November 19, 2019
He told the participating Members of Parliament
Government and RBI are fully aware of cyber security challenges and ensuring
strong firewalls around the systems. Finance Minister Arun Jaitley (Photo: PTI) screw
barrel of injection moulding machines Factory New Delhi: Finance Minister
Arun Jaitley today said the government and the Reserve Bank are taking measures
to bring down the digital transaction cost with an aim to move towards a
less-cash economy.
Less cash, he said, can be gradually substituted to the
possible extent through digital transactions.Some of them suggested that
security measures are required both in case of hardware and software in order to
secure the data and transactions made through digital mode.Chairing the 5th
Meeting of the Consultative Committee attached to his ministry, Jaitley said
digital transactions are a parallel mechanism, not a substitute, for cash
transactions and "cashless economy is actually a less cash economy as no economy
can be fully cashless".
Expressing views, one MP cited the example of
Bangladesh Bank heist and expressed the concern about cyber security if
digitisation is done at such a fast pace. Some members raised the concern that
Aadhaar alone should not be basis for bank transactions and banks should keep
their KYC norms strict along with Aadhaar.MPs who attended the meeting include
Baijayanta Jai Panda, Dilip Kumar Mansukhlal Gandhi, Ram Charitra Nishad,
Subhash Chandra Baheria, Supriya Sadanand Sule, Poonam Mahajan, Sharadkumar
Maruti Bansode and Shri Suresh Chanabassappa Angadi (all Members of Lok
Sabha).
Regarding the availability of POS machines, he said POS machines are
manufactured by two companies in China and the government has waived duties on
them so that these machines become cheaper and reach the shopkeepers easily. He
said the government was trying its best to minimise common man's pain.
According
to an official release, Jaitley said the Centre has announced various incentives
to attract people to shift to digital mode of payment and the response is quite
positive so far in this regard. Digvijaya Singh, Rajeev Chandrasekhar, Ranvijay
Singh Judev, Sanjay Seth, Satish Chandra Mishra and Kumari Selja were among the
Rajya Sabha MPs. The issue of virtual currency, bitcoins was also raised as they
are believed to be used by black money hoarders.Regarding connectivity and
infrastructure issue in rural India, suggestions were made to strengthen the
institution of business correspondents.Suggestions regarding infrastructure for
having internet facility on continuous/permanent basis, without disruption, has
to be ensured for making digital payments successful especially in sub-urban and
rural areas were also made.As part of efforts to promote e-payments, the Finance
Minister said the government is providing various incentives for digital
transactions including on debit card use.
The Finance Minister added that 55 per
cent petrol pumps in the country are accepting payment through digital means and
with the government providing incentives, more people are switching to this
mode.Some members also requested the Finance Minister to relax conditions for
Tamil Nadu in view of recent cyclone that caused major disruptions in supply of
electricity and internet connectivity. He told the MPs that the government and
RBI are fully aware of cyber security challenges and ensuring strong firewalls
around the systems.Jaitley assured the members of the Committee about cyber
security measures being taken by the banks under RBI supervision.
He told the
participating Members of Parliament (MPs) that the government is trying to
encourage digitisation as much as possible because an excessive cash economy has
its own social and economic costs and consequences.Jaitley further said the
government and the RBI have taken various steps to bring down the cost of
digital transactions and specifically mentioned about MDR charges.Jaitley
further said the government is conscious of the need of cyber security of high
level to secure digital payments
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