• Home
  • 7th Pay Matrix
  • Pay Calculator
  • DA Table
  • DA News
  • 8th CPC News
  • KV Fees

Central Government Employees Latest News

7th Pay Commission Latest News Today 2023, 7th Pay Matrix Table PDF, Expected DA Calculation, DA Rates Table, 8th Pay Commission Latest News

Latest 7th pay commission pay scale calculator
  • Holidays 2023
    • Holidays 2022
    • Holidays 2021
    • Holidays 2020
    • Holidays 2019
    • Holidays 2018
  • DoPT Orders
  • Expected DA
    • AICPIN
  • CSD AFD
  • Retirement Age
    • CGHS Subscription
    • CGHS Hospitals
    • CGHS Rates
    • OROP-2 Table
  • Gold Price
    • KVS Admission 2023-24
You are here: Home / Budget Highlights / No Cash Transaction above Rs 3 lakh – FM

7th Pay Commission Latest News Today 2023
Central Government Employees News Today 2023
7th Pay Salary Calculator 38% DA 7th CPC Increment Calculator
Expected DA for January 2023 8th Pay Commission News

7th CPC Pay Fixation Calculator Retirement Date Calculator 2023
Leave Encashment Calculation & Calculator 2023 KVS Fee Online Payment 2023-24
18 Months DA Arrears for CG Employees Govt First Salary Calculator
Latest News from 7thpaycommissionnews.in

No Cash Transaction above Rs 3 lakh – FM

February 1, 2017 admin Leave a Comment

No Cash Transaction above Rs 3 lakh – FM

Press Information Bureau
Government of India
Ministry of Finance

01-February-2017 13:57 IST

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh

Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System

Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017-18

Series of measures proposed to strengthen and regulate digital economy

In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance Bill.

Presenting the General Budget 2017-18 in the Parliament, the Finance Minister said that the Government will launch two new Schemes to promote the usage of BHIM App i.e, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants. BHIM App was launched to promote digital transactions and will unleash the power of mobile phones for digital payments and financial inclusion, The Finance Minister Shri Jaitley informed the House that 125 lakh people have adopted the BHIM app so far.

The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones. A Mission will be set-up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based PoS by September 2017.

Highlighting the Government’s strategy to clean the system through digital economy, Shri Jaitley said that it has a transformative impact in terms of greater formalisation of the economy and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit. India is now on the cusp of a massive digital revolution, he added. The Finance Minister said that a shift to digital payments has huge benefits for the common man. The earlier initiative of the Government to promote financial inclusion and the JAM trinity were important precursors to the current push for digital transactions, the Finance Minister added.

In a bid to incentivize the digital transactions, the Finance Minister Shri Jaitley proposed that the presumptive income tax for small and medium tax payers whose turn-over is up to Rs 2 crore will be reduced from the present 8% of their turnover which is counted as presumptive income to 6% in respect of turnover which is received by non-cash means. This benefit will be applicable for transactions undertaken in the current year also, he added.

The Finance Minister also proposed to limit the cash expenditure allowable as deduction, both for revenue as well as capital expenditure, up to Rs 10,000. Similarly, the limit of cash donation which can be received by a Charitable Trust is being reduced from Rs 10,000/- to Rs 2000/-.

To promote cashless transactions, the Finance Minister in the Budget has proposed to exempt BCD, Excise/CV duty and SAD on miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Scanners and Iris Scanners. He also proposed to exempt parts and components for manufacture of such devices, so as to encourage domestic manufacturing of these devices.

To strengthen and regulate the digital economy, the Finance Minister has proposed to create a Payments Regulatory Board in the Reserve Bank of India(RBI) by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems. The Committee on Digital Payments constituted by the Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007. The Government will undertake a comprehensive review of this Act and bring about appropriate amendments, Finance Minister added.

To strengthen the digital payment infrastructure and grievance handling mechanisms, the Finance Minister said in his Budget Speech that the focus would be on rural and semi urban areas through Post Offices, Fair Price Shops and Banking Correspondents. He added that steps would be taken to promote and possibly mandate petrol pumps, fertilizer depots, municipalities, Block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App. A proposal to mandate all the Government receipts through digital means, beyond a prescribed limit, is under consideration. The Government will strengthen the Financial Inclusion Fund to augment resources for taking up these initiatives, the Finance Minister added.
In his Budget Speech, the Finance Minister informed that increased digital transactions will enable small and micro enterprises to access formal credit. He said that the Government will encourage

SIDBI to refinance credit institutions which provide unsecured loans, at reasonable interest rates, to borrowers based on their transaction history.
The Finance Minister assured the House that the Government will consider and work with various stakeholders for early implementation of the interim recommendations of the Committee of Chief Ministers on digital transactions.

