Jaitley launches Google’s new digital payment app ‘Tez’

Source: The Hitavada      Date: 19 Sep 2017 09:05:53


 

NEW DELHI,

INCREASE in volume of digital transactions, widening of tax base and squeezed circulation of high denomination currency were the real measures of success of demonetisation, Finance Minister Arun Jaitley said on Monday.


The success of the November 2016 note ban came under attack after the Reserve Bank of India (RBI) revealed that almost 99 per cent of the banned currency had returned to the banks.


“Some circles have lack of understanding and measure success of demonetisation with only how much money reached banks,” Jaitley said here at the launch of Google’s new digital payment app -- Tez. “I have three red lines to measure success of demonetisation. First, how much volume of cash that RBI prints are we able to squeeze over time. High denomination currency has already squeezed in terms of volume. “Second test is that as its (demonetisation’s) consequence, how many assessees are we able to add and expand tax base.”


The third measure would be the increase in digital transaction volumes, he added. He added that with the technological evolution, the Google’s app was perhaps the simplest way of monetary transactions. Tez allows users, free of charge, to make small or big payments straight from their bank accounts. The app was built for India and available in English and seven languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).