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Financial Planning

5 things you need to know about the NITI Aayog lottery

19 December 2016
Still wondering if you should #GoCashless? This lottery scheme will help you decide.
 

The National Institute for Transforming India—NITI Aayog—made headlines on Thursday. They announced a grand lottery scheme worth Rs 340 crore. The lottery has been set up to encourage cashless payments in the country.

Now, here is everything you need to know about the lottery.

  1. Two schemes

The organisation announced two schemes through which the rewards will be available. The Lucky Grahak Yojana scheme targets regular consumers and the Digi-Dhan Vyapar Yojana is exclusively for merchants.

  1. Daily and weekly rewards

Consumers and merchants who make cashless transactions can win rewards on a daily and weekly basis. The lottery schemes kick off from 25th December 2016. For the Lucky Grahak Yojana scheme, 15,000 winners will be selected daily. They will win cash-back prizes worth Rs 1,000. The weekly prizes include awards worth Rs 1 lakh, Rs 10,000, and Rs 5,000. Merchants are eligible for weekly prizes worth Rs 50,000, Rs 5,000, and Rs 2,500.

  1. Mega award

In addition to the daily and weekly prizes, there is a mega award. This draw will take place on the anniversary of Dr Ambedkar’s birthday—14th April 2017. Here, too, there are separate rewards for consumers and merchants. Three winners will be selected through a random selection of digital transaction IDs.

For consumers, the first prize is an eye-popping figure of Rs 1 crore. There are also prizes worth Rs 50 lakh and Rs 25 lakh for the second and third place. Merchants are eligible for Rs 50 lakh, Rs 25 lakh, and Rs 5 lakh, respectively.

  1. Money for a cashless cause

The lucky draws are termed as a ‘Christmas gift’ to the nation. The aim is to ensure a smooth transition from cash to cashless transactions. It seeks to effect this transition in a fun and exciting way. The two schemes focus on poor and middle-class consumers, along with small businesses. The goal is to bring this sector of the Indian population into the digital payments revolution, said NITI Aayog CEO Amitabh Kant.

  1. Eligibility

Starting from 25th December 2016, winners will be selected daily for the next 100 days. The selections will be by a random draw of digital transaction IDs. Any transaction conducted through the United Payment Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhaar Enabled Payment Systems (AEPS), or RuPay cards will be eligible.

But the lucky draws will not apply to transactions conducted through credit cards. Nor will payments made through the e-wallets of private companies be eligible. The goal is to encourage every section of society. So, the schemes will cover any transaction between Rs 50 to Rs 3,000.

A last word:

As the year ends, why not add cashless transactions to your list of New Year resolutions? You could win Rs 1 crore in April next year and save yourself a lot of the cash-related hassles that are currently troubling Indian citizens.

 
 
 

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