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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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gelli phanindra viswandha prasad 11 years 1 month ago

#electronicTransactions make our life difficult, because already we are having problem not able to find change or rupee coins etc. But will make our life simple need not carry large amount of cash in hand.

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Harshad Patil 11 years 1 month ago

NEFT/ RTGS should be allowed 24 X 7, even on public holidays. There should not be any accounting problem for banks as they already allow such facility for ATM withdrawals #Economy

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Sathish Kumar R 11 years 1 month ago

If you buy gold during marriage/or any other occasions, it will be of huge value. Card payment is not possible for all. Instead insist on cheque payment. Also, if wastage charges (range from 5% to 25%) is abolished, gold sales will go high and Govt. income will be more. I have seen bill just printed on white paper and tax is mentioned as Re-sale tax 1% from few jewelry shops in Chennai.

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Harshad Patil 11 years 1 month ago

All government tax collections should be mandatory only through banking channels in non cash mode.

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ANKIT KUMAR SAXENA 11 years 1 month ago

to be continued.... 5. State & central Government should increase the Circle Rate of Land (whether Urban or Agriculture) and Circle rate of land should be Matched with the fair market value of the land so that transactions will be made through Cheque only. general practice to purchase the land in India is Cheque payment upto the Stamp Duty value and cash transaction is made in excess of Stamp duty value upto the FMV of the Land.

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Sathish Kumar R 11 years 1 month ago

Here are my comments 1. Scrap the service charges made at petrol bunks, travel sites (IRCTC), shops(as bank charge them 2%) 2. Rationalise tax rebate based on transaction, ie. petrol, travel, restaurants, groceries, etc as 10%, other shopping + online traction as 7%, high value transaction as 5% on total income tax paid 3. This rebate has to be claimed as refund, similar to 80G 4. List all the transactions made through cards (both debit/credit) in a portal like TRACES (used for Form26AS)

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ANKIT KUMAR SAXENA 11 years 1 month ago

In order to crub the Black money following are my view points :- 1. Payment made in excess of Rs. 10000/- by a way of purchase (any thing) should be made electronic mandatory. 2. Each and every registered dealer with TIN(Sales TAX) should have Swapping machine in their respective shops. it helps to increase the government state Revenue. 3. Purchase of Gold, Silver or any precious Metal should be purchased electronically and TAX have to be paid by the ultimate customers. to be continued

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Yogesh Rathee 11 years 1 month ago

IN MY VIEW WE SHOULD ALSO MAKE IT MANDATORY FOR THE CORPORATES TO DO THE TRANSACTION THROUGH ONLINE BANKING OR CARDS EITHER COPORATE OR ANY EMPLOYEE OF THE COMPANY ON THEIR BEHALF. ITS MAKE LIFE EASY FOR DAY TO DAY ACTIVITIES IN THE COMPANIES ALSO. AS THE SAME ALSO REDUCE THE COST OF FUEL AND ENERGY. GREAT ONE PLEASE DO THIS.

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