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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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Kambhampati Krishna Murthy 11 years 1 month ago

It's a good move. Only salaried people r paying taxes & business community r evading taxes. E-transaction limit shall be 50000 instead of proposed 1 lakh. All businessmen(small/medium/large) shall accept credit/debit cards irrespective of volume of business they r doing. No transaction fees & ST should be levied by the merchants for online transactions through credit/debit/net banking. Stop printing of 500&1000 notes to stop high value cash transactions by business community for evading taxes.

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Pradeep_64 11 years 1 month ago

I suggest two things to it... Move to Encourage RUPAY cards is to be given priority Only credit cards are accepted in some online transactions. We need to introduce Debit card facility in all the online transactions

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AMARINDER SINGH BRAR 11 years 1 month ago

All Aadhar card holders should have bank accounts. Anybody applying for an Aadhar Card should be given an account in SBI (if he or she does not have a bank account already). This should have been done in the first place but it is never too late. The bank account should come with a debit card. Large currency notes should be taken out of circulation or should be reduced. Everyone using 1000 notes have bank account and debit cards. The poor hardly use 100 rupee notes for making purchases.

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Amarnath Banerjee 11 years 1 month ago

This would be progressive step for our country. Sweden has already established this, Norway, Denmark are also in process. We can certainly follow them. At the same time, my request that the Govt. should also think about offering benefits to the tax payers. Free/subsidized medical insurance, free schooling, waiver in toll tax etc. And of course we must improve the standard of level of Govt hospitals & schools...those are well below par than many other countries.

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Venkat_15 11 years 1 month ago

Let the white paper come out. People will have lot more questions. Success of this will depend on the extent of comfort or ease it gives to the accep tor and the user. As long as it is hassle free it should be a good move. Unless we slowly start migrating into a system of having more of e transaction we can never get away with a huge dinosaur of "Black Money" that is starring at us.

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Amit Khanduja 11 years 1 month ago

As a salaried employee why am I being forced to pay taxes from the income which I receive after paying income tax. If possible we should break down the expenses into 2 categories. Taxes and the cost. At the end of the year I should be able 2 downld a statement for each of my cards which should include the Total tax (ST,VAT etc.) & the cost. I should be able to claim a rebate of the taxes that I have paid in my annual statement. This will ensure that people force the merchant 2 issue an invoice

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Ashish Joglekar 11 years 1 month ago

Excellent move to bring Acche Din to our motherland. All transactions made from Credit / Debit / Online or any other electronic mode of transferring money should be eligible for tax deductions. A time bound target for merchants to move from cash to cashless mode of transactions. Example, in the 1 year at least 10% of the total transactions to be cashless. Increase in this % by 10 every year till it reaches mutually agreed ceiling. Most Important: Stop printing of notes above Rs. 50

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Viswanath C Pillai 11 years 1 month ago

Excellent idea. Needs to be implemented soon. Added benefits after retirement/ age of 60 may be considered for regular income taxpayers. The example of Australia is admirable in this. Even if we cant do that much, some initiatives may be taken- which may include better subsidized hospital facilities, free internet/phone, free water/ electricity etc.

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KISHORE SANKAR BANERJEE 11 years 1 month ago

My heartiest wishes to Finance Minister for this approach. I am a senior citizen and staying in suburban area where the facility of using Debit/Credit Card are practically nil. I love to use Card wherever possible. So please put effort to ensure use of Bank Card Terminals by all shops and establishment and people is to educated accordingly.

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Dhananjay Sahay 11 years 1 month ago

No doubt a good initiative to curb cash dealings. But what about the eco system to make it functional. Don't forget majority of our population still lives in villages where they don't have/use such plastic money. So we can't restrict to use only card for high/certain amount transaction.

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