English language

Home | MyGov

Accessibility

Accessibility Tools

Color Adjustment

Text Size

Navigation Adjustment

Screen Reader iconScreen Reader

Economic Affairs

Sort By :

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.

See Details Hide Details

All Comments

Reset

Showing 1250 Submission(s)

Pradeep Pai 11 years 1 month ago

Excellent move. There should be a provision to reverse a transaction within a stipulated time (for e.g 15 mins) so that an erroneous transaction can be undone.

Like (0)

Dislike (0)

Report Spam

husseni ghasia 11 years 1 month ago

Cost Consideration All of above are standard and are in use at various places and hence can be Card and Machine is onetime cost can be subsidies to bank and re-issue due to loss should be charged. Single software platform i.e. ATM Cash Disbarment / Cash collection hence no new software cost. No Recurring Cost as all non-real Time/Static/Physical transection are cost free i.e. Payment/Receipt do not require mobile or internet. It will be revenue positive & save currency Print cost.

Like (0)

Dislike (0)

Report Spam

husseni ghasia 11 years 1 month ago

Card Operation: Minimum Rs.100 to Max. value upto Rs.49,999/-. E-Rupee loading by ATMs just like cash disbursement. E-Rupee acceptance by standard hand held or table tope battery operated Machine with slot for recipient and payee Cash Card each with punching key pad as well as viewing monitored. E-Rupee transfer to recipient bank account by ATMs only just like Cash Deposit M/c.

Like (0)

Dislike (0)

Report Spam

husseni ghasia 11 years 1 month ago

Card feature ALL Cash Card should be Payable as well as Receivable. Cash Card with Memory Chip & Rechargeable. Owner Photo on ALL cash card. Single verification i.e. Pin number loaded in ALL card. This pin number can be loaded in Card at the time activation by Bank. Also if possible changeable pin facility at the time of loading E-Rupees from ATM. ALL Cash Card is connected with customer registered mobile number at their issuance bank.

Like (0)

Dislike (0)

Report Spam

Sujit Kane 11 years 1 month ago

This is most welcome move. The government should make it mandatory for businesses to accept payments using credit cards. The incentive to businesses should be on more than 75% transactions through electronic mode. Currently the banks, utilities charge a cut if payments are made using credit cards this should be done away with. We certainly hope the government is serious about this and does not just make a show if doing something. This is a must do item to contain the black money menace.

Like (0)

Dislike (0)

Report Spam

Santosh Singh 11 years 1 month ago

Also, please read my letter what I wrote to business-standard newspaper arguing why payment banks are absolutely essential. http://www.business-standard.com/article/opinion/letters-payment-banks-can-work-114102101418_1.html

Like (0)

Dislike (0)

Report Spam

Santosh Singh 11 years 1 month ago

Electronic transfers will increase velocity of money and it is good for overall economy. Money shouldn't remain idle. Further, It will also push our banking ecosystem to provide 24x7x365 electronic fund transfers across banks and for all kind of transfers. It sounds weird but true: Our railway reservation system operates almost round the clock but not the banking system. The RTGS/NEFT cut-off hours on Saturday conjure-up memories of pre-1990 era banking compulsions. #ElectronicTrnsanctions

Like (0)

Dislike (0)

Report Spam

Raman Singla 11 years 1 month ago

With the motive of cashless transaction, railway and other such type of organisation like roadways must install debit/credit card machines at all ticket counter which will also make fast ticketing system also...

Like (0)

Dislike (0)

Report Spam

husseni ghasia 11 years 1 month ago

Targeted Geography ALL low value cash transection of Metros, Tier – I, II, III cities or say wherever Set-up box TV transmission has become mandatory should be priority. ALL Govt. Registered Mandis/Markets in above. ALL Government/Semi-government Authorities accepting Cash in above. ALL PDS distribution in above. What value of non-currency Transection? Any Cash transaction Max. upto Rs. 49,999/- as per current IT Rule.

Like (0)

Dislike (0)

Report Spam

Vineet Roy 11 years 1 month ago

I don't understand, why wait for ministry draft proposals ? This can be done via RBI guidelines. All banks and institutions which handle financial transactions have to adhere to them. One thing the ministry can do is to cap the commission charged by banks to facilitate these transactions. I think MNC's in this space will then be forced to adapt or move out of the Indian market.

Like (0)

Dislike (0)

Report Spam