New Delhi: As a part of Demonetisation, the Government of India has improved the range of Digital transactions to promote digitalisation across the country. Recently, in an event, the Union Finance Minster asks the government departments to make e-Payment service to the contracts, suppliers and institutions for the value order exceeds Rs 5000. The Finance department has also issued an office memorandum which reads that payments should be made to contractors, suppliers and institutions through Real-Time Gross Settlement Systems (RTGS), National Electronic Funds Transfer (NEFT) and Electronic Clearing Service (ECS) across the country. The Indian Government has been taking slow measures to promote Digital Transactions. It is also a step forward for complete digitisation of government payments.
Delhi Govt asks Departments to use e-Payment service for above Rs 5000
According to the reports, the official statement reads all the ministries and departments of the Government of India have been now directed by the Ministry of Finance to ensure with immediate effect that all payments above Rs 5,000 to suppliers, contractors, grantee and loanee institutions etc are made by issue of payment advises only through e-Payment service. This was issued as a recent order of Union Finance Ministry to promote e-Payments.
The Union finance Department said in the memorandum that all payments to the suppliers, contractors, grantee/loanee institutions etc. above Rs 5,000 may be made through the electronic mode of e-Payment service i.e RTGS, NEFT and ECS with immediate effect. To promote the digital mode of payments as well as cashless economy this decision has taken by the Government. The e-Payment service transactions will attain the goal of complete Digitalisation.
After the Demonetisation move, the digital mode of transactions has increased to a range of 80 percent. Government organisations, PSUs and other government authorities have been advised to use only digital payment methods such as Internet banking, unified payment interface, cards and Aadhaar-enabled payment systems to make payment to all stakeholders and their employees.
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