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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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Yeshwinder Singh Patial 11 years 1 month ago

This is a welcome proposal by the government and will be a good step to curb black money. While giving tax rebates / lower taxes is welcome the first step would be to eliminate the 2% additional charges and service tax on this 2% service charge. Elimination of this 2% service charge will also result into increase in online / card transactions and may be as first step government can remove these from the government agenciescharging 2% service charges like Electricity Dept, Railways, LIC etc.

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Sai Pavan Kumar B 11 years 1 month ago

We support this idea. However, please reduce the existing taxes that are levied on these electronic transactions. Merchants are denying electronic payments due to these.

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Sagar Karale 11 years 1 month ago

This is indeed a very good proposal. The limit for such amount should not be very less compared to today's average monthly expenses of a middle class family. Rather there should not be any limit, because with higher income a person's expense also increases. If only few thousands per month are exempt then people might not use electronic transactions. Because once this bill is implemented, the merchants who wants transactions in cash (black money) will provide incentives for making payments in cas

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Niraj Kumar_23 11 years 1 month ago

Its good proposal . This will help to curb black money . The proposal to provide tax rebate is really a good idea - We can provide certain % income tax rebate ( 2 -3 %) on total money spend through card in a year. Also remove bank transaction charge on petrol pump ,railways ticket. Also provide rebate on VAT ( 1 % ) to shopkeeper who do transaction through POS . This will help in promoting card uses .

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gamermidhin 11 years 1 month ago

Alongwith solving the problem of black money, it will also help to hunt down the ghost of fake currency to a great extend. But to make it more effective, even rural people should be made well versed with this technology. So a little budget should be spent on creating awareness about the advantages of this scheme.

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Anand_41 11 years 1 month ago

This is a very good move as all the transactions are audited and curbs black money. We need to make this transaction free from any tax ( esp transaction task ). Most of the merchant hesitate to accept debit/credit card payment because they say then need to pay more tax. Just set up a win - win solution so that both the merchant and buyer are benefited .

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Vineet Kumar Singh_2 11 years 1 month ago

This is a great initiave. Tax benefits on credit and debit cards will defineltely encourage more people towards cashless transactions. But there are still majority of people who have negative thoughts about electronic transactions. They think its not safe or they will have to pay extra as tax or other hidden charges. Hence, awareness is required. Government should bring tax exemption on electronic transactions as soon as possible and start an awareness campaign to teach people its benefits.

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Vivek Garg_5 11 years 1 month ago

1) Income Tax rebate for all credit/debit card transactions. 2) Remove surcharge, extra fee/charges (MRP + 2%). 3) Stop printing 1000 rupee notes. 4) Charge extra tax from shopkeepers for cash transactions.

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gamermidhin 11 years 1 month ago

This may have a fair share of anomalies too. Marginal shopkeepers in villages are not familiar with credit card system. So ,first of all it is to be made sure that they are made aware of this technology. We have to make sure that proper awareness about this scheme is given to everyone.

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Mukesh Nimani 11 years 1 month ago

Some of the places where we pay more for Credit Card or online transactions are - Petrol Pumpls, Jewellers, some retailers, online Electricity Bills, IRCTC, Flight Bookings (make my trip), online movie ticket bookings, etc. You remove these and I will never use cash for these places. Another thing is Govt should look into reducing late payment charges and interests on Credit Cards to make it more affordable for poors. All in all, an excellent step. Tax benefit is gem of an idea.

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