Budget 2017 May Have Proposals to Push Card Payments, Digital Infrastructure

Picture for representation only. (Phot: Reuters)

New Delhi: Budget 2017 may have proposals for the creation of an acceptance development fund (ADF) to encourage a bigger card payment infrastructure and contain amendments to government rules to include digital modes of payment alongside other modes of payment, Indian Express reported on Wednesday.

Other proposals that may figure in the annual financial statement include development of new portals by tax bodies to collect tax digitally. All these steps are aimed at promoting electronic payment modes.

The ADF, to be mainly driven by market players, will encourage wider deployment of card acceptance infrastructure such as Point of Sale terminals (POS). The government is also considering options to either set up a new payments regulator or to make the current board for regulation and supervision of payment and settlement systems (BPSS) within RBI more independent.