15:22 IST     

New Delhi [India], August 24 (ANI): Over 200 Indian entrepreneurs, part of a 25-company business delegation led by the Federation of Indian Chambers of Commerce and Industry (FICCI), including the Council of Scientific and Industrial Research (CSIR) expressed keen interest in taking their innovations to Rwanda through the India-Rwanda Innovation Growth Programme (IRIGP)

Full Story >>

New Delhi [India], August 24 (ANI-NewsVoir): Under the leadership of Sadguru, Isha Outreach started 'Rally for Rivers' campaign to preserve the rivers of the country. Adarsh Credit Co-operative Society is also supporting Isha Foundation's Rally for Rivers campaign.

Full Story >>

New Delhi [India], August 24 (ANI): Tata Sons on Thursday announced the appointment of Roopa Purushothaman as Chief Economist and Head of Policy Advocacy, effective September 1.

Full Story >>

RBI unveils Rs. 200 note, to be issued on Friday

Updated: Aug 24, 2017 13:43 IST     

New Delhi [India], August 24 (ANI): The Reserve Bank of India (RBI) on Thursday unveiled the design of the new Rs. 200 currency note, which will be issued on August 25, 2017 from select RBI offices, and some banks.

Full Story >>

New Delhi [India], August 24 (ANI-NewsVoir): Raj Kundra-promoted Viaan Industries Limited, which operates in licensing technology, gaming and animation, and wellness on Thursday reported a consolidated net profit of Rs. 6.15 crore for the first quarter ended June 30, 2017, compared to Rs. 1.35 crore in the corresponding quarter last year.

Full Story >>

New Delhi [India], August 24 (ANI-NewsVoir): Located at One Galle Face along the Galle Face Green promenade, which is the most exclusive address in Colombo, Shangri-La Hotel, Colombo will offer uninterrupted Indian Ocean views in most of its 500 guestrooms and suites and 41 serviced apartments.

Full Story >>

New Delhi [India], August 23 (ANI): Introducing a new currency denomination and design is an exercise that any central bank does, keeping in consideration various factors like inflation, GDP growth, replacement of soiled banknotes, reserve stock requirements and the need for combating counterfeiting and above all the ease of transactions for the common man.

Full Story >>

New Delhi [India], August 23 (ANI): Truecaller on Wednesday announced that the company achieved a record 200 million impressions in a single day, thus registering a 300 percent growth in its in-app advertising platform in one year.

Full Story >>

New Delhi [India], Aug 23 (ANI): Airbnb, the world's leading community-driven hospitality company, today announced its first airline partnership in India with Jet Airways, India's premier international airline.

Full Story >>

Women take centre stage at Paddy Fields 2017

Updated: Aug 23, 2017 18:34 IST     

New Delhi [India], August 21 (ANI-NewsVoir): In a first of its kind, a musical event will be organized with only women performers taking centre stage in the country. Nesco, India's largest exhibition center is fast becoming a hub for various social, cultural and entertainment events marks their second season of Paddy Fields, a folk and fusion music event with eight women singers from various parts of the country to perform on October 7 and 8 this year.

Full Story >>

Taxmann launches new features in its GST compliance software

Updated: Aug 23, 2017 18:16 IST     

New Delhi [India], Aug 23 (ANI): Taxmann, one of the authorised Goods and Service Tax Suvidha Providers (GSPs) launched new features in its GST compliance software - One Solution. Apart from GSTR 3B generation, it also facilitates uploading of invoice at GSTN and roll out of GSP services. It also added some additional features to its data import mechanism and invoicing module.

Full Story >>

New Delhi [India], August 23 (ANI): Envisioning the consolidation of nationalised banks into more competitive units, the Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its in-principle approval for Public Sector Banks (PSB) to amalgamate through an Alternative Mechanism (AM).

Full Story >>

UK International Trade chief ends three-day visit to India

Updated: Aug 23, 2017 18:05 IST     

New Delhi [India], Aug.23 (ANI): The Director General of International Trade and Investment, Department for International Trade, Dr. Catherine Raines, visited India from August 21 to August 23.

Full Story >>

New Delhi [India], August 23 (ANI): Real estate developer Vipul Ltd., on Wednesday announced that the company raised Rs. 150 crore from Edelweiss Group, which will be channelized towards the development of its luxurious housing project 'Aarohan Residencies' located on Golf Course Road in the heart of Gurugram.

Full Story >>

New Delhi [India], August 23 (ANI): Tata Sons on Wednesday announced the appointment of Banmali Agrawala as the President of Infrastructure, Defence and Aerospace vertical, will effect from October 1.

Full Story >>

New Delhi [India], Aug 23 (ANI): Leading provider of premier sanitary fittings GROHE has announced appointment of Shubhajit Sen as the Country General Manager of its parent company Lixil Water Technology for India and Subcon.

Full Story >>

New Delhi [India], August 23 (ANI-BusinessWire India): CMC bagged 'Best Vocational training Company Serving Social Cause- CSR' award from Associated Chambers of Commerce and Industry of India (Assocham) for "English Intervention Program", which is a

Full Story >>

New Delhi [India], Aug 23 (ANI-NewsVoir): Round Table India in association with NGO Robin Hood Army distributed 70,000 food packets among the underprivileged as part of their ongoing campaign 'Freedom from Hunger'.

Full Story >>

New Delhi [India], August 23 (ANI): The Ministry of Finance on Wednesday in an official notification clarified the introduction of denomination of new currency notes worth Rs. 200, citing the provisions vested under Sub-section (1) of Section 24 of the Reserve Bank of India (RBI) Act, 1934.

Full Story >>