Shri Jaitley said that the Government is considering the option of amending the Negotiable Instruments Act to ensure that the payees of dishonoured cheques are able to realise the payments.


Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    Lucky Grahak Yojana and Digidhan Vyapar Yojana for digital payments of less than Rs.1600
    Benefits to Middle Class Tax Payers in the Budget 2015-16
    Subsidizing MDR charges on Debit Card transactions of value less than or equal to Rs.2000
    NMC urges FM to raise IT exemption limit to Rs 5 lakh, exclude DA from IT calculation, Merge DA in Basic Pay & Pension etc.
    Charges on digital transactions
    Committee on Digital Payments
    Finance Minister Arun Jaitley will present the annual budget today

Filed Under: Budget Highlights

Retirement Date Calculator of Central Govt Employees

Retirement Date Calculator for Central Government Employees

March 29, 2023 By admin 5 Comments

Retirement Date and Retirement Benefits Calculator How to calculate 60 years from the date of birth online?: There is an online … [Read More...]

Expected IDA from April 2023 Calculator

Expected IDA from April 2023 Calculator

March 29, 2023 By Ekanathan Leave a Comment

Industrial Dearness Allowance (IDA) and Central Dearness Allowance (CDA) Pattern in CPSE What is Industrial Dearness … [Read More...]

DA Arrears to Central Govt Employees and Pensioners - Latest Update

DA Arrears Release to Central Govt Employees and Pensioners – Latest Update

March 29, 2023 By Ekanathan 3 Comments

Are you eagerly awaiting the release of 18 months' worth of DA arrears for Central Government employees and pensioners that were … [Read More...]

Cabinet Approves 4% Dearness Allowance to Central Government employees

Cabinet Approves 4% DA to Central Government employees

March 29, 2023 By Ekanathan Leave a Comment

The Union Cabinet Committee has approved an increase in the Dearness Allowance by 4%, which will be effective from the 1st of … [Read More...]

CGHS Ward Entitlement and Monthly Subscription in 7th Pay Commission

CGHS Ward Entitlement and Monthly Subscription in 7th CPC

March 29, 2023 By admin 3 Comments

Revised CGHS Ward Entitlement for Central Government Employees and Pensioners 2023 The 2023 CGHS Ward Entitlement for Central … [Read More...]

New Option for Higher Pension by EPF Pensioners 2023

New Option for Higher Pension by EPF Pensioners

March 29, 2023 By Ekanathan Leave a Comment

EPF Pensioners now have a new option for a higher pension, as per the directions of the Hon’ble Supreme Court judgment dated … [Read More...]

42% DA for Central Government Employees from 1.1.2023

42% Dearness Allowance for Central Govt Employees from 1st Jan 2023

March 29, 2023 By Ekanathan 7 Comments

DA for January 2023 is Concluded! 4% Additional DA Hike! 42% DA from January 2023 for CG Employees The Union Cabinet Committee … [Read More...]

UPI Is Free NPCI Clarifies on Transaction Charges 29.3.2023

UPI Is Free: NPCI Clarifies on Transaction Charges

March 29, 2023 By Ekanathan Leave a Comment

NPCI Press Release - UPI is free, fast, secure and seamless Every month, over 8 billion transactions are processed free for … [Read More...]

Classification of Cities

7th CPC Transport Allowance – Finmin Implementation Order

March 29, 2023 By admin Leave a Comment

On July 7, 2017, the Finance Ministry released its orders on the transport allowance for the 7th Pay Commission. The rates for … [Read More...]

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

7th Pay Commission Latest News

  • UPI Is Free: NPCI Clarifies on Transaction Charges March 29, 2023
  • New Option for Higher Pension by EPF Pensioners March 29, 2023
  • 42% Dearness Allowance for Central Govt Employees from 1st Jan 2023 March 29, 2023
  • Maternity Leave for Civilian Female Industrial Employees in the Defence: Latest Clarification March 27, 2023
  • Kendriya Vidyalaya Class 1 Online Admission Kick-off Today at 10 AM March 26, 2023
  • Latest Amendments on Civil Dress Code for RPF in Railways March 24, 2023
  • Old Pension Scheme for Central Govt Employees Recruited on or before 22.12.2003 March 24, 2023
  • KVS OMR Sheet and Answer Key 2023 Released: Check Direct Download Link Here March 24, 2023
  • Sharing of Family Pension to Eligible Widows or Children March 24, 2023
  • Railway Board LDCE Quota: Medical De-classified Personnel Selection March 24, 2023
  • Check IRCTC E-Tickets Against E-Passes/PTOs | HRMS App March 24, 2023
  • Implementing 5-day work week in banks soon! March 24, 2023
  • Clarification on Compassionate Appointment in Level-7 to Railway Employees March 24, 2023
  • NPS to OPS for Recruited Against Post or Vacancy Advertised, Notified for Recruitment March 23, 2023
  • 7th UGC Pay Commission | Revision of Pay Scale of Teachers in Universities and Colleges March 23, 2023

Top Stories 2023

7th Pay Matrix Table
DA Latest News 2023
KV Fee Structure 2023-2024
7th CPC Salary Calculator January 2023
Bakrid Date in India 2023
7th CPC DA Calculation 2023
Amavasya Date Calendar 2023
Expected DA Calculator January 2023
7th Pay Matrix Level 6
First Month Salary Calculator 2023
Pay Matrix Full Size Image
Post Office Holidays 2023
HRA New Rates 2023
New TA Rates 2023
SBI Bank Holidays 2023
Pay Matrix Level 7 Salary
Pay Level 4 Salary
Pay Matrix Level 8 Salary
7th Transport Allowance New Rates
7th CPC Increment Calculation
KVS Class 1 Admission 2023-2024
Expected Bank DA Calculator 2023

7th Pay Commission Latest News Today 2023

Fitment Factor Table PDF
7th CPC Pay Fixation
7th CPC Pension Calculation
7th CPC Pension Fixation Examples
7th CPC Voluntary Retirement Scheme
DA Calculation as per 7th CPC
7th CPC MACP Scheme
7th CPC Children Education Allowance
7th CPC Transport Allowance
7th CPC Increment
7th CPC HRA
7th CPC Classification of Posts
7th CPC Armed Forces Personnel
7th CPC House Building Advance
7th CPC Leave Rules
7th CPC Travelling Allowance
7th CPC LTC Rules
7th CPC Reservation Policy
7th CPC Risk and Hardship Matrix
7th CPC New Pension Scheme
7th Pay Commission Fitment Table
7th CPC Allowances
7th CPC Advances
7th CPC AICPIN
7th CPC Briefcase Allowance
7th Pay Commission CGEGIS
7th CPC Dress Allowance
7th CPC Child Care Leave
List of Sainik Schools
Latest Dopt Orders
CSD AFD Login
CGHS Subscription Ward Entitlement
CGHS Hospital List
CGHS Package Rates
CGHS Online Booking

7th Pay Commission News Discussions

  • Ashish Sinha on [Increment] 7th Pay Commission Increment in Salary
  • suraj sinha on Kendriya Vidyalaya Balvatika School Admission Form 2023-2024
  • TRADA CHUNILAL SHAMJI on OROP Table 76 – Disability / Liberalized Disability Element for 100% Disability for JCO and Other Ranks Including Honorary Commissioned Officers of Army
  • Bangkim Chandra Swargiary on 8th Pay Commission News Date, Salary Slab, Pay Scale Calculator
  • shem shpunii koh on NPS to OPS Option for Certain Central Government Employees Last Date 31.8.2023
  • Hav. Jeevaratnam on OROP Table No.7 – Havildar and Hony Naib Sub and Equivalent
  • K N Sati on 7th Pay Commission Basic Salary Calculator India

Latest News

  • 7th Central Pay Commission
  • 7th CPC Concordance Table
  • 7th CPC Defence
  • 7th CPC Dopt Orders
  • 11th Bipartite
  • 7th CPC HRA
  • 7th CPC Increment
  • 7th CPC Pay Matrix
  • 7th CPC Pay Scale
  • 7th CPC Pay Scale Calculator
  • 7th CPC Pension Calculation
  • 7th CPC Projected Pay Scale
  • 7th CPC Report
  • 7th CPC Transport Allowance
  • 7th Pay Commission Latest News
  • AICPIN
  • Armed Forces
  • Bank Employees News
  • Bonus
  • Central Government Employees News
  • CGEGIS
  • CGHS
  • Children Education Allowance
  • Compassionate Appointment
  • DA Merger
  • Dearness Allowance
  • Dearness Relief
  • Dopt Orders
  • Employment News
  • Expected DA
  • Finmin Orders
  • Freezing of DA and DR
  • Gramin Dak Sevaks
  • Google News
  • Holidays
  • HRA
  • INCOME TAX
  • IPL Cricket
  • IRCTC News
  • JCM Meeting
  • KV Schools
  • LDC UDC Issues
  • MACP
  • LTC
  • National Council Meeting
  • NPS to OPS
  • New Pension Scheme
  • OROP
  • Pay Fixation
  • PCDA Circulars
  • Retirement age
  • Voluntary Retirement Service

Copyright © 2023 - Central Government Employees News - 7th Pay Commission News - Site maintained by TEUT Digital Concepts