Atmanirbhar @ eTrading of Agriculture Produce to boost Digital Transactions

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          In today’s announcement by Smt.Nirmala Sitharaman, India’s Finance Minister FM announcement on the ongoing Atmanirbhar reforms, the following point fascinated me.
Quote:

10. A central law will be formulated to provide

  •         Adequate choices to sell produce at attractive price.
·         Barrier-free inter-state trade.

·         Framework for e-trading of agriculture produce

Unquote

          The first step towards digitization of transactions in the Agricultural produce area took off with fine-tuning of eNAM platform.

          The eNAM platform took off in the 2nd quarter of 2016 with 21 Agricultural Mandis taking part in the pilot run.

          Over the years, 585+ plus mandis across 16 States and 2 UTs onboarded eNAM platform.
38 new mandis got integrated on eNAM on 15th May 2020 taking the total mandis to 1000. Yes, 1000 mandis are now live on eName

          And, today’s announcement mentions about a Central Law to further strengthen eNAM platform.

          eNAM buyers have 4 options to make the invoice payment.

Payment Option 01)         Payment via Challan

Payment Option 02)         Payment via Net Banking

Payment Option 03)         Payment via UPI App   
   
Payment Option 04)         Payment via Pay2Corp

          Option 1 is a part physical – part digital-part physical payment. Buyer remits the funds to the seller via NEFT challan deposited at his/her bank branch.

          Option 2, 3 and 4 – Complete digital payment. The buyer completes the invoice payment via contactless options, i.e there is no need to visit any bank branch physically.

          Few State Governments offer incentives to the buyers who opt for Digital Payments. The incentives are dynamic and interest readers can click on the ‘Incentives’, the button for the latest offers.

          To safeguard the income of traditional Aarthiyas (Registered Commission Agents) transactions on eNAM are via Registered commission agents only, just like traditional APMCs.

          Today’s announcement is the icing on the cake.
         





References:
PIB eNAM Press Release dt.13th April 2020




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