Government sets up 11 member panel to suggest ways to promote electronic transactions

Q.  Ratan P Watal is heading a panel to propose promotion of ________.
- Published on 29 Aug 16

a. Cashless transactions
b. Online transactions
c. Electronic transactions
d. All of the above

ANSWER: All of the above
 
Government of India has set up an 11 member panel headed by former finance secretary Ratan P Watal to suggest ways to promote electronic transactions
  • Incentives such as tax rebates, cash back and lottery would also be given.
  • Apart from this, suggesting changes in the existing regulatory mechanism relating to digital transactions, the panel will recommend steps for leveraging unique identification number or other identity proofs for authentication of card and digital transactions.
  • It will also examine the setting up of a centralised Know Your Customer registry.
  • The panel will also study the feasibility of creating a payments history of all card/digital payments and ensure that merchants/consumers can leverage the data to access instant, low cost micro credit through digital means and create the necessary linkage between payment history and credit information as per order issued by the finance ministry
  • Committee will also study the introduction of a single window system of payment gateway to accept all types of cards/digital payments of government receipts and enable settlements via NPCI (National Payments Corporation of India) or other agencies within specified timelines.
  • Watal panel will submit its report in one year.
  • It will also study international best practices in payments and identify possible market failures along with suitable interventions. Committee members include former RBI deputy governor HR Khan, Chairmans of Indian Banks Association, CBDT and NASSCOM.

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