The Indian Oil Corporation Limited (IOCL) on 12 December 2016 announced that the consumers can now avail a discount of 0.75 percent on petrol and diesel fuel purchases, if the payment is made using digital means.
The 0.75 percent discount on payments made using credit/debit cards, e-wallets or mobile wallets will be converted into a rebate of 49 paisa per litre on petrol and 41 paisa per litre on diesel.
The discount will be credited to customer's account by way of cash back within maximum three working days of the transaction.
This will come into effect from 13 December 2016.
Nearly 4.5 crore consumers buy petrol or diesel every day and collectively contribute around Rs 1800 crore in transactions. Usually, only 20 percent of these transactions are digital, but in November, these cashless transactions rose to 40 percent due to the cash crunch.
Earlier in December 2016, Finance Minister Arun Jaitley announced some measures including discounts on online payments for insurance policies, rail tickets and highway toll charges with an aim to promote digital cash post demonetisation.
All these measures and moves have been undertaken to resolve the cash crunch in the country. This cash crunch was an outcome of the Union Government's decision to ban Rs 500 and Rs 1000 currency banknotes with effect from 9 November 2016.
This decision of the government wiped off around 86 percent of the liquid money in the country.
What: Announced by IOCL
When: 12 December 2016