Last updated on September 18th, 2017 at 01:16 pm
Over the past two decades, India has pushed hard to become a cashless society. We have taken significant strides to become financially inclusive – for instance Digital India, the Unified Payments Interface etc. The payments sector in India is evolving fast, mostly being driven by various initiatives by the Govt. of India to push for digital payments – the Prime Minister’s Jan Dhan Yojna, Aadhar & Mobile Connectivity – smartly abbreviated as JAM, being the key drivers. The results are obviously showing – the PM’s Jan Dhan Yojna saw a whopping 22.31 crore accounts being opened with almost 38 crore in float balance. Almost 11% of urban households, and even 0.43% of rural households make cashless payments today. Mobile payments have grown from USD 88 million in 2011 to USD 1.15 billion in 2016, a compound annual growth rate of 68%. However, the real push, arguably came on the 8th of Nov, 2016 – when the government took a drastic step to wipe out black money corruption across the country by banning INR 1000 and INR 500 notes. Not to forget the introduction of GST on the 1st of July this year, which is bound to take business compliance to a new level. Read More
Are you GST ready yet?
Get ready for GST with Tally.ERP 9 Release 6