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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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SIVA SUNDARA PANDIAN K 11 years 1 month ago

1.Consider a levy of a nominal cash handling charge on transactions greater than a specified level. 2.Tax benefits in terms of income tax rebates to be considered to consumers for paying a certain proportion of their expenditure through electronic means. Above two measures are like stick and carrot principle, both will encourage e-payments. This should not be implemented just at the consumers level. This has to be implemented at all levels of business like traders, agents, distributors, etc.

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Prashant Kumar Barik 11 years 1 month ago

Dear FM, This is a excellent proposal though which we can avoid black money to some extent.Also in the same time an individual can have the information about the expenditures.Recently the proposal to give tax benefits on Credit and Debit card transactions also is a noble idea and we can move towards EDI.

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Dr Nisith Bhunia 11 years 1 month ago

Dear FM, I would strongly recommend to consider Draft Proposals for Facilitating Electronic Transactions in POS for any type of government or private(bills like hospitals, jewellers, property purchase, vehicle purchase, hotels and restaurants, government treasury etc) transactions in any amount.

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Dhiraj Kumar Swain 11 years 1 month ago

Very good proposal. In sort we are nearing to a digital future. We can avoid problems like black money, fake currency notes, physical robbery of cash etc. At the same time, sound IT infrastructure also necessary to handle monetary transactions at such large volumes and to prevent digital crimes.

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sudhakar_18 11 years 1 month ago

This is the right step to curb cash transactions and promote use of plastic money. There should be some incentive has to be given to honest tax player by giving tax rebate of 1 lakh in income tax irrespective of people doing credit/debit card transaction, this will encourage more people to use plastic card which will in turn benefit the exchequer in terms of more VAT/SERVICE TAX since then merchants have to give proper bill. Ladies bars where people use loads of cash, gov should look into.

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anup kumar kirtan 11 years 1 month ago

At present a private electric generation and distribution company give reduction for online payment but charges extra amount if paid by Debit or Credit card! Ultimately consumer has to pay more than gross bill! To attract more people this type of charges for Debit or Credit card payment must be waived otherwise this initiative will not work.

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Subbarao Vanama 11 years 1 month ago

Excellent proposal. We should create the Infrastructure first. In villages for doing the payments through electronic - need to go to eseva type of counters. Also, Individuals should get SMS immediately - so that they can remember the transaction.

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GOPAKUMAR K P 11 years 1 month ago

Bank commission of 2% has to be given by the shopkeeper to the bank for a transaction made by credit card .This has to be reduced or cancelled, because there are businesses where you get a minimum margin and you can't spare the 2% like the competetive business of Mobile phones etc.

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anup kumar kirtan 11 years 1 month ago

Excellent proposal.It will reduce black money transaction and the same time traders/businessman doing huge transaction by cash and not paying income & other taxes will come under the purview of taxes. Govt should initiate in semi-urban & rural areas where electronic transaction is very very minimal.There are huge number of traders & businessman who have lot of money & properties but they don't pay taxes.For the development of our country it will be a great force in near future.

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Ankush Chopda 11 years 1 month ago

Dear FM, I do believe that card transaction is mainly done by service class and in metro cities. But one better idea what I suggest is to allot FREE card accepting machines along with PAN/TAN number/card associated with current account in nearest bank to all Small and medium business. Encourage then for registration of business with minimum documents like required for taking bank account. More number of card accepting machines in small business will definitely lead to more income for India.

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