Rise in Digital Transactions: An Evident Support of Taxpayers to Digital India Initiative

NEW DELHI:  As reported by an official source, the government is going to launch its second phase of promoting digital transactions from January. In the statement, it was affirmed that management and working of the programs would be assigned to committees held under DAVP (Directorate of Advertising and Visual Publicity) holding promotions of digital transactions and major approvals would be taken from Information and Broadcasting Ministry.

‘For a preliminary setup, DAVP panel at present would be given the moral duty to bring suggestive plans, strategies and expected designs of logos & jingles till the next official meet. Also, several ministries have been invited to come up with suggestions of promotion’ said Meity (The IT Minister)

Highlighting the situation Union Minister Nitin Gadkari stated ‘the government demonetization decision a year ago led to a 58% growth in digital transactions and a vast increase in a number of taxpayers which as per government figures got a sudden jump from 26 Lakh in 2016 to 56 Lakh taxpayers.

On the eve of first anniversary of demonetization, Finance Minister Arun Jaitley presented all updated figures of benefits received by economy from demonetization highlighting:

  •    Identification of 2.97 lakh shell companies and closure of 2.47 companies till date.
  •    The inclusion of 56 lakh new taxpayers.
  •    A record-breaking hike in digital transactions to 110 crores valuing Rs 3.3 Lakh crores and debit and credit card transactions to 240 crores valuing around Rs 4 lakh crores.

As per RBI data, there has been an increasing trend in UPI payments, especially from the private sector as the volume of UPI  transactions gradually increased from 3 lakh in November last year to 3 Crore volume in September this year.

While promotions are to be done from January, the said agencies involved would target to a greater volume of users to be captured in digital transformation. Following the fluctuating trend of previous digital payment values, more incentives and benefits would be given this time to attract new UPI users to boost future digital transactions.

Also Read : Here Is How Banks View Transactions To Be Suspicious