Chandrababu Naidu committee
The Committee of Chief Ministers (CMs), which was formed to prepare the road map for rapid adoption of digital payment methods, has recently submitted its interim report to Prime Minister Narendra Modi. The committee, which was headed by N Chandrababu Naidu, has suggested insurance for all digital transactions to safeguard the interest of people going cashless. The committee has recommended Rs 1,000 subsidy for purchase of smartphones by non-tax assesses and small merchants and abolishment of the Merchant Discount Rate (MDR) to make digital payments cheaper than cash. The committee has also suggested to levy Banking Cash Transaction Tax (BCTT) on transactions of Rs. 50,000 and above to curb use of cash for large transactions.