Prime Minister Narendra Modi announced two schemes to promote digital transactions and banking to make India a cashless economy.
For the next 100 days from Sunday, some 15,000 people making e-payments will get Rs 1,000 cash back in a daily lucky draw.
A weekly draw can win cashless transactions prize money running into lakhs of rupees, Modi said in the year’s last edition of his monthly radio broadcast Mann Ki Baat.
“Indians will get the benefit of two schemes — Digi Dhan Vyapar Yojana and Lucky Grahak Yojana. It will last for 100 days. As such, crores of rupees will be distributed to lakhs of people,” Modi said.
Traders going cashless with online payments would get an exemption in Income Tax, he announced.
On the occasion of BR Ambedkar’s birthday on April 14, 2017, India will be conducting a bumper draw in which the winning prize will be in crores of rupees.
Defending his widely criticised November 8 demonetisation decision, which has led to an unprecedented cash crunch across the country, Modi acknowledged inconvenience caused to people due to the ban of R 500 and Rs 1,000 currency bills.
Modi has been severely criticised by the opposition at home and renowned economists abroad over the disruptive move to recall 86 percent of the total currency in circulation, ostensibly aimed at curbing corruption and black money in the country.
The decision has caused economic upheaval and forced people in large numbers across India to wait for hours in serpentine queues outside banks and ATMs to withdraw new currency or deposit the spiked notes.
More than six weeks after the move, people are still struggling to manage even their daily expenses because the Reserve Bank of India has been able to supply enough new notes of Rs 500 and Rs 2,000 to replace the now invalid currency notes.
