Indian PM pitches for digital economy to root out corruption

Indian Prime Minister Narendra Modi on Sunday pitched for a digital economy to curb corruption and announced two new schemes to boost e-payments in the country.

Explaining the two new schemes in his monthly radio address to the nation, Modi said under the first scheme businessmen going in for cashless transactions will be given a rebate in income tax.

Under the second scheme, which will last for the next 100 days, 15,000 people will get 1,000 Indian rupees (15 U.S. dollars) each for every day for using mobile banking and making e-payments.

The second scheme will be for the benefit of the poor and lower-income groups, but only those making transactions up to 3,000 Indian rupees (45 U.S. dollars) will be eligible for the reward.

The announcement of the schemes came after Modi on Nov. 8, in a sudden televised address to the nation, announced scrapping of currency notes of higher denominations to curb corruption.

source: Xinhua