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Live Blog: Budget 2017-18 and what it means for the digital ecosystem

Good morning. I will be manning the live blog for the budget. Tweet to us if you want to add something to the live blog. You can also stream the budget live here.

12:42: Tax exemption on devices like POS machines, Iris scanners, that contribute to the digital economy.

12:41: No transaction above Rs 3 lakh to be allowed in cash.

12:27: During the demonetization period deposits of more than Rs 80 lakh was made in more than 1.48 lakh bank accounts. Data mining on these accounts will be done to increase tax net.

12:17: 

12:15: Payments and settlements Act 20017 will be amended and a payments regulator will be set up following recommendations of the Watal Committee report.

12:11: Aadhaar pay to be launched shortly. Banks will launch 10 lakh new POS terminals by March 2017 & 20 lakh Aadhaar POS by September 2017.

12:06: BHIM app will have cashback schemes and referral discounts.

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12:05: Computer Emergency Response Team to tackle cybersecurity threats in financial sector

12:03: FIPB to be abolished in 2017-18. Roadmap to be announced. FDI policy will have further reforms.

11:59: By 2017-18, high speed optic fibre to be available for over 1lakh Gram Panchayats as part of Bharat Net. Budget allocation is Rs 10,000 crore.

11:55  The finance minister says service charges on e- tickets through IRCTC to will be removed. 

11:50: For senior citizens, Aadhaar based smart cards with health details to be introduced on a pilot basis.

11:47: The FM says Drugs and Cosmetics Act will be amended but no mention on rules for online pharmacies. Check out our coverage on online pharmacies here.

11:40: Propose to leverage SWAYAM and introduce at least 350 online courses. Access to this will be widened by DTH channels.

11:34: “We will geo-tag all assets of the MNREGA and use space technology to monitor them”. This was earlier proposed back in June 2016.

11:30: Core banking software will be installed in district co-operative banks

11:26: One of the themes of the budget is creating a digital infrastructure .

11:22: Surplus liquidity in banking system will help lower rates and bring about more inclusion.: FM

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11:15: Demonetization period was done to curb tax evasion “which has become a way of life”.

11:13: A look at what the current account deficit

11:06: Member of Parliament Mallikarjuna Kharge raises opposition with the government going ahead with the budget following the death of E Ahmed. Speaker Sumitra Mahajan says that Parliament will be adjourned tomorrow as a mark of respect tomorrow.

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10:45: Drama in the Parliament following the death of Member of Parliament E Ahmed. Traditionally, Parliament is adjourned for a day when a member dies. But it looks like the Budget will still be presented. Speaker of the house Sumitra Mahajan confirmed to DD News that the budget will still be brought forward today.

10:34: Nikhil took a look at the Economic Survey from 2016-17 and looked at some of the suggestions on digital payments.

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“In the medium term, the impetus provided to digitalization must continue. A few principles must guide this effort going forward. Digitalisation is not a panacea, nor is cash all bad. Public policy must balance benefits and costs of both forms of payments. Second, the transition to digitalisation must be gradual; take full account of the digitally deprived; respect rather than dictate choice, and be inclusive rather than controlled,” the survey read.

Read the full report here.

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