In an effort to move the country towards cashless economy Modi lead BJP government is set to unleash new rules in the upcoming budget. One proposed rule is to tax cash withdrawals above 50 thousand rupees.
These new rules are recommended by Committee of chief ministers headed by Andhara pradesh CM, Chandrababu Naidu. They also recommended removal of MDR charge on debit and credit cards.
New set of rules are expected to be implemented from the next financial year 2017-18. This paradigm change will move the economy towards cashless scenario and reap long-term benefits to the country.
Government is also expected to launch Bio-metric payment system linked to Aadhaar card which will eradicate the need of internet or Debit cards to collect payments from any corner of India.
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