December 8, 2016 / 12:39 PM / 7 months ago

India to offer incentives on digital transactions to boost cashless economy

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NEW DELHI, Dec 8 (Reuters) - Finance Minister Arun Jaitley on Thursday announced incentives ranging from 0.75 percent to 10 percent on retail purchase of products like petrol, diesel and insurance products from state-run companies, to encourage cashless transactions.

Prime Minister Narendra Modi decided to scrap 500-rupee and 1,000-rupee banknotes on Nov. 8 in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed.

Since coming to power in 2014, Modi has pledged to crack down on so-called black money with a series of new measures, including 10-year jail terms for evaders. (Reporting by Manoj Kumar; Editing by Malini Menon)

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