F.NO. 10/3/2016-Cy I
Government of India
Ministry of Finance
Department of Economic Affairs
( C & C Division)
North Block, New Delhi Dated: 14/11/ 2016
Subject: Promotion of payments through cards and digital means.
picture courtesy :Techinasia
Vide Gazette Notification File No. 10/3/2016-Cy.I dated 8th November, 2016 of the Central Government, Rs. 500 and Rs. 1000 denominations of banknotes of the existing series and any older series issued by RBI till 8th November, 2016 ceases to be legal tender under Section 26 of the RBI Act, 1934 on the expiry of 8th November, 2016.
2. It has been noted that after issue of above notification dated 8th November, 2016 general public is turning up in huge numbers at Bank counters and ATMs for exchange and cash collection. You will appreciate that there are numerous means available like cards (debit/ credit), mobiles wallets, mobile apps., netbanking, ECS, NEFT, immediate payment services available for public for digital transactions which may be utilized to reduce pressure on the bank counters and ATMs in present scenario. Government of India vide its Notification No. 01/02/2015-Cy.II dated 29th February, 2016 has already issued guidelines for the promotion of the payment through cards and digital means. The instructions may be brought to the knowledge of all the autonomous bodies, Public Sector Corporations and other offices working under your jurisdiction, with a clear direction to undertake digital transactions to the maximum extent possible. It may also to stressed that cash transactions may be done only where it is totally unavoidable.
3. Hence, it is requested that a wide publicity may be given through different means to maximize the usage of digital payments/ transactions. All efforts may be made to promote the payment through different mode of digital payments.
(DR ANIL RANGA)