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The panel has also proposed tax sops for domestic production of micro ATMs and biometric sensors, along with a subsidy of 50% to merchant points using Aadhaar Pay , which will use fingerprint or iris scan. Further, the panel has suggested that all 1.5 lakh post offices should have infrastructure to deal with Aadhaar-enabled micro ATMs and there should be inter-operability for banking correspondent via Aadhaar-enabled payment system.
Explaining the advantage of digital payments, Naidu said physical currency was costly because of its printing, movement and security while there was no such cost for digital currency .Visa had estimated the cost of cash handling at 1.7% of GDP. Naidu elaborated that with increase in volume of digital transitions, cost would reduce.
(Sourced from agencies, feature image courtesy:oneindia.com)
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