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Draft Proposals for Facilitating Electronic Transactions

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)
Piyush Jain_7
Piyush Jain_7 11 years 3 weeks ago
The draft proposal on electronic transaction is a great measure to curb black money transactions, tax avoidance & reduce corruption. However, the following points must be considered to make India a cashless economy: 1. Reduction of service tax, VAT, surcharge & luxury tax on non-cash transactions 2. No charges on IMPF & other bank transfers 3. User controlled dynamic spend limits on Debit cards 4. Alternative methods for 2 factor authentication 5. Install NFC supported machines at POS
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Subin C P
Subin C P 11 years 3 weeks ago
The reason for big amount currency transactions happening is because, currency notes with high value is available. So to reduce these currency transactions Govt. will have to withdraw these high value currency notes. Not sure how feasible is this option, but the bottom line is to curb the currency transaction and that should be the target for this bill. Then there need not be any additional measure taken to ensure electronic transactions happening. It just automatically fall in place.
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Subin C P
Subin C P 11 years 3 weeks ago
Bringing up electronic transactions is a very good step forward. This will help to track the transaction effectively. In the draft plan it is mentioned that currency transaction would be levied some amount. But currently there is no effective way currency transaction is being monitored. Suppose if someone says all his transactions are electronic and that there is no single currency transaction how can this be audited?
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Dipesh Khimasiya
Dipesh Khimasiya 11 years 3 weeks ago
Yes, This is nice way to reduce black money flow in economy. But this is possible only if Shopkeepers will not charge any extra amount over our purchase value. & also if bank will not charge any charges on such transaction, annual card charges ect.
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Priyanka Sandip Pawar
Priyanka Sandip Pawar 11 years 3 weeks ago
Strict rules should be applied while purchasing Gold as well. Currently, most of the Gold Merchants charge more for card payment. Also, notes of 500 and 1000 should be banned asap which would help in reducing black money.
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rahul dutt_1
rahul dutt_1 11 years 3 weeks ago
Good draft. Electronic bill generation should become mandatory for purchases above 100Rs for cash or card payment so tax evasion can be reduced
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Harsh Vardhan Thakur
Harsh Vardhan Thakur 11 years 3 weeks ago
The following should be considered: 1. Reduction of service tax, VAT, surcharge & luxury tax on non-cash transactions 2. No charges on pay by card, IMPS, NEFT, RTGS or other bank transfers 3. User controlled dynamic spend limits on Debit cards 4. Alternative methods for 2 factor authentication 5. Install NFC supported machines at POS 6. Promote wallet and other payment mobile apps Thank you!
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Arumoy Chakraborty
Arumoy Chakraborty 11 years 3 weeks ago
Income Tax rebate won't be so attractive an incentive to people like young professionals who aren't in IT paying earner's range (As a matter of fact they are expected to be the first ones to switch to eTrans). Plus the discount or benefit isn't exactly visible to people. To popularize eTransactions it'll be way better to introduce 1%-2% discount on VAT/Service Tax whichever is applicable. That's sure to make it way more popular. #ElectronicTransactions
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Mahesh_79
Mahesh_79 11 years 3 weeks ago
It is great to hear out gov planing to encourage e transaction.Govt also need to consider min ceilings for shop purchases.Merchants have their own ceiling. Some says 250 min for card purchasing and some say they will take card payment only min amount 150. At present we don't have any such guidline celings i guess. So it will be good if govt come with min ceilings for card payments.
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