Trade leaders demand to constitute digital payment regulation board

Faster adoption and acceptance of digital payments in India if transaction charges levied by the banks on digital payments is waived and a Digital Payments Regulation Board is constituted.

Faster adoption and acceptance of digital payments in India among the trading community and general masses can be achieved if transaction charges levied by the banks on digital payments is waived and a Digital Payments Regulation Board is constituted, opined trade leaders at a national seminar held by the Confederation of All India Traders (CAIT).

The seminar was inaugurated by Rohit Singh, Secretary, Consumer Affairs and also attended by Navneet Goel, Chief Commissioner, CGST, Excise & Custom for MP and Chattisgarh besides trade leaders from Delhi and other states.

In the wake of RBI issuing digital-e-rupee reflecting intentions of the Government to create a less cash society, the CAIT has announced to launch a nationwide knowledge series "Digital Bhugtan Se Vyapar Aasaan" in association with MasterCard as its technology partner, to make trading community aware about the impact of digital-e-rupee in its current business format as also why it has become essential to adopt and accept digital payments in the business particularly when the consumers are rapidly adopting digital payments for their purchases.

Speaking at the event, Rohit Singh underlined that traders and consumers are synonymous to each other and hence the traders must adopt digital technology to meet the choice of the consumers who have become tech savvy. He said that change is inevitable and accordingly the traders should bring reforms in their business and more transparency which will yield good results to them in the long run.

Digitalisation has become the order of the day and once adopted it will expand the business network tremendously.

CAIT National President B.C. Bhartia said that Transaction charges are one of the major deterrent in faster adoption of digital payments in the Country and as such the Government should provide a five-year Transaction charges holiday.

CAIT Secretary General Praveen Khandelwal suggested that the Government should frame a comprehensive incentive policy for the persons and business entities using any mode of digital payments. He also suggested forming a Digital Payment Promotion Board composed of senior officials and representatives of traders and consumers.

The Government has drafted an incentive proposal in August,2015 which spells out certain tax benefits and waiver of transaction costs charged by Banks. While urging the Government to implement said proposals, the CAIT said that proposals to provide incentives to shopkeepers accepting payments in business transactions through digital payments will encourage traders to embrace e-payment systems.

--IANS

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