NEW DELHI: Prime Minister Narendra Modi on Friday launched an UPI based mobile payment app named BHIM at Delhi’s Digi Dhan Mela, after founding father Dr Bhim Rao Ambedkar, to make it easier to transact online.
The Aadhaar-based mobile payment application will allow people to make digital payments directly from their bank accounts. The PM Modi also repeated that digital transactions will be rewarded with raffle-like cash prizes from the government.
Some latest developments:
1. The BHIM app is being improved upon so that in time, “only your thumb will be needed to make a payment,” said PM.
2. The 50-day closing date to deposit invalid of Rs 500 and 1,000 notes ends today. The RBI has asked banks to submit details of the deposits made in the outlawed currency. PM Modi will address the country on December 31 at evening to discuss the impact of his abrupt demonetisation drive.
3. On November 8, PM Modi’s shock announcement rendered 86 per cent of India’s currency void, giving people until today to swap their old notes of Rs 500 and Rs 1,000- bills for new ones.
4. The risky gamble is expected to impact the election in Uttar Pradesh, which is expected to be held in February. Many top industrialists and financial experts have praised the PM’s call to move towards a digital economy.
5. Until March 31, old notes can be deposited with the Reserve Bank of India but today is the last opportunity to do so at other banks. After the March deadline there will be a minimum 10,000 rupees penalty for holding old notes.
6. Economists expect the economy to benefit in the long term due to an increase in tax revenues but only once there is a plentiful supply of those elusive new notes in circulation. Many Indians have said they didn’t mind the hours of queuing if it forced the rich to pay taxes.