Paytm chief seeks PLI scheme for payment devices
Paytm founder and CEO Vijay Shekhar Sharma said the company has started manufacturing soundbox devices in India even though local production attracts higher taxes compared to imported ones.
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NEW DELHI: Fintech company One97 Communications, which operates under the Paytm brand, wants the government to bring payment segment devices under the production-linked incentive scheme to boost local production, a top company official said on Monday.
Paytm founder and CEO Vijay Shekhar Sharma said the company has started manufacturing soundbox devices in India even though local production attracts higher taxes compared to imported ones. “Paytm soundboxes are completely made in India. We have done indigenisation of soundboxes. As we all know, we are under pressure from one new thing. When soundboxes come from overseas, duty is not levied on them but we are required to pay duties. My request to the government is to declare PLI on payment equipment,” Sharma said.
The company launched Paytm Pocket Soundbox and Paytm Music Soundbox for merchants.
