The Hindu Editorial Vocab List- 10-Jan-2017
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The Hindu Editorial – Oiling cashless wheels
The threat (धमकी) by petroleum retailers to stop accepting credit and debit card payments led to a late-night intervention (हस्तक्षेप/व्यवधान) on Sunday by the Centre, with Dharmendra Pradhan, Minister for Petroleum, declaring that the protest (विरोध/अस्वीकार/आपत्ति करना) action had been put off (स्थगित करना/रद्द कर देना) till January 13. Fuel dealers raised a red flag on the decision by certain banks to levy (कर लगाना/आरोपित राशि/उदग्रहण) the merchant discount rate (MDR) of up to one per cent on card payments. After the demonetisation (विमुद्रीकरण) exercise began, the government had waived (माफ कर दी) the service tax on the MDR surcharge (अधिभार/अधिशूल्क लगाना) from December 8 for card-based payments up to ₹2,000 and got banks to waive the MDR charges on debit cards till December 31, 2016. By Monday, the Petroleum Minister said that neither the consumer nor the dealers, operating on thin margins, would bear the MDR for fuel refills even after January 13. Stakeholders (हितधारकों/जोखिम उठाने वाला), he said, will absorb the cost, but it is still not clear who will bear the cost of going cashless — banks are not out of line in expecting some revenue (राजस्व/राज्य की आय) in return for facilitating (सुगम बनाना/आसान कर देना) transactions through point of sale (PoS) devices. Since November 8, public sector banks have been advised by the Centre to charge a maximum of ₹100 a month as PoS device rentals from small merchants, and the move has benefited (लाभान्वित) 6.5 lakh of the 15 lakh PoS devices. Public sector oil marketers were asked to offer a 0.75 per cent discount to customers using non-cash means to tank up (टंकी भरना). The Railways, public sector insurers (बीमा कंपनियों को) and others have been asked to offer discounts or charge lower rates for cashless transactions; so more such spats (छोटी पट्टियाँ) could occur, although the Centre has promised to foot the bill for some of these subventions (सहारा/आर्थिक सहायता).
Petroleum outlets are particularly (विशेष रूप से) important for a cash-lite economy push as they handle nearly ₹2 lakh crore of cash a year. Queues at banks have eased (ढील/सुख पहूंचाना), but the weekly withdrawal limits haven’t been lifted (उठाया). In a situation where people are cash-strapped (आर्थिक तंगी) and the government is nudging them towards alternatives, the uncertainty of the sort created at fuel pumps should be avoided as it could lead to a crisis (संकट) of confidence. Last February the Cabinet had given the nod for rationalising MDR charges. An expert panel to recommend legislative (विधायी/विधान-संबंधी) and other changes was constituted(गठित/क़ानूनी/संस्थापित/निर्मित) in August and it mooted (वाद-विवाद करना/बहस करना/रखा) greater transparency in fees for digital payments, protection for private data of consumers, a mechanism to ensure they will not be liable to pay for unauthorised transactions or system errors, and the creation of a new payments regulator. To build confidence in a less-cash economy, people nudged (धकेल दिया था) into a new way of life need clarity and consistency in policy along with a visible road map to secure their confidence. Lucky draws alone won’t suffice (पूरा करना).
Courtesy: The Hindu
List of Most Important words from The Hindu Editorial Oiling cashless wheels
|Levy||Tax, Tariff, Toll, Excise, Duty||Discharge|
|Waive||Give up, Let go, Abandon||Deny, Approve, Carry out|
|Revenue||Income, Takings, Receipts, Proceeds, Earnings||Debt, Loss, Payment|
|Facilitate||Assist the progress of,
Aid, Ease, Help
|Block, Cease, Check, Delay|
|Spat||Dispute, Quarrel, Dispute||Agreement, Concord, Concurrence|
|Subvention||Grant, Admission, Allocation, Allotment||Denial, Disadvantage, Refusal, Repudiation|
|Mooted||Initiate, Mention in conversation, Purpose||Close, Finish|
|Suffice||Be adequate, Enough
get by, Satisfy
|Displease, Miss, Refuse, Dissatisfy|
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