Demonetization: 0.75% cash back on fuel payments made using digital payments from midnight

A discount of 0.75% on petrol and diesel will kick-in from Monday midnight on fuel purchases made using digital payment. The discount will start from midnight and would be by way of cash back which will be credited to the buyer's account in three days from the transaction, said Indian oil Corp, the nation's largest fuel retailer.

The 0.75% discount on payments made using either credit/debit cards, e-wallets or mobile wallets will translate into a rebate of 49 paisa a litre on petrol and 41 paisa on diesel. Petrol is currently sold at Rs 66.10 per litre in Delhi while a litre of diesel costs Rs 54.57. The "discount will be credited to customer's account by way of cash back within maximum three working days of the transaction," IOC said in a statement here. 

Finance Minister Arun Jaitley had last week announced a raft of measures including discounts on online payments for insurance policies, rail tickets and highway toll charges as the government looked to promote digital cash post demonetization. "As a part of these initiatives, to promote cashless transactions Government of India has announced to incentivise petrol/diesel customers transacting at PSU petrol pumps by way of 0.75% discount when a customer uses Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards," the statement said.