New Delhi, Nov 29 (IANS): To promote digital payments, the Centre has exempted Point of Sale (POS) devices used in cashless transactions from the central excise duty till March 31, 2017, an official statement said on Tuesday.
"To reduce the cost of such devices and thereby encourage digital payments, the government has exempted such devices from central excise duty. These exemptions will be valid till 31st March 2017," the Finance Ministry said in a statement.
POS devices are used for cashless transactions, both for making payments or disbursing cash. The devices currently do not attract any basic customs duty.
Simultaneously, to encourage domestic manufacturers, all goods required for the manufacture of POS devices are also exempted from excise duty, and consequently from CVD and SAD, it said.
A notification in this regard was issued on Monday.