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Draft Proposals for Facilitating Electronic Transactions

Start Date :

Jun 16, 2015

Last Date :

Jun 29, 2015

17:00 PM IST (GMT +5.30 Hrs)

Submission Closed

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: ...

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement:
“One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will incentivize credit or debit card transactions and disincentivize cash transaction”.
Accordingly, draft proposals for facilitating electronic transactions (E-transactions) have been prepared. Comments and views are invited on the Draft Proposals.
Draft Proposals For Facilitating Electronic Transactions (The Proposals placed below are only at the draft stage and are being placed here to obtain public opinion. The proposals as they stand at this stage, do not imply any commitment from the government)
The last date to share your views is 29 June, 2015 by 5:00 p.m.

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Showing 1250 Submission(s)

Pratap R Reddy 11 years 3 weeks ago

Both these companies have successfully designed and manufactured such POS (EDC) devices entirely in India and also obtained the most complex EMV certification. Presently, Reliance Industries is also working in this direction

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Pratap R Reddy 11 years 3 weeks ago

As a part of “make in India” , the manufacturing of such devices in India shall be encouraged and incentivized by the government. In fact, such attempts by Indian companies like Opto Circuits, Bangalore (Phoenix Px9600) and Linkwell Telesystems pvt. Ltd, Hyderabad (visionTek) were totally ignored by the earlier government and it’s germane ministries.

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Pratap R Reddy 11 years 3 weeks ago

What the Indian industry leaders took some time to understand is most of the established brands outsourced their manufacturing to developing countries like Taiwan, China and India ( one popular French brand was being manufactured at Flextronics in electronic city, Bangalore)!!

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Pratap R Reddy 11 years 3 weeks ago

This is the time to remedy such injudicious discrimination and inherent bias and encourage local manufacturing of acceptance devices. In this regard also China proved an exception. In spite of its dominance as a POS seller across the world, VeriFone is relegated to a poor third, in China, after Landi and Pax – both local manufacturers.

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s p gupta_1 11 years 3 weeks ago

If it is not possible to make debit credit cards free as foreign players are involved in their management. Govt. may introduce such card itself which would be valid only in India and may make it absolutely free. I think cost of its operation would be less than printing so much currency. Even local shops should be provided swiping machines free of cost and amount of more than Rs.500/- may be made mandatorily swiped through card.It will defenately bring down black money creation.

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Pratap R Reddy 11 years 3 weeks ago

Local Manufacturing: The nascent earlier initiatives of introducing EMV (Euro Pay, MasterCard, Visa consortium-the body that sets the standards for acceptance devices) certified indigenous acceptance terminals by two Indian entrepreneurs have met their premature death as the Indian banks and Payment Service Providers (PSPs) penchant for ‘foreign’ tag did not favour them, despite their merit, purely because they were made in India!

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Pratap R Reddy 11 years 3 weeks ago

concentration risk: Exclusivity or near monopolistic domination by any one or two stakeholders in the payment space is seen as a risk which needs to be addressed.

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Pratap R Reddy 11 years 3 weeks ago

liberalization of such interstate movement of the equipment -will not only cover entire country with lesser complications and complexities while saving all scarce resources at the command of all stake holders. It will also help to reduce avoidable repeat expenses thus saving the ROIs per asset.

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Pratap R Reddy 11 years 3 weeks ago

Interstate movement of the devices: The diverse state laws and taxes which would restrict the free movement of pertinent assets (especially terminals), hither to, have been a menace for quicker and cost effective proliferation of acceptance devices.

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Pratap R Reddy 11 years 3 weeks ago

That enables the ‘speed to market’; the conventional long drawn method should be done away with. Only regulators can inveigle the reluctant scheme owners to do so by sacrificing part of their ‘astronomical’ fee as a quid pro quo for being allowed to continue their business in this country.

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