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Budget 2019: India is taking a major step towards boosting digital payments

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Technology companies welcomed Friday’s move to levy two percent source tax deduction (TDS) on money withdrawal in excess of Rs. 1 crore per year from a bank account, while tiny companies warned that it would adversely affect the economy.

“This move will deter expenditure that will be a major economic blow. There are both pros and cons of a digital payment ecosystem. India is not fully equipped to leverage this scheme,” said New Delhi-based businessman Ajit Khosla, who deals with money transfer, travel and Remittance Company.

Khosla said he is presently needed to withdraw about Rs. 2 crores a year and utilizes financial services such as Western Union and MoneyGram.”We get 0.4 percent commission from Western Union but with this new tax we will incur enormous losses as clients often request cash money, “Khosla said.

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“Under the Pradhan Mantri Gramin Digital Saksharta Abhiyan, more than two crore rural Indians have been digitally literate to date. To bridge the digital rural-urban gap, Bharat-Net targets Internet connectivity in local bodies across the nation.

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