Digital payment discount to end soon!
The government started the initiative of providing discount at petrol pumps on card payment, after demonetisation, owing to the cash crunch and to promote digital payment system.
In less than 20 months of proividing cashbacks at petrol pumps the government reduced the 0.75 per cent discount to 0.25 per cent. According to a report from Mint, the oil companies did not expect the discount or cashback scheme to last this long, but now it is going to end from March 2019.
Oil companies had paid a whopping Rs 1,165 crore as discounts on digital payments and Rs 266 crore to banks for handling Merchandise Discount Rate, which was to be borned by the government for two years, totalling to Rs 1,431 crore in the 2017-18 fiscal