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SWIPE YOUR CREDIT CARD AND SAVE ON TAXES IN INDIA


In a move to encourage Indians to move towards a more digital spending economy from a cash based economy, for purchases of up to Rs. 2000 on credit or debit card transactions, the service fee of 15% will be waived on all transactions starting today. The tax breaks for using cards come exactly a month after Prime Minister Narendra Modi used an unscheduled televised address to announce that 500- and 1,000-rupee notes would, just hours later, be illegal. They can be deposited in banks till December 30.Yesterday, the Reserve Bank of India disclosed that Rs. 11.5 lakh crore ($170 billion) or 75 per cent of the outlawed notes have been turned in already. Critics of the demonetization drive say this proves that the reform has failed at cracking down on black or untaxed money. A few weeks ago, in another incentive for digital transactions, the RBI doubled the allowed balance kept in prepaid wallets from Rs. 10,000 to Rs. 20,000.India's economy grew by an annual 7.3 per cent between July and September, the fastest for any large economy. Data from last month was discouraging, showing auto sales plunged and service-sector activity contracted.

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