Govt Announces Rs 340 Crore Lottery & Lucky Draws to Boost Cashless Economy
Govt Announces Rs 340 Crore Lottery & Lucky Draws to Boost Cashless Economy.
Cashback, awards of Rs 340 cr by govt on digital payments. NITI Aayog announces reward schemes, to spend Rs 340 cr to boost cashless transactions
To give a big push to cashless transactions, the government today announced daily, weekly and mega awards worth Rs 340 crore for consumers and merchants on small digital payments beginning Christmas Day.
Announcing 'Lucky Grahak Yojana' and 'Digi-Dhan Vyapar Yojana', to be launched on December 25 as a "Christmas gift" to the nation, Niti Aayog CEO Amitabh Kant said it is specially focussed on bringing the poor, lower middle class and small businesses into the digital payment fold.
The schemes will cover small transactions between Rs 50 and Rs 3,000 to encourage every section of the society to move to digital payments.
"The primary aim of these schemes is to incentivise digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class," Kant said.
NPCI would be implementing this scheme, using the transaction ID of all cashless transactions.
Lottery, Lucky Draws For Going Cashless!
There are basically two schemes: Lucky Grahak Yojana, aimed for the consumers and Digi Dhan Vyapari Yojana, targeted for the small businesses, merchants and traders.
The logic is that, by providing cash based incentives, those consumers and traders who are still reluctant to go cashless, will now attempt to ditch cash and adapt the new-age digital economy.
Overall, these schemes would run between December 25, 2016 and April 14, 2017, wherein 15,000 winners can get Rs 1000 days for 100 days. Only those transactions which are over Rs 50, but under Rs 5000 would be eligible for the lucky draws and lotteries.
And, only those cashless transactions done using USSD, AEPS, UPI and RuPay Cards would be eligible for the lucky draws. Payments made using e-wallets and credit cards won’t be considered. For the merchants, only those transactions would be considered, which are done using their PoS terminals, at their own location.
Finer Details of the Lucky Draws
Under Lucky Grahak Yojana, 7000 weekly draws would take place, with Rs 1 lakh prize for each winner, per week.
Under Digi Dhan Vyapari Yojana, the same 7000 weekly draws would take place, but maximum award of Rs 50,000 has been earmarked for the merchants.
On April 14th, that is the last day, a mega draw of Rs 1 crore would take place, especially for the consumers. Second prize of this lucky draw would be Rs 50 lakh and third prize would be Rs 25 lakh.
On that same say, a mega-draw for merchants would also take place, wherein maximum prize money of Rs 50 lakh has been allocated, while Rs 25 lakh is the second prize and Rs 5 lakh is third prize.
As per Amitabh Kant, only 5% of personal expenditure in India is being spent using cashless mode. Using schemes such as lucky draws and lotteries, Govt. is aiming for more participation of citizens in making India a cashless economy.