Islamabad to ban cash payments after November 30

Summary: The government has accelerated the implementation of the cashless Islamabad project. According to Minister of State for Interior Talal Chaudhry, there will be no cash payments in any department of the Islamabad Capital Territory (ICT) and CDA after November 30, while the target has been set to connect all business centres to the digital payments system by December 31.

ISLAMABAD: The federal government has accelerated the implementation of the plan to make the capital a cashless city, under which cash payments will not be accepted in any department of the Islamabad Capital Territory (ICT) and the Capital Development Authority (CDA) after November 30.

A meeting was held under the chairmanship of Minister of State for Interior Talal Chaudhry regarding the Cashless Islamabad project, which was attended by the Chairman CDA, representatives of the banking sector and relevant authorities.

During the meeting, Talal Chaudhry said that the Cashless Islamabad project is being implemented rapidly on the instructions of the Prime Minister and the Interior Minister. He termed the consultation and suggestions of all relevant institutions and stakeholders as important for the success of the project.

He said that after November 30, cash payments will be eliminated in all departments of the Islamabad Capital Territory and CDA, while the target has been set to include all merchants in the capital in the digital payments system by December 31.

According to the Minister of State, 26,000 merchants in Islamabad have already been connected to the digital payments system. The government plans to provide digital payment facilities to all business segments, from street vendors to large business centers.

Talal Chaudhry said that the implementation of the cashless system will improve financial transparency, tax monitoring and transaction procedures, while also reducing dependence on the use of cash.

Representatives of the banking sector in the meeting assured their cooperation in government initiatives for the success of the project.

Under this government initiative, government payments and business transactions in Islamabad will be shifted to a digital system in a phased manner, however, facilitating digital payments, public awareness and involvement of small businesses will be important to achieve the set goals.