Budget 2017: Will the makers of digital PoS & Micro ATMs get some relief?

With high preference being given to non-cash transactions and highlighting post 50 days saga of demonetisation, the government may incentivise the manufacturers of equipments like point of sale (PoS) machines and micro ATMs, to promote cashless transactions in the country.

The government may cut or eliminate excise duty on micro ATMs, finger print readers, bio-metric cards and PIN cards. Further, the import duty may also be reduced on the components used in the manufacturing of micro ATMs.

In addition to the existing exemptions on excise duty till March 31, if we see it further extended, it will definitely be a big boost to the economy to promote cashless transaction. The 'Committee on Digital Payments' has also suggested incentives to encourage digital payments in India.

It would be interesting to see the Union Finance Minister Arun Jaitley taking steps in-line with the aforesaid expectations, to boost the movement of going digital and making a stronger economy in promoting cashless transaction.