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Showing posts with the label cash

Is the Digital Payment System a more burden on tax payers money?

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Is the Digital Payment System a more burden on tax payers money? As per information available under RTI as published in public domains, the following is the cost of printing of Indian Currency:  Denomination (Rs.) Cost of Printing (Rs.) 5/- 0.48  10/- 0.96  20/- 1.50  50/- 1.81  100/- 1.79  500/- 3.09  2,000/- 3.54  Govt. of India currently in power is promoting use of digital payment discouraging cash payments. Besides other advantages, one of the advantage has been presented as saving on the cost of printing the currencies. Is it really a saving or there is some hidden agenda to ensure business for preferred payment gateways. However, the Govt. of India is not taking any step towards transaction fee being charged from the consumers towards making payment through digital modes. As an example if you are getting petrol from...
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Opposing Anti Consumer Practices of banks.

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Recently HDFC, ICICI and Axis Bank have introduced transaction fee for deposits and withdrawal from saving bank accounts. SBI and other banks soon will be charging the same. It is unethical business practices of the banks charging fee for deposits and withdrawal of cash from your own account. The banks say that it is to discourage the citizens from cash transactions. If that is the case so then why fee being charged for cashless transactions? Where is the cashless economy?
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