Steps to check Menace of Fake Notes-Explore Alternate Payment Modes.
Today i.e 12/08/2009, Reserve Bank of India
The Copy of the press note can be accessed at this link
The recommendations of this Report, when implemented, should reduce the fake notes menace in our country.
As a ePayment devotee, I am interested in the recommendation, that Alternate Modes of Payment need to be promoted.
One of the major recommendations of this RBI Group, to check the menace of fake notes is to promote the ePayments mode.
QUOTE
(xi) RBI may take initiatives in promoting use of cards and electronic means of payment.
4.11 Alternate means of payment
RBI may take initiatives in promoting use of cards and electronic means of payment and encourage the installation of note detectors at places where large volume cash transactions are conducted.
RBI may take initiatives in promoting use of cards and electronic means of payment and encourage the installation of note detectors at places where large volume cash transactions are conducted.
4.10 Disincentivise the use of cash
Despite availability of various channels of payment systems, cash transactions form a major part of the Indian economy. It has to be recognized that processing of cash involves cost that has to be recovered.
Despite availability of various channels of payment systems, cash transactions form a major part of the Indian economy. It has to be recognized that processing of cash involves cost that has to be recovered.
UNQUOTE
The Complete report can be accessed at
The Posts on this Blog are an attempt to attract more and more Indians to the ePayments fold.
ePayments are faster, inexpensive, environment-friendly. Of course, the Users need to be aware of the security precautions for ePayments.
Come, be familiar with ePayments
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