In her budget speech, the Finance Miniter proposed some major proposals to push digital payments.
She proposed to levy a TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
She also mentioned that BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote a less-cash economy. Business establishments over an annual turnover of Rs 50 crore will have to offer low-cost digital modes of payment to their customers and no charges or Merchant Discount Rates to be imposed on customers or merchants. RBI and banks will absorb these costs.
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