Goyal tells traders to use PoS machine for transactions

New Delhi, Dec 3 (IANS) Allaying fears about effects of demonetisation, Union Power, Coal, Energy and Mines Minister Piyush Goyal on Saturday told traders to use Point of Sale (PoS) machine for transactions and embrace digital economy.

“The government believes that each trader, whether small or big, would have a Point of Sale machine which would eventually bring each transaction into the formal economy soon,” he said, at the ‘Less-Cash India Summit’ here.

Asserting that ATMs would be a thing of past when the country embraced a digital, cashless economy, the minister said mobile phones would be the PoS machines for the common man in day-to-day transactions based on Aadhar number.

“Bringing all commercial activities under a transparent taxation system will end harassment of the trading community by tax officials and boost the formal economy due to increased liquidity in the banking system,” he said, terming demonetisation a path-breaking decision to bring a change in the way people think and work.

“People need not believe the naysayers and support the government in its efforts on bringing about a corruption free-society,” he told the trading fraternity at the summit, organised by the Confederation of All India Traders (CAIT) since Friday.

Noting that the demonetisation drive was a positive step to root out corruption and unaccounted wealth, the minister admitted that there would be short-term pain but long-term gains for everyone.

On the suggestions CAIT gave to minimise transaction costs in businesses, incentivising use of digital transactions, the minister said the government was considering them for a decision soon.

“The trading community should embrace the digital economy as there were 80-crore debit and credit cards across the country and a sizeable population has started accepted online payments like mobile wallets,” added Goyal.