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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)
Abhishek Misra_1
Abhishek Misra_1 11 years 1 month ago
If you want to look into the problem, it is the transaction charges levied during use of plastic money. It is a very common explanation given by banks that they have to spent expenses for interbank transactions but at the same time they hide the fact that they save lot of resources by giving or accepting online payments irrespective of getting it directly or indirectly from other banks. Government or RBI should conduct a study for the pros and cons of this scheme and take decision accordingly.
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venkatesh dani
venkatesh dani 11 years 1 month ago
Goverment should stop printing currency nates of Rs 1000 &500,then automatically every body will carry the cards. And every shop keeper must be encouraged to accept only cards,this leeds to increase in usage of cards coming to the shop. One perticuler shop is the end point where everyone use currency notes.
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Krishan Singla
Krishan Singla 11 years 1 month ago
Govt may provide incentive say 5% in income tax in case sale consists of more than 50% through debit/ credit card/banks and rebate of income tax by 10% in case sale consists of more than 75% etc. No cash transaction in excess of say Rs 50000 be allowed in cash . We should fix the limit in cash depending the annual per capita income of citizens, so this limit is not small looking to the per capita income of our citizens.
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Krishan Singla
Krishan Singla 11 years 1 month ago
Donations to political parties, NGO and any kind of donations to any body be strictly prohibited in cash. And all cash receipt should be taxed at the rate of 60% considering it is a black money disclosure. All higher education institutions should be strictly prohibited to receive fees in cash . Merchants be prohibited to make charges on debit / credit card payment. Stamp duty on property should be in absolute terms rather than on consideration say Rs 1000perSQ yard in say C City&likewise.
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GOVIND KUMAR SINGHAL
GOVIND KUMAR SINGHAL 11 years 1 month ago
I will suggest that you introduce direct saving scheme in tax, if payment is made by purchaser through Credit Card/Debit or net banking for purchase of Gold, Silver, Car, Flat, Land or any other material. The Benefit should be large so that it is clearly visible and people should pinch of it. This will motivate all the related to go for payment through Electronic media and Govt will be in a position to access such information in future also.The difference of benefit should be large. G K SINGHAL
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Rahul Gupta
Rahul Gupta 11 years 1 month ago
#RUPAY,#Economy,#ElectronicTransactions- Restriction on cash transaction shoud be implemented on Jewelry purchase. But at the same time 2% transaction fees on debit/credit card should be waived off. - Similarly, cash transactions should be restricted up to a certain limit say 25k in hospitals/nursing homes for IPD patients. - Public sector banks should be asked to be more aggressive in working and must work towards giving debit card to each of their a/c holder rather than on request basis.
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Kalyanasundaram Natarajan
Kalyanasundaram Natarajan 11 years 1 month ago
Traders want cash payment for obvious reasons. So many txns go unaccounted. The govt proposal to offer tax rebate both to payer and receiver is very good. If effectively implemented, cash handling will be considerably reduced. This will reduce banks workload.
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Kalyanasundaram Natarajan
Kalyanasundaram Natarajan 11 years 1 month ago
At the outset, I welcome the proposal. But previous Finance Ministers too were talking about this and advising the public to avoid cash transactions and use plastic currency. But the deterrent was the charge levied for putting through the txns using credit/debit card. There should not be any charge - be it txn charge/service charge. Hospitals, bus operators charge 3% of the bill amount. When payment made through card is as good as cash, why should there be levy of any charge?
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