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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)
girish rangareddy
girish rangareddy 11 years 3 weeks ago
Virtual Currency is the future,i don't see a point why I/ we should carry cash in our pockets all the time. Simple Rule - All transcations are to be via POS only no cash at all. This track everybody's income resources whether legal or illegal. Will this be difficult to implement i don't think so with banking/finance technologies in place. Initially people may feel difficult accepting this change but change is inevitable and finally it would become a norm.... Zero tolerance towards corruption!
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KRISHNAN RAJU NAIR
KRISHNAN RAJU NAIR 11 years 3 weeks ago
swipe machine to be given at highly subsidized cost to every single vendor to accept payment by card. The payment should be on real time basis with MMID/IMPS/Mobile system. Once this is done, one time cash settlement/recall should be done and the cash value to be deposited in persons account - if legitimate 100% credit, if unaccountable reduced percentage as decided by government, so that people with accounted money come forward without worrying about legal proceeding.
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AMARJEET KUMAR SINGH_3
AMARJEET KUMAR SINGH_3 11 years 3 weeks ago
Service tax to be reduced for card transaction as its taking more of our hard earned money, where in government is taking extra taxes apart from income tax, we dont have two method of earning we get only monthly salary.
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Parag Palsapure
Parag Palsapure 11 years 3 weeks ago
Kindly refer to my revised submission of comments and recommendations. This includes suggestions on improving penetration of e-transactions, incentives for honest tax payers and merchants, improved security of e-transactions and banking, bringing in more undisclosed income / assets into legitimate economy and making illegally acquired cash and assets worthless over time. Happy to provide additional details / methods / suggestions and even volunteer to develop new technologies if contacted.
etransactions5.pdf
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Aloke sarkar
Aloke sarkar 11 years 3 weeks ago
Any merchant establishment, service provider, or direct selling entity (including doctors, medical stores) if gives out product or services costing more than Rs.100/- must ensure only e-transaction. All sold products/services must be audit-able for e-transactions.
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Vatsal Patel
Vatsal Patel 11 years 3 weeks ago
For Security of E-transactions GOI must devise new Encryption standards for E-trnx that would be compulsory for all in India as the I'NATL(US) standards are prone to backdoors by NSA. Using of such standards could make Indian financial institutions vulnerable and enabling foreign agencies to cripple our economy at will. BIS must Authenticate & Standardise POS terminals. With increase of online transaction the need of specialised cybercell for online fraud would become inevitable.
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ANINDYA MOHUN NEOGY
ANINDYA MOHUN NEOGY 11 years 3 weeks ago
1)withdraw Rs. 500 / Rs 1000 notes 2)Let all retailers use credit/ debit card gateway free of cost or a nominal fixed cost 3)Over all Taxation need reduce
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Vatsal Patel
Vatsal Patel 11 years 3 weeks ago
Withdraw all ₹500-1000 reduce Cash/GDP to 3% this will discourage Cash trnx. All utility bills must be paid online or directly debited from A/Cs as banking is availabe to all by PMJDY RF tags /NFC at all Toll boths Govt. Services can have the facility of pre-processing and payments on websites to reduce corruption at the point of service Cheaper card swiping machines with security features must be available for promoting usage of Cards for retail use. liablity guidelines in case of fraud
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Mehul Shah
Mehul Shah 11 years 3 weeks ago
Few recommendations on proposed draft, 1. Tax benefits to merchant should be in slab wise of e-payment acceptance against total sell. Cash deposit to bank account must be tracked with valid bill of sell. Cap should be applied & taxed. 2. Income tax benefits to Salaried people (only) should be considerable (10-20%), to motivate them to for e-payments. 3. Charges on the debit / credit cards must be minimum and fixed (not % value of bill amount), so high transactions payment will move toward
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