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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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Hari_10 11 years 1 month ago

All the world governments are coordinating to eliminate cash. The 'cashless society' is being sold to citizens as a convenience. No more dirty, grubby coins, and bills to carry around! Digital money meant total control by government. Government could also monitor all of transactions and digitally freeze your account if people disagree with their tax or monetary policy. People are trapped in the banking system. Gov can impose negative interest rates.

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Jithu T Johnny 11 years 1 month ago

"Cards Only" is the board I want to see at all money collecting counters. It will liberate us from black money, bribery, fake notes, soiled notes, the need to carry coins etc. Free SMS & OTP based instant money transfer to any account in India without minimum amount limit & using only account No. will bring the masses to this fold. Make currency notes irrelevant. Communication provider, banks, payment gateways all should work in tandem with government to eliminate charges & smoothen money flow.

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Hari_10 11 years 1 month ago

Respected sir, Here are my views: I really like the idea of cashless society. There are advantages and disadvantages. Advantages:We can eliminate illegal transactions. Make people from all areas to pay taxes. Right now a very small percentage of people pay taxes in India. Corruption can also be reduced by doing that. All the transactions are on track. However, Credit card policies, debit card policies need to be strengthened.

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Venkatasubramanian B 11 years 1 month ago

Due to lot of security issues and problems of swiping of card at POs where fraud happens by either noting card pin using cameras at shop and swiping card at some duplicate machines which copy data to computer. Best would be sending sms to mobile of user with secondary pin to enter in POs on random basis so that public are protected. Nobody is worried on spending extra few seconds but security and customer confidence and public complete faith in card payment. Pls have otp or sms pin for card paym

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Venkatasubramanian B 11 years 1 month ago

Instead of each organisation giving tax concessions. The overall purchase through a card for each financial year should be calculated and overall 10% must be tax relieved initially to pick up of the card transactions. The overall amount can be cleared in bulk by respective banks on the fd's held by the user or as cash credit to account. Cash credit can be provided by banks based on the logic on which they give discounts during shopping festivals. Govt should not spend or loose its revenue.

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T N RAMANATHAN 11 years 1 month ago

Respected Sir, The individuals may be given Income Tax benefit of 1 to 2% whereas the corporates , Firms, Trusts, societies , business establishments, etc need not be given any rebate as incentive as they are going to pay 25% maximum rate IT from FY 15-16 as against 30% by individuals.On the other hand it shall be made mandatory that all transactions by them shall be through net banking or card transactions with penalty ranging from 2 times to maximum of 10 times the value non e payment.

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Venkatasubramanian B 11 years 1 month ago

No tax concessions needed just make compulsory certain transactions and mobile based at zero fees for value less than Rs. 1500 initially. The compulsory transactions should be vehicle purchase, fuel, banks some are cash only sbi made cashless to 70% all banks should have pos at cash counters and more like sbi, land purchase and registration only through banks, forex, rent payment, advance for shops, purchase less than 1500 in metros compulsory, liquor purchase,3/ 5 star hotels.

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LANCY D COSTA 11 years 1 month ago

Finance Minister ji this is a good idea. Electronic transaction are good in all respect if you answer my one question. Who is responsible for mis-utilisation of electronic mode ? One of my friend swiped his debit card in a shop for purchase in Mangalore , Karnataka. After some days duplicate debit card swipped in Noida and he lost 19000 rupees. If Govt gives security for the public money then this system is good. who is responsible for the loss.Police people even deny to receive complaint.

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Sanjay Sadanand Shanbhag 11 years 1 month ago

1. Make all routine transactions like telephone,electricity,water or even monthly/quarterly VAT etc. payments also by "Debit Clearing"(dipping directly into mandated accounts with ceiling limits). As of now, it is boasted of online payments, but that too is accessible to tech savy persons and consumes time. 2.The discount of 1% or so for payment by electronic mode should be restored retrospectively (BSNL cancelled it sometime back). SANJAY S. SHANBHAG, KARWAR 9482186744

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Venkatasubramanian B 11 years 1 month ago

Purchase of vehicles must be made card transactions in all showrooms. Vehicles like car bikes lorries are major sources of black money movement. If a person can buy a vehicle ask him to first put money in bank and use pos at sale point to buy. Rto should not give registration without entry in bank account with screenshot or bank letter to help reduce biggest black money loophole of gifting vehicles to avoid tax men. If a showroom can sell a vehicles for 40,000 or in lakhs should be in card tran

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