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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)
R K Sethi
R K Sethi 11 years 1 month ago
A good move. Simultaneously, handling cash should be made costlier. This can be done by asking banks to start levying 2% charges on monthly cash withdrawels in excess of Rs 10,000 from personal accounts. For commercial accounts, this exemption should not be available. Further, for companies and firms, any payment made in cash for Salaries and Capex should be disallowed. Also Cash payments only upto 10% of the Non-salary Non-Capex expenses should be admissible for ITR. RKSethi
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Parag Palsapure
Parag Palsapure 11 years 1 month ago
Revised submission. 1. Compulsory e-transactions @Jewelers, Hotels, travel, Shops/Malls, Ecom, Automobiles, Hospital etc. 2. Cash-Back part of paid tax to User, VAT credits to merchants only for e-transactions. No GST credits for cash transactions. 3. Limit cash possession by individuals e.g.
etransactions3.pdf
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sourabh chordiya
sourabh chordiya 11 years 1 month ago
Much appreciated move, this will ensure the transactions are channelized, however we need to also ensure that cards are popularized in remote areas, mobile ATMs, extra incentives based on the population of place to both merchants and buyers will help fast adoption. Online payments for water bills, monthly and yearly fees for different purposes in nagar palika and nagar panchayat can help promoting as well.
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yogesh padmani
yogesh padmani 11 years 1 month ago
First all the government department must not be accept Cash payment. More then 10000 payment will not be in Cash. Stop Property and gold purchase using Cash.
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Abhaysinh Bhelke
Abhaysinh Bhelke 11 years 1 month ago
Instead of making all cards universal, there can be a single card linked to a bank account and it can have a prepaid balance. No need to have a charge if payment is made by that card. Just like a e wallet. People can add money from bank account to that wallet online or ATMs.
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JEGADEESWARAN_2
JEGADEESWARAN_2 11 years 1 month ago
Welcome move from the Government, this is to encourage the electronic mode of money transfer with a transparency between buyer and seller. Benefit of such transaction under Income tax is an add on benefit to encourage e-savvy users. This may be considered
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Piyush Agarwal_5
Piyush Agarwal_5 11 years 1 month ago
Good move. Implementation should cover government offices and services along with the private institutions. The land registration, train ticket reservations, utility charges should start accepting electronic transfers / credit cards. Also be the pioneer and look at other innovative payment methods like NFC, etc
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Aerik Sharma
Aerik Sharma 11 years 1 month ago
It’s another step by the government towards the noble cause of driving financial inclusivity. It may not wrong to foresee our street vendors carrying a POS along with their cell phones in the near future. Enclosing a few nuances to be addressed to make it attractive to the masses in order to facilitate electronic transactions.
PDF.pdf
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