Digi Dhan Vyapar Yojana: Key Points To Know

Digi Dhan Vyapar Yojana: Key Points To Know

Digi Dhan Vyapar Yojana

  • Launched on 15 December 2016
  • Launched by Prime Minister Narendra Modi
  • Proposed by NITI Ayog headed by Arvind Panagariya

What is NITI Ayog?

  • NITI Ayog stands for the “National Institution for Transforming India”. It was founded by Narendra Modi on 1 January 2015. NITI Ayog replaced the Planning Commission. 
  • Planning Commission was an institution which helped to formulate the India’s Five Year Plans, but it was dissolved by our Prime Minister Shri Narendra Modi in 2015.
  • Digi Dhan Vyapar Yojana was launched with the objectives to make India Cashless and Digital as well.

Need Of Digi Dhan Vyapar Yojana

  • Belongs to merchants
  • To increase transparency in the business transactions
  • To eradicate corruption
  • To remove the influence of cash on economic and political system
  • To convince merchants to shift to digital transactions
  • To promote the use of UPI, USSD, Ru Pay cards and Aadhar Enabled Payment System (AEPS)

Rewards Under this Scheme

  • Prizes for Merchants for all digital transactions conducted at Merchant establishments
  • Weekly prizes worth Rs. 50,000, Rs 5,000 and Rs. 2,500
  • Mega Draw on 14th of April – Ambedkar Jayanti
  • 3 Mega Prizes for consumers 
            Rs. 1 crore 
            Rs. 50 lakh, 
            Rs. 25 lakh 
  • for digital transactions between 8th November 2016 to 13th April 2017 to be announced on 14th April 2017
  • 3 Mega Prizes for merchants
          Rs 50 lakhs, 
          Rs. 25 lakh, 
          Rs. 12 lakh 
  • for digital transactions between 8th November 2016 to 13th April 2017 to be announced on 14th April 2017

Selection Criteria

  • Incentives shall be restricted to transactions within the range of Rs 50 and Rs 3000 (common people)
  • All transactions between consumers and merchants; consumers and government agencies will be considered for the incentive scheme
  • AEPS transactions will be considered for the incentive scheme
  • The winners will be selected through a random draw of the eligible Transaction IDs

Conclusion

The main objective of this Digi Dhan Vyapar Yojana is to increase the “Cashless Transactions” and to make our country Digital.These efforts of the government will take India to the paramount of development.
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