Ministry of Corporate Affairs

Government of India encourages all citizens to move towards a Cashless Economy. This can be achieved by use of Debit & Credit cards, Electronic payment gateway systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross settlement (RTGS) in India. The advantages to citizens of a country in a Cashless Economy are:

• Risk of loss while carrying cash is avoided • Facilitates exact payment and reduces transaction costs • Convenience in payment and management of utility bills, purchases and other financial transactions. • Helps in authentication of financial transactions and maintaining proper record thereby facilitating better tax compliance and increasing tax base. • Digital payments indirectly reduce expenditure by reducing need for printing currency notes and their transportation • Electronic transactions help in curbing corruption and black money flow, thereby helping in economic growth of the country • Lesser use of cash prevents money laundering and results in better tax compliance • Increased tax base would result in greater revenue for public welfare activities
Ministry of Corporate Affairs seeks your cooperation and support in helping the Government and the nation in creating a cashless digital economy.