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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)
Bala Sama
Bala Sama 11 years 3 weeks ago
All electronic transactions should have an inbuilt incentive of 0.5 or 1% reduction in the cost upto the first 10000 rs or some other reasonable amount. Consumer mentality is to go for the cheapest always. So, small cost incentive will be entice the consumer. Also,government should ask banks to completely waive off all transaction charges in such transactions. Once electronic transaction has enough penetration high denomination currency notes must be withdrawn to curb black money even more
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Ravinder Yadav
Ravinder Yadav 11 years 3 weeks ago
Yes the cash transaction should be completely ban in India.The gov should bring such a scheme that even small vendor and common and poor man can also do transaction through mobile. It will save our country from corruption, blackmoney and save trees and many more resource and precious time as well.
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Rhythm Varshney
Rhythm Varshney 11 years 3 weeks ago
There has to be no deposit limit in the bank account of any type, instead a limit on withdrawal. All transaction above certain limit has to be made either by NEFT/RTGS/Cheque with same day/instant remittance and cheque can also be posted to bank via email and banks must have a system to validate cheque instantly. The other option could be tele banking for transfer through IVR.
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ANILKUMAR K
ANILKUMAR K 11 years 3 weeks ago
Indeed its a great move. This will improve the purchasing power of common man. All transaction above 1 lac should be definitely routed thru the bank a/c & PAN card must be reqd. Cash withdrawal and remittance of Rs. 20000/ from one account during a calendar month should be taxed. All banks including co operative, should come under the rule. Present system of TDS for bank deposit to be changed. Bank should deduct tax for interest payment above 10000/- and payee can claim refund from ITdept
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Comments (1)
Vicky Dodecha
Vicky Dodecha 11 years 3 weeks ago
This is good idea but more important is government's Clean motive to curb black money. Basically tax structure should be very simple like one transaction tax and nothing else. Government charges tax to people in many ways and that's why people escape from that.So be simple .....
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Himank Ghulyani
Himank Ghulyani 11 years 3 weeks ago
It is a great idea, i have discussed it many times with my friends.. Please act upon it as it will be beneficial for the County and the common man working hard and paying all the taxes with faith in the system. Go ahead.
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Anand Reddy Pesaladinne
Anand Reddy Pesaladinne 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: Reduction of service tax, VAT, surcharge & luxury tax on non-cash transactions No charges on IMPF & other bank transfers User controlled dynamic spend limits on Debit cards Alternative methods for 2 factor authentication Install NFC supported machines at POS. Great initiative
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Rudra Prakash Pal
Rudra Prakash Pal 11 years 3 weeks ago
Go ahead with this idea. It will help people to save their time and money. This proposal is in benefit of common man and it will help to make a corruption free INDIA. Bhagao corruption , Badhao India !!
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Vivek Sharma_23
Vivek Sharma_23 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: Reduction of service tax, VAT, surcharge & luxury tax on non-cash transactions No charges on IMPF & other bank transfers User controlled dynamic spend limits on Debit cards Alternative methods for 2 factor authentication Install NFC supported machines at POS
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Nishikant Tripathi
Nishikant Tripathi 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: Reduction of service tax, VAT, surcharge & luxury tax on non-cash transactions No charges on IMPF & other bank transfers User controlled dynamic spend limits on Debit cards Alternative methods for 2 factor authentication Install NFC supported machines at POS. Great initiative!
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