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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

. Instead, uniformly reduced interchange rates – across all types of cards [especially credit cards from Classic to Signature etc. (the nomenclature may change for each scheme owner)]- ad valorem will not pinch the merchant so much.

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Pratap R Reddy 11 years 3 weeks ago

Interchange rate- Ad valorem: It is suggested that a flat fee for transaction shall be charged by the acquiring banks. But, that will further reduce the self-sustaining ability of the acquiring banks. In the background of several varying fees -not so transparent ones- prescribed by the scheme owners like Visa and Master Card coupled with the inherent seepages and expenses incurred by the acquiring bank, the margins will be steeply eroded .

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Pratap R Reddy 11 years 3 weeks ago

I heartily welcome the push and ‘the gentle Nudge’ of the Union Government of India for electronic payments. As a professional from the domain of electronic payments, I would like to submit the following suggestions on the proposed initiatives:

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Rajendra Kartha 11 years 3 weeks ago

Presently banks are charging fee for Electronic Transactions. As such certain customers are either withdrawing cash or using cheque for the payments.To encourage Electronic Fund Transfers, it is suggested for withdrawal of the fees being raised by banks. Further, for individuals who is utilising the facility of Electronic Transactions, providing incentive like reduction of Income Tax can be considered.

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Peter 11 years 3 weeks ago

Encourage to use electronic cash for any transaction even it is for Rs. 10,00 Today only salaried people are getting into tax net and all unauthorized vendors and business firms are not under tax net as they have the option to use cash transactions. Cash transaction to be discouraged totally in order to eliminate black money.

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Pramod Uchitkar 11 years 3 weeks ago

In India many businessmen are making black money. One example is, they are showing more employees with all details and paying salaries with little bit deductions as per govt. rules that is TDS and the same amount withdrawn and paid cash to that employer. CA's are playing main role in the same. That cash going into black money market ..

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Pramod Uchitkar 11 years 3 weeks ago

To start electronic transactions there is problem that the small retailer telling, they getting charged by banks for every transactions. They don't want to show all transaction into accounts. And even public also getting charged by banks for every online transactions. Banks are not mentain there ATM network 24x7 and they are charging to public to use other bank ATM..

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Badrinath Rao 11 years 3 weeks ago

We should thank our current government for this proposal, and I am with full heart and mind willing to support this and many more such proposals. Please see that this proposal is passed and we can eradicate the black money problem in India.

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krishna kumar alath 11 years 3 weeks ago

It is good thing. We need to promote this as much as possible

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Srinivasan R 11 years 3 weeks ago

Srinivasan Tamilnadu: proposal for Secured E transaction 1."User friendly pictorial(along with alphabet) displays touch Screen with buttons" should be developed under "my gov.in contest" in website to replace confusing displays with alphabets to overcome language barrier in using Atm and other Electronic money transaction and data interaction monitor with electronic displays. 2. Easy to use "E trasaction cellphone" with "Individual identity SIM card & embedded Adhaar number & E ration card .

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