To stop theft, hoarding and black marketing of government ration in the country’s capital Delhi, Delhi Government and RBI have made a new digital plan. According to which, preparations are being made to stop ration theft and black marketing through ‘digital currency’. Let us tell you what is the CBDC plan of RBI and Delhi government?
According to Delhi Government, now government ration will be available in Delhi through digital currency. The government has taken this step to prevent black marketing and misuse of government ration available under the PDS system.
What will the digital currency be like and who will issue it?
According to the information, the name of this digital currency is Central Bank Digital Currency (CBDC) and it will be issued by the Reserve Bank of India (RBI).
How to get ration through digital currency?
The value of Central Bank digital currency will be the same as normal physical currency. But it can be used only at government ration shops.
According to the Delhi government, digital currency will be credited to ration card holders as per their ration eligibility in a wallet linked to their registered phone number. That is, the amount of ration that the ration card consumer should get. According to its value, the digital currency will be transferred to his CBDT wallet. Through which they can take the ration allotted to them from any PDS ration shop.
How will payment be made?
According to Delhi Government, a ration card holder can go to any authorized PDS ration shop and demand ration. After verification by the staff present there, the consumer can make payment either by scanning the QR code from the POS machine or through OTP received through SMS on the registered number. This amount will be debited from the consumer’s CBDT wallet.
How is CBDC system different from DBT?
Till now the government was delivering the subsidy to the beneficiaries through DBT i.e. direct transfer to the consumer’s bank account. The consumer could use that amount as per his wish. But this CBDC digital currency system is completely different. This currency can be used only to buy ration. Even if the beneficiary wishes, it will not be able to be used for anything other than ration or for personal expenses.
What is the government’s plan?
According to the information, at present the Delhi government has issued approximately 15.46 lakh ration cards. The number of beneficiaries under this is 64.93 lakh. There are 1943 centers or shops to deliver ration. Delhi government plans to implement CBDC digital currency at all these ration distribution centers in the coming time. So that the ration can reach the real beneficiary.
Initially, CBDC digital currency will be used for wheat and rice available under government free ration in Delhi. But later there is a plan to distribute sugar also under this digital payment system.
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