NITI Aayog has recently announced launch of the schemes – Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana – for incentivising digital payment.  These schemes Lucky Grahak Yojana and the Digi-धन Vyapar Yojana is started to give cash awards to consumers and merchants who utilize digital payment instruments for personal consumption expenditures. The scheme specially focuses on bringing the poor, lower middle class and small businesses into the digital payment Mode.

 


 

a) Lucky Grahak Yojana [Consumers]:

  1. Daily reward of Rs 1000 to be given to 15,000 lucky Consumers for a period of 100 days;
  2. Weekly prizes worth Rs 1 lakh, Rs 10,000 and Rs. 5000 for Consumers who use the alternate modes of digital Payments

This will include all forms of transactions viz. UPI, USSD, AEPS and RuPay Cards but will for the time being exclude transactions through Private Credit Cards and Digital Wallets.

b) Digiधन Vyapar Yojana[ Merchants]:

  1. Prizes for Merchants for all digital transactions conducted at Merchant establishments
  2. Weekly prizes worth Rs. 50,000, Rs 5,000 and Rs. 2,500

c) Mega Draw on 14th of April – Ambedkar Jayanti

  1. 3 Mega Prizes for consumers worth Rs 1 cr, 50 lakh, 25 lakh for digital transactions between 8th November, 2016 to 13thApril, 2017 to be announced on 14th April, 2017
  2. 3 Mega Prizes for merchants worth Rs 50 lakhs, 25 lakh, 12 lakh for digital transactions between 8th November, 2016 to 13th April, 2017 to be announced on 14th

To ensure that the focus of the scheme is on small transactions (entered into by common people), incentives shall be restricted to transactions within the range of Rs 50 and Rs 3000. All transactions between consumers and merchants; consumers and government agencies and all AEPS transactions will be considered for the incentive scheme.

The winners shall be identified through a random draw of the eligible Transaction IDs [which are generated automatically as soon as the transaction is completed] by software to be especially developed by NPCI for this purpose. NPCI has been directed to ensure a technical and security audit of the same to ensure that the technical integrity of the process is maintained.

The estimated expenditure on the first phase of the scheme (up to 14th April 2017) is likely to be 340 Crores . The Government will simultaneously carry out a review for further implementation. India is transitioning at a rapid rate from a cash-user society to a cashless society. This is a historic moment in our nation’s history when our nation is shedding old habits and rapidly adopting new means which shall propel us into a truly modern age.