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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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Rameshwar Godara 11 years 1 month ago

1. Good idea. We are already late 2. Deposit or withdrawal in any bank more than Rs. 10000 per day will restrict cash handling.10000 is good amount for poor and small amount for rich. 3. Unified account nos.-All accounts of companies as well as individuals to come at one place. 4. Exchange of gold with gold should be treated as a transaction sale and buy. 5. Govt. approved Land prices to be brought equal to market price of land. 6. Land transactions should be made online/electronic.

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DATTATREYA_VISHWANATH_PANT 11 years 1 month ago

This is a Historic Step & I Welcome it. 1.I Suggest Mass Awareness through Advertising Campaign for Payment by Credit Card/Debit Card/ NEFT/Internet Shopping / PreLoaded Card etc 2. To Achieve Cash Less Transaction On Massive Scale What a AutoRickshwala,Subziwala, Dhoodhwala etc Requires is a hand held Tool for Swapping the Card at a cost which these categories can Afford. 3.IT Should be Made Mandatory that Only Card Payment is Accepted at Petrol Pumps,Railway Station,Hospital etc.

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Harshavardhan Reddy 11 years 1 month ago

This is an awesome idea. But Rs.1,00,000 will not at all help. Now a days people will spend lots. Especially middle and upper middle class people they spend approximately Rs. 10,000 in a transaction. If the reason is to curb the corruption, then any transaction above Rs.10,000 should be made mandatory by Online or credit or debit cards Only. Given tax rebates, I don't feel good about that, just impose the law and rule to withdraw max Rs. 10000 per day by cash. This will definitely brk corruption

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venkatram rallabandi 11 years 1 month ago

This is a very good move. Incentive should be given to consumers in form of reduced VAT/Sales Tax/GST on purchase with Debit/Credit cards. It has to be substantial enough to encourage plastic cards.The purchases should include everything irrespective of value of goods. The practice yet present of shop keepers is to tell costumers "if you want a bill you have to pay this much extra as tax" discourages one to forego bill on many items. If it is removed every body will demand and get one.

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rajarshi ghosh 11 years 1 month ago

all transaction, application, tendering, payment = all must be through rlectronic transaaction . bank accoubt with adhaar card is mandetory . but in fact, people have more than one adhhar cards, voter i cards that needs to be addressed.

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rajarshi ghosh 11 years 1 month ago

great, but all must be mandetary for any transaction of rs. 50000 or above. all transaction should be debit or credit card and all cards sholud be linked with pan card and adhaar card.also no charges shoulb be there to use cards . we have to reduce paoper money, coins but more of cards, this will reduce manufacturibg costing, relevat expenditures, more taxability, and lot of other benefits.god bless india

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Rohit Prasade 11 years 1 month ago

Along with this all restaurants charging more than Rs.50 per item should be mandatory to accept cards. Many restaurants ,I can name some in Pune , accept only Cash. All this goes to their tax free income.

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Kuldeep Ruparelia 11 years 1 month ago

Excellent Proposal. This shall also reduce the use of general commodities like chocolates/biscuits to be used instead of money as "change".

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ANGSHUMAN DE 11 years 1 month ago

No doubt it is good proposal, I am already using debit card for most of the transactions, and once it is less taxable it will be a wonderful step to digital India where transactions will be clean and clear. But before doing that the availability of card transaction at all places and safety and security must be assured, otherwise it will become another initiative with no use.

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Nihar Sheth 11 years 1 month ago

Its an excellent proposal, Govt. should give relief on every online transaction, 10% rebate for starting few years & also make retrospective implementation in which govt. can give service tax rebate back. So people will be attractive to same. Also give merchant saler 2- 3 % rebate on electronic transaction. Same will be tax free amount. Same can be implemented for limit years than after progressively tax can be add on.

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