The Union Government has constituted a new committee to form a strategy to expedite the process of transforming India into a cashless economy.
The committee will be headed by Niti Aayog CEO Amitabh Kant. It has been tasked with identifying various bottlenecks affecting access of digital payments.
Terms of Reference of Committee
- Identify and operationalise in the earliest possible time frame user-friendly digital payment options in all sectors of the economy.
- Identify various digital payment systems appropriate to different sectors of the economy and coordinate efforts to make them accessible.
- Engage regularly with Central ministries, state governments, regulators, local bodies, district administration, trade and industry associations to promote adoption of digital payment systems.
- Estimate costs involved in various digital payments options and oversee implementation of measures to make such transactions between citizens and government cheaper than cash transactions.
- Implement an action plan on advocacy, awareness and hand-holding efforts among public-, micro-enterprises and other stakeholders.
The committee was set up following a directive from the Prime Minister’s Office (PMO) to back up the demonetisation move. The Union Government is working towards moving all government transactions to the cashless mode, through a new single window e-payment system that businesses or individuals can use to make payments to any central or state department.