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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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vengataraman 11 years 4 weeks ago

4. All the transactions of the assessee should be through internet banking system or through point of sale echo system using the RUPAY type card. 5. Even sales to other than individuals should also be through POS receiving money in electronic form from card issued to current account holders. 6. current account holder may be allowed to be issued with more than one card, which can be enabled for an amount restricted on day to day basis by the authorised persons in net banking.

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vengataraman 11 years 4 weeks ago

The following are suggestions: 1. All Bank Account (s) in persons /Individual name to be linked to a Addhar Card 2 Rupay type card may be issued to all Addhar Card holders: 3. The card may be allowed to be linked to any bank account linked to the Addhar Number of the holders and allowed to be used as debit card from any such account linked to the card. 3. GST information echo system may have to be enabled to catch all transaction including sales made by all assessees.

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pranshu srivastava 11 years 4 weeks ago

For better transparent services,we have a very simple and a very modern idea.A Mobile phone based money transfer & financial service. It allows a user to pay anyone, anytime and from anywhere using his/her mobile number & Internet(in a very convenient and faster way). Money transfer will be using online wallet system on first stage and on second stage, will be upgraded to value added services like SMS, Calls etc. for making it more comfortable for the ordinary users like Auto wala, Bus Servic

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sandesh kirkire 11 years 4 weeks ago

Make it difficult to have cash transactions by doing the following: 1. Abolish all currency above Rs 100. In any case one is having the menace of duplicate currency and that too in the high value currencies of rs 500 and Rs 1000. 2. For all transactions above Rs 5000 every establishment has to maintain a copy of the PAN card of the customer.

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ARVIND MAHAJAN 11 years 4 weeks ago

1) Before providing any incentives, first step should be abolish all the service charges on debit cards and credit cards payments to any merchant/utility etc. If the banks need fee let the GOI pay as incentive. 2) Attractive Cash back/ discount of all the payments made online or offline through merchants through card swipes. 3)No cash transactions above 5000 Rs.should be allowed. 4) No upper limit on online transactions. 5) All property payments online.

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Shanmugananth Kandhasamy 11 years 4 weeks ago

By introducing Standard billing method & tracking mechanism 1. we can generate 6 - 9 lakh crore / year, ST/VAT reach GOVT Account daily 2. every TIN holders Income will be calculated and audited properly 3. we can prevent black money, duplicate billing and tax evasion

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Jayesh Kumar 11 years 4 weeks ago

...(2/2) ensuring all bank accounts have PAN/Aadhar number. 5) All online financial transactions shall have nil/minimal cost. 6) Banks shall start issuing Rupay Credit cards, shift away from MasterCard/Visa/Dinners etc We must discourage cash transactions alongwith increasing electronic transactions.

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Shanmugananth Kandhasamy 11 years 4 weeks ago

Please introduce Standard billing format and billing tracking mechanism , since till now Government is in a position that it CANNOT ensure that all the taxes(ST/VAT/ET/etc..) collected from public exactly reaches TAX department, even if GOVT increase ST/VAT to 20 % they cannot able to increase the revenue since there is no tracking mechanism of billing system by each TIN holders, for example if a TIN holder BILLS 1000 bills per day and if he shows only 500 BILLS to TAX dept, itis acceptable

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Jayesh Kumar 11 years 4 weeks ago

1) Banks must issue Debit Card free of charges. Some banks charge annual fees for Debit Cards. 2) Banks should be asked to report cash deposits in excess of 2 Lakhs in year in an account, similar to the credit card transaction limits. This would discourage cash transactions, especially large amounts (which are mostly illegal). 3) PAN/Aadhar should be linked to enable seamless monitoring of bank transactions. 4) KYC norms should be changed to only PAN/Aadhar card as ID proof. (1/2)

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Harish Mundra 11 years 4 weeks ago

1) Tax Rebate to merchants on VAT should be extended to GST as well once it is launched 2) Make banks to mandatorily issue Rupay debit card to all active accounts. Visa / Master can be optional and charged. Currently banks issue either visa or master. This should apply to all banks including private ones. 3) All incentives should be based on the volume of transactions done through electronic means. 4) Tax rebates for expenditure through electronic means would require all the bank / card accou

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