Telangana govt to launch e-wallet for digital transactions

By

Maverick Martins

Published
Nov 29, 2016

The Telangana government will launch ‘TS Wallet’ an e-wallet to facilitate digital transactions across the state, announced, Chief Minister K. Chandrasekhar Rao (KCR) said on Monday.

Appealing to people to go for banking transactions, the Chief Minister said the state will have to sail with the tide, and the government will encourage all procurements and sales through banking transactions.
 
Naidu announced that all high value transactions in some departments like registration and excise will be through net banking. Payments in agriculture market yards, fair price shops and milk supply will be through banks.

He said a committee comprising of five bureaucrats had been formed to work out modalities for preparing a policy towards cashless e-payment system.
 
KCR said Rs 75,000 crore cash was in circulation in the state before demonetization of Rs 500 and Rs 1,000 notes, which comprised 86 percent of the total money. He said Rs 35,000 crore in demonetised notes were deposited in the banks while the Centre pumped in Rs 12,500 crore in new currency notes of Rs 2,000.
 
Naidu appealed to the central government to immediately make Rs 500 currency notes available to the state as Rs 2,000 note was not serving the purpose due to shortage of low denomination notes.