E-payments made mandatory for Government Departments for contracts exceeding Rs 5,000!

The government is trying to put its best foot forward in a bid to make India a cashless society. In a recent move by the government, Finance Ministry has made it mandatory for the government departmentsto make E-payments if contract exceeds Rs 5,000.
All the ministries and departments of the Government of India have been now directed by the Ministry of Finance to ensure with immediate effect that all payments above Rs 5,000 to suppliers, contractors, grantee and loanee institutions etc are made by issue of payment advises only, an official statement said.

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