Finance Ministry Orders Govt Depts to Make E-payments if Contract Exceeds Rs 5,000

digital-payments

In an effort to push for cashless payments across the country, the finance ministry asked all government departments to make electronic payments to suppliers, contractors or institutions if the order value exceeds Rs 5,000. In a statement, the ministry has directed all the departments to implement the fresh order with immediate effect.

“All ministries and departments of the government shall ensure with immediate effect that all payments above Rs 5,000 to suppliers, contractors, grantee/loan institutions, etc are made by issue of payment advices only,” the finance ministry has said.

Following the surprise announcement of demonetization of 500 and 1,000 rupee notes on November 8, the government has been taking a slew of measures to promote digital transactions. The finance ministry’s fresh diktat is in line with this move.

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