The Ministry of Information Technology has decided to conduct a third-party audit of the cashless economy project.
The ministry has invited applications from consultancy firms for audit review and an international competitive bidding process has been initiated for the audit of the project.
According to the document, the objective of the audit is to independently assess the transparency, implementation and results of the project and the firm will conduct a detailed review of the strategy of the project and the achievement of its goals.
The institutional structure, governance and coordination system will be analyzed, while the impact of involvement and coordination of various stakeholders will also be assessed.
In addition, a study of aspects of financial inclusion, gender equality and regional reach will also be included.
The consultancy firm will make recommendations for policy reforms, implementation system and monitoring mechanism. The firm will submit five reports in six months, of which the initial report will be completed within a week, while the final report will be completed within six months.
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The government has prepared a comprehensive national strategy for cashless economy and the preparation of digital public infrastructure has been declared as the foundation of a cashless system.
Through the RAAST platform, the public will have the facility of digital payments and citizens will be able to access government services through a single digital sign-in.
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The digital payment system is being activated for traders across the country, duty on payment instruments has been reduced and transaction fees have been relaxed, the process of laying fiber optic has also been accelerated by eliminating right-of-way charges, while the Railways, NHA and CDA have issued notifications for zero right-of-way fees.
The Prime Minister himself is monitoring the progress of the project and under his direction, three sub-committees are working on the project, headed by the Governor of the State Bank, the Minister of IT, and the Secretary of Finance.
