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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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Soumya Ranjan Senapati 11 years 1 month ago

I think this is an excellent idea. Many times we pay extra amount for particular items when we do the card transaction. Being a salaried employee we already paying the tax and it is an extra addition to the tax which is no where calculated. Many times convenience charges are deducted in some bookings. India should move ahead and go for encouraging such ideas.

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Nagabhushana Bandagadde 11 years 1 month ago

#ElectronicTransactions is a very important and very good initiative from the Govt. One of the major reason given marchants is banks charge 2% and also not all marchants can afford the swipe machine. Govt can promote the card usage by providing Swipe machines all the marchants at lower prices and also convincing banks to charge less fees.

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Nihar Mamtura 11 years 1 month ago

This is a great initiative. With parallel economy reported to be as big as the white economy, we have a long way to go in correcting this. This is the step in the right direction. Higher number of people / population must be covered by direct taxes (only 3% at the moment). The balck economy is a cause of immense grief to honest tax payers and poor section of the society - crazy real estate rates, inflation, huge income disparities etc. Hope govt continues on this path of eliminating black

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Jinash 11 years 1 month ago

It's a good idea to avoid black money..... but it has its own demerits. Bcz the majority of the banks will not accept the same in India.... They charges high rates from dealers & SMS Charges & Card maintenance charges etc. from card holders... However the govt can collect the entire transactions via this and can ensure the accountability ....

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Soumitra Bandyopadhyay 11 years 1 month ago

I think incentive should not be limited to only income tax,but also for getting benefits from sales tax/ Goods and Service Tax for the entire chain of transaction from producer to user.

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M Srinivasan 11 years 1 month ago

This scheme seems good for the already Credit/Debit card users holders. But, Businesses, where large volume of cash transaction happens everyday is in Food/Grocery Markets, Jewelleries, Eateries, Petrol bunks and other everyday businesses. Those businessmen are not mandated to transact electronically. As long as they dont pay their taxes and continue to use case transactions, who cares for govt tax rebates. In my view, no great benefit for the govt in monitoring Salaried class (taxed via TDS).

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Jinash 11 years 1 month ago

Please list the features of Rupay card and differentiate with other cards. It may help the card holders to select the card and can insist the banker also to issue the rupay card. And request to avoid the number of transactions limit with debit cards.... Further, request to revise the bank charges for such e-transactions and publish the same for the public interest..

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Ankush Deshpande 11 years 1 month ago

Its an excellent move from the govt. It will really help to curb black money. Gradually all the cash transactions should be made illegal. Card payments are secure and providing tax exemptions on them will be very beneficial for the masses.

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ARUN_70 11 years 1 month ago

Idea is good. To be implemented soon. But all tax are on salaried persons only at present. There should be more exemption to them. Credit card PIN to be made compulsory so that theft can be avoided.(like Debit card). First preference to be given to RuPay card in Govt banks

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Arun Patro 11 years 1 month ago

Excellent idea need to implement soon. I have few suggestion/Request need to be considered. 1. Debit/credit card transactions are one part of Electronic Transactions. govt should open for all type of Electronic Trans eg. NEFT, RTGS, Wallet, Check or some other format.The draft should focus on what are valid form of electronic Tran. 2. Security is a bigger challenge of any transaction done in any hardware device or in any software platform. The draft should considered this aspect.

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