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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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prashant jha_4 11 years 1 month ago

Tax benefits in terms of IT rebate for payments made electronically should be in the form of Tax credit that can be utilised in following year with the reference no generated at the time of payment in the current year. Other lucky draw incentives could also me introduced. The facility should be only for the payments made by own Debit/credit cards. Online Transaction charges in IRCTC etc should be reviewed atleast in the initial years of this initiative.

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Mallikarjun Jambigi 11 years 1 month ago

This is a path breaking initiative. We tax payers have for long suffered and watch the cash rich people do away with their money. This is like "addressing the elephant in the room" Please do take this ahead and create a law to make the act of undervaluation of real estate a criminal offence. All real estate transactions should be made electronic mandatory 100%. Real estate is the source and heaven of black money. #savehonesttaxpayers

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Riaz Ahmed_1 11 years 1 month ago

1.Government banks charge 114 rs for debit card while cash transactions are free.What will people chose then? 2.Upon online payment through debit card/net banking extra 45 rupees is charged in IRCTC website

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Riaz Ahmed_1 11 years 1 month ago

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Akshay Kini 11 years 1 month ago

We should also take steps to introduce extremely high security to such transactions, so that people are more confident in spending electronically. In-fact, we should mandate that there should be inbuilt fraud insurance at very low premium (as risk is low) for example 0.001% transaction cost, but it will help boost confidence. NEFT/RTGS should be obsoleted in favor of IMPS. Too many methods confuse people. #RUPAY, #Economy, #ElectronicTransactions

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Dinesh Dutta 11 years 1 month ago

The below are my opinion on Card transaction initiative: 1. The government should give income tax rebate on all Card Transactions because unless people get some benefit, they won't follow. This should be extended to all VISA, MASTER, MAESTRO, AMEX Debit/Credit cards and Netbanking. 2. The government should ask all banks to give annual statement to its customers for submitting proof to the Income Tax department of such Card/Netbanking transactions done in a year for tax rebate.

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Shrikant H Joshi 11 years 1 month ago

We must embrace Digital India concept whole-heatedly. 1. Abolish Reserve Bank of India issued Bank Notes above Rs. 500 denominations. This will encourage payments by credit / debit cards. (Rs. 5,000 Pakistani bank notes facilitate black money conversion via Dubai). 2. In most developed countries there are cash registers linked with Internet to post transactions with tax authorities. Why not in India? 3. Land prices are driven by black money in India. Allow portals to accept digital deals.

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Aniruddh Gupta 11 years 1 month ago

A national payment gateway should be made by govt so that all legal entities dont have to invest seperately in integrating payment gateways. E.g. Collectuons by post office, house tax, municipal tax, all utilities tax, exam fees by Aiims, iit, iim, house registrations, . -real estate, jewellery stores discourage online payment. Mechenism should penalise them for cash transactions somehow. -also, smart phones should be used as point of sale terminal by a secured app.

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Aniruddh Gupta 11 years 1 month ago

-prefer Rupay to visa/mastercard and save 2% spending to american companies. Dont forget how US inposed sanctions in russia recently. -rupay enables easier data collection with no dependency. ->50000rs shud be online. Cash to attract surcharge of 1% from both parties if e-pos available. - make online payment portal and mobile app to enable mobiles as pos terminals. This will boost transaction. I can share detailed proposal on this if you need.

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Rajiv Yelkawar 11 years 1 month ago

If we want to really promote tax compliance, just keep differential tax rates. Keep 1 to 2 % difference in tax rates in electronic transactions and cash. This will be a big incentive to the traders as well as customer. Audit will be simple

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