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New scheme of NPCI for small shopkeepers!
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300 for QR Code, Rs.750 for Soundbox!
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Eligible merchants with a turnover of up to 40 lakhs!
NPCI UPI Vyapar Sashakt Yojana: National Payments Corporation of India has launched 'UPI Vajra Samsak Yojana' to promote digital payments among small shopkeepers. Nowadays, wherever you go, be it a tea stall, a vegetable cart, a grocery store, QR codes can be seen everywhere. People don't keep money in their pockets anymore, they pay from their mobile phones. But there are still many small shopkeepers, who have not fallen into this digital trap. They think, this is not their job, the cost will be high, they will not be able to afford it.
That's why NPCI National Payments Corporation of India has introduced a new scheme. her name isUPI Business Enablement Scheme'. In this scheme, small shopkeepers will be given money to install QR codes and install sound boxes in their shops. This money will be received through the bank.
Who will get this benefit?
The aim of this new scheme is to extend the benefits to the grassroots small traders in the country. Simply put, a shopkeeper who has an annual turnover of up to Rs 40 lakh is eligible for this scheme. A turnover of up to 40 lakhs means a business of around 3 lakhs per month. Old shopkeepers will come and new shopkeepers will also come. Both will benefit.
In this scheme, more importance has been given especially to small towns and villages. Tier-3 to Tier-6 means the shopkeepers from small towns and rural areas will be benefited first. Also, special attention has been given to traders from North Eastern states, Jammu and Kashmir and Ladakh. Small shopkeepers in big cities, who are covered by other central government schemes, will also be able to benefit from this.
300 for QR code, 750 for soundbox
NPCI has earmarked 30% of the total funds of the scheme to connect new merchants to the digital system. That means 30 percent of the total money is kept only for adding new shopkeepers. If a new shopkeeper installs the QR code in his shop, he will get Rs.300. If a soundbox is fitted, then Rs 750 will be available. The soundbox is the small box that emits the sound “Rs 50 received”. So the shopkeeper knows that the money has arrived. But only by applying QR will not get money, there is a condition for that.
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What is the condition?
A merchant must make at least 25 valid digital transactions in each month, in at least two out of three months in a given quarter.That means you must withdraw money through UPI at least 25 times in each month for at least 2 out of 3 months. And the total transaction should be more than Rs 5,000 in each of those months. In short, it's not just about putting a board up, it's about using it. Even if 1-2 transactions are done daily, 25 figures will be easy.
More transactions, more money
50% of the fund in this scheme is reserved only for increasing the number of transactions in order to get the habit of digital transactions among the small shopkeepers and increase the volume of transactions. If you increase your transactions by at least 5% in this 3 months over the previous 3 months, you will earn an extra 0.03% of total transactions. Apart from this, there will also be an incentive of up to 0.20% on the transaction amount which has increased from the previous quarter. So the more business you do on UPI, the more benefits you get.
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This plan will run for 3 years
This 'UPI Vajra Samsham' scheme will be operational for the next three years from the date of implementation of the merchant discount rate. This scheme will run for 3 years. NPCI feels this will require 60 lakh to 1 crore new QR codes every year. 5 lakh to 10 lakh new sound boxes will be installed. This will reduce the cost of digital payments and increase the business of village and small town shopkeepers. In short, the small shopkeeper does not have to be left behind. Apply QR, apply soundbox, get paid daily with UPI, and also get Rs 300 and Rs 750 from the government.