Further, import duty may also be reduced on components used in the manufacturing of micro ATMs, they said, adding the excise duty exemption given by the government on these machines may be further extended. The government has announced excise duty exemptions till March 31, 2017. The ‘Committee on Digital Payments’, headed by former finance secretary Ratan P Watal, had suggested incentives to encourage digital payments in India.
This move essential to encourage local makers after the decision of demonetisation which made it critical for people to switch to PoS and have enough working ATMs. Most of the current systems crumbled under the heavy demand caused by the amount of people using the system at once.
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