POS Machines & Biometric Scanners: To provide an easy transition from the cash-based society to the cashless society, the point of sale machines will now be available at a cheaper price. The finance minister Arun Jaitley said that India is building an ecosystem in order to make the country a global hub for the manufacturing of electronics.
POS Machines & Biometric Scanners
“To promote cashless transactions I propose to exempt basic custom duties (BCD), excise duties, CVD (countervailing duties), SAD (Special Additional Duties) on miniaturised card readers and mPOS micro ATMs standards for version 1.5.1, finger print readers, scanners and iris scanners”, Arun Jaitley said in his budget speech.
Furthermore, he added – “Simultaneously I propose to exempt parts…components for the manufacturing of such device so as to encourage domestic manufacturing of these items.”
FinMin said that over 250 investment proposals for the manufacturing of electronics have been received in last two years in which the investments have been Rs 1.26 lakh crores. It has been a matter of great achievement for the nation that many “global leaders and mobile manufacturers” have set up their production facilities in India.
“Over 250 investment proposals for electronics manufacturing have been received in the last two years, totalling of Rs 1.26 lakh crores. A number of global leaders and mobile manufacturers have set up production facilities in India. I have, therefore, exponentially increased the allocation for incentive schemes like M-SIPS and EDF to Rs 745 crores in 2017-18. This is an all-time high.”, Arun Jaitley said on Wednesday.