Mr Finance Minister : Please Wake Up
One : All along as the government printed the currency notes, the cost of printing as well as for the distribution through banks was always absorbed by the government. Also it had involvement of government employees for this work to be done.
Two : The Cost of collection and disbursement of cash through all branches and ATMs was absorbed by the respective banks. This also had involvement of Bank employees.
Now to go cashless, when a Debit card is swiped at a business point like a stores, the amount gets directly transferred from the purchaser’s bank account to the seller’s bank account.
This has no expenses like the printing of currency notes, it distribution to banks, and collection/distribution at banks. No government and/or bank employee is directly connected for this transaction.
And yet, there are charges levied by the government through taxes as well as by the banks through annual and other charges for the debit card.
For a person like me, who would otherwise support the less-cash move by the government, would vote against the government just for these extra charges, which earlier were absorbed by the government/banks but are now charged to the common public.
Not fair at all. This needs to be reviewed.
One could argue, that the Visa and Master Cards call for their respective charges, which need to be collected. Then why depend on these organization? Why NOT promote “RUpay cards” for all the debit cards issued by the banks?
Unless this point is taken seriously, I stand against the government policy. This includes the current government and all it’s policies because they too may have some such hidden taxation.
Jai Hind ! more