E-Rupee is a new system of payment in government schemes that will benefit the 90 crore people of the country.
Except for, E-rupee 300 other government schemes are running in the country and 90 crore people are getting benefits directly or indirectly. E-rupee does also work like a payment instrument in which money is being deposited directly into their accounts through DBT.
Voucher payment will ensure that this money is spent at the right place. The Prime Minister said e-Rupee will be a target-based payment service.
This includes 300 schemes including Ujjwala, Fertilizer Subsidy, PM-Kisan.
How E-rupee is different from digital currency
- Rupee (Indian currency) for e-rupee will basically act as the underlying asset. Hence it makes it different from digital currency.
- Through this, the potential of virtual currency can also be assessed in the digital transaction infrastructure of the country.
- The person buying the e-rupee voucher can track the usage of the voucher even after giving it to someone. It also takes care of privacy.
- Beneficiaries will not have to disclose their personal details for e-Rupee.
- E-Rupee Voucher can be sent to the mobile of the beneficiaries.
- It can be redeemed at authorized centers.
- There will be no need for debit/credit card, mobile banking app or internet banking for payment.
- Being prepaid, it makes payments to the service recipient on time without any intermediary involved.
- It is ensured that payment is made to the service recipient only after the transaction is completed.
How does e-rupee work
First of all, E-rupee can be issued by both private and public sector banks will issue e-rupee vouchers and o get the E-rupee, any corporate or government agency has to approach the partner bank to get the same.
And also it has to be given that for whom and for what purpose it has been given.
If it has been successfully issued, the beneficiary will be identified by his mobile number. The bank will issue a voucher to the service provider, which will be given to him in the name of that particular person.
Digital currency linked to balance sheet
- It is recognized by the government of the country whose central bank orders it to be issued. And it remains included in the balance sheet of the central bank of that country, It can also be converted into the sovereign currency of the country.
- It is of two types
- Retail: for common people.
- Wholesale: To be used by financial institutions.
This is helpful in protecting against the pitfalls of investing in cryptocurrencies like bitcoin However, it is a type of digital currency that requires legal changes, as the country’s current payment system is designed for physical currency only.
E-rupee will give a new technology to the poor
E-Rupee can be a revolutionary step towards ensuring the proper delivery of welfare schemes and forming a leak-proof system.
Hence, it can be used for providing benefits to the beneficiaries, for example –
- medicines and nutritional assistance under Maternal and child welfare programs
- medicines and diagnostics under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana and
- fertilizer subsidy etc.
Hence this digital voucher can also be availed by the private sector under its Employee Welfare and Corporate Social Responsibility (CSR) programs.
E-rupee will strengthen the Government schemes
The e-Rupee facility will further strengthen the government schemes at the grassroots level.
Both the impact and expansion of these schemes will increase rapidly.
The schemes related to social concerns can be accelerated in the private sector also. Further, it will also make the system flexible to take advantage of the scheme.
E-rupee will help to accomplish the target
With the e-rupee facility, the money of the schemes can be transmitted to their target.
So, the government will now be able to connect digitally as well as directly with the sponsor, beneficiary, and service provider of the scheme.
With this increasing transparency, the scheme will be effectively delivered to the target. The role of mediators will be eliminated.
Education Voucher in America too
There is also a system of vouchers in America in education/school.
The other advantage of the e-rupee is that by using an e rupee the government can for the education of the students.
This subsidy is given directly to some parents who are educating their children.
The school voucher system is also running in countries like Colombia, Chile, Sweden, and Hong Kong.
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