Budget 2017: FM may give sops to PoS, micro ATM makers

According to sources, the government may cut or eliminate excise duty on manufacturing of micro ATMs, finger print readers, biometric cards and PIN cards.

By PTI | Updated: Jan 24, 2017, 11.40 PM IST

The 'Committee on Digital Payments' had suggested withdrawal of all charges levied by government departments and utilities on digital payments

NEW DELHI: To promote digital payments, the upcoming budget may offer incentives to companies which manufacture equipment like PoS machines and micro ATMs.

According to sources, the government may cut or eliminate excise duty on manufacturing of micro ATMs, finger print readers, biometric cards and PIN cards.

Further, import duty may also be reduced on components used in the manufacturing of micro ATMs, they said, adding the excise duty exemption given by the government on these machines may be further extended.

The government has announced excise duty exemptions till March 31, 2017.

The 'Committee on Digital Payments', headed by former finance secretary Ratan P Watal, had suggested incentives to encourage digital payments in India.

It had suggested withdrawal of all charges levied by government departments and utilities on digital payments and bear the cost of such transactions and mandate government departments and agencies to provide option to consumers to pay digitally.

Currently India is dependent heavily on import of these items.

Budget 2017: Five facts you must know

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With less than a month to go, Budget 2017 is upon us. While you would know how Budget ends up impacting you personally, there are a lot of interesting things about Budget that you may not be aware of.

Here are five interesting and less-known facts about the Budget.