GOVERNMENT OF INDIA
English language

Home | MyGov

Accessibility
Accessibility Tools
Color Adjustment
Text Size
Navigation Adjustment
Screen Reader iconScreen Reader
Menus
Sticky Menu

Draft Proposals for Facilitating Electronic Transactions

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.

Reset
Showing 1250 Submission(s)
Ramendra Mandal
Ramendra Mandal 10 years 9 months ago
1. The no-surcharge rule to be applied strictly to no-frill debit cards. 2. Make all debit card transactions at POS pin-based. 3. Cash withdrawal at POS should be clubbed along with purchase, without any interchange fees
Dislike (0)
Reply
Report Spam
Ramendra Mandal
Ramendra Mandal 10 years 9 months ago
1) Introduction of no-frill debit cards and create awareness by running financial education campaigns. 2) Waive-off MDR on no-frill debit cards so that the perception of Merchant and Consumer that card transaction is more expensive than cash transaction goes away.
Dislike (0)
Reply
Report Spam
Abhishek Poddar
Abhishek Poddar 10 years 9 months ago
3. PENETRATION – Every merchant who applies for trade license, service tax or VAT registration should compulsorily sign up for card acceptance within 6 months of registration. This will help address the penetration issue. 4. ALTERNATE MEDIUM – If the regulator ban the circulation of high denomination currency notes, then the customers will have no choice to pay electronically & merchant will have no choice but to accept e-payment.
Dislike (0)
Reply
Report Spam
Abhishek Poddar
Abhishek Poddar 10 years 9 months ago
2. COST – Processing fees ranges from 0.75% to 2.5% of the transaction value. This is very high as compared to NEFT / RTGS. For credit cards the processing fees may be high as banks is giving credit to the customer. But the cost should not be higher than the cost of credit for 45 days. Considering 10% is the cost of credit the MDR for payments through credit card should not be higher than 1.25%. For debit card, the cost of credit is 0, the regulator should put a cap on the fees say Rs.5
Dislike (0)
Reply
Report Spam
Abhishek Poddar
Abhishek Poddar 10 years 9 months ago
1. CONVENIENCE – With the current system / infrastructure, the process to pay by card is time taking & it involves to many interventions (Swipe card.. PIN Entry.. Print Charge slip.. Get Signature on Chargeslip). In order to penetrate e-payment, the time taken to process payment & the steps involved to pay, need to be reduced. The system should also work in OFFLINE environment.
Dislike (0)
Reply
Report Spam
Saurabh Agrawal_9
Saurabh Agrawal_9 10 years 9 months ago
महोदय विक्रेताओ को कार्ड स्वैपिंग करने पर चार्ज देना पड़ता हैं जिसे ख़त्म किया जाना चाहिए कोई मोबाइल या कंप्यूटर विक्रेता जिसका एक सामान ४० से ५० हज़ार का होगा कभी भी कार्ड स्वैप नहीं करना चाहेगा और नगद भुगतान पर जोर देगा। इससे काले धन को बढ़ावा मिलता हैं. आप लोगो को इस और ध्यान देते हुए कार्ड स्वैपिंग पर लगने वाले चार्जेज को ख़त्म कर देना चाहिए जिससे अधिक से अधिक लोग कार्ड स्वैप कराये
Dislike (0)
Reply
Report Spam
Ashish Kumar Sharma
Ashish Kumar Sharma 10 years 9 months ago
Debit card is essential component, but it should be coupled with enough POS terminals. Other medium which can be utilized is mobile. Technology supports this and has been done successfully in African countries. SMS based money transfer system can be build which can facilitate small amount transactions like paying for rikshaw rent, hiring a plumber, buying milk, eating at roadside eateries. Government should lower service tax on e-Tranctions, lot