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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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Showing 1250 Submission(s)

Bhabani Shankar Tripathi 11 years 1 month ago

1. All the additional charges like convenience charges or additional taxes should be removed while making online transactions. 2. In case of money getting deducted and purchase not taking place, the money should be credited into the user's account within minutes instead of days or weeks. 3. Government should make it mandatory for all the retail outlets to accept card payments irrespective of the amount that needs to be paid. As of now, we are forced to pay cash upon not exceeding an amount.

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sayon ray 11 years 1 month ago

Excellent thought from GOI but few issues need to be sorted first - like in most developed countries the banks should start issuing "chip & pin" cards which will be much secured. The govt. also should ask the banks to reduce the charges on the cards so that a lot of people who does not hold any type of cards, get the urge to get one. Hope this draft to get the necessary nod soon.

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Kedar Deshpande 11 years 1 month ago

Any company depositing cash in the bank should pay 2% charge.So that they will discourage cash transactions. Else they can split transactions to stay below 1 lakh.

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Manu Kaushal 11 years 1 month ago

Excellent!We can also include cheques. There are still some set of people who are scared of using cards, specifically old people. Since the purpose is to discourage unaccounted money, cards, net banking and cheques should be encouraged. To simplify, service tax or VAT can be reduced for non cash transactions. Next step should be to increase the income tax slabs and to reduce the rebates like fuel, home loan, HRA. For medical allowance, one time tax slab should be increased.

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pradosh singhal 11 years 1 month ago

It is a very good initiative taken by Gov. Of India.As a start it is suggested to compulsory all sales of PETROL on Fuel Pump by debit & credit cards as PETROL is mainly used to refile Scooter/bike/cars etc & min cost of these vehicle starts from 25,000.00 or above & it is very easier for persons to maintain a debit/credit card who is maintaining a Petrol driven Vehicle. Also sale of items like TV/AC/ WASHING machines/Bikes/ cars must be only through debit/credit cards or by Bank Payments only

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SOMAIAH 11 years 1 month ago

This is a good praposal to curb cash transactions through that we can achive reduce block money. To encourage customers give benfits and reduction in cost while making payments.

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lakshmikanth darbha 11 years 1 month ago

This is a great moment. everytime we make a movie tickets purchase, irctc tranx there is a convenience charge and a transaction charge. Clear demarcation should be made for essentials for a common man/middle class where cash is used at like buses/trains/utilities and then non cash acceptance mode to be made available and incentivised.

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Madhumilind Kamthe 11 years 1 month ago

Like South Korea tax incentive have to be given for Indirect taxes (Since GST amendment is going on In constitution ). It will encourage all. Target should be fixed that 21000 Cr. Rs spend on printing Currency notes should be reduced by electronic means to 10,000 Cr. in 3 years. It will help savings as well as reducing black money in market

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Madhumilind Kamthe 11 years 1 month ago

For cheque bouncing case proper amendment should be done in law , that person who bounced cheque should deposit entire amount in court before proceeding starts else bail will not be given to him. Every one will become straight and cheque bouncing cases will reduce

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Vishwajeeth Yogeshwara K 11 years 1 month ago

Nowadays most of the smartphones has a feature called NFC Support. we can make instant payments using that feature. it will also be an easy and quick alternatives for cards. all banks in India can enable this feature. it will be more secure than cards. i have tagged a video regarding NFC payments

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