‘e-rupee more secure than cash payment’
   Date :01-Jan-2023

e rupee
 
 
Business Bureau :
 
Expressing his views on digital rupee in meet recently conducted by the Nagpur Chamber of Commerce (NCCL) here, former President of the chamber said that the new mode of payment is more secure than carrying physical cash. “In the e-rupee era, there will be no more worries about soiled currency or fake notes. Moreover, each e-rupee transaction will be centrally recorded with RBI, and as such, the centralised data may be used by the authorities like Income Tax, GST, ED, CBI, etc. It will also bring down the parallel black money economy and corruption. It will also increase tax collection, reduce tax rates and control terror funding, etc.,” he said. According to Jogani, after full implementation of the digital rupee, the Government will save the printing and handling cost of cash, which presently are approximately Rs 5,000 crore per year. It will encourage the cash less economy and reduce the cost of UPI transactions as e-rupee transaction will be smooth and hassle free with no charges.
 
The Reserve Bank of India on December 1, 2022, launched its very own digital currency called the digital rupee also known as eINR or e-rupee for the retail segment. The digital rupee is a centrally backed digital currency (CBDC), which means it is backed by the RBI’s faith and credit. Digital rupee is similar to its physical counterpart in both concept and use as a unit of account and a means of carrying out daily transactions. E-rupee would basically aim to replace traditional currency notes and could be used to make and receive payments to merchants via QR code and digital rupee e-wallets held by the payer and payee. Transaction through digital rupee is different from digital transaction through UPI. At the outset, the President of NCCL Govind Pasari, welcomed the guests.Joint Secretary of the chamber Vivek Murarka conducted the proceedings of the event while Secretary of NCCL Tarun Nirban proposed the formal vote of thanks. Pradeep Jajoo, Vijay Jaiswal, Vasant Pailwal, Vipin Panpalia, Bhagirath Murarka, Vishnukumar Pacheriwala, Purushottam Thakre, Venugopal Agrawal, Sanjay Pande, Girish Liladia, Nathabhai Patel, representative from various associations and large number of traders were present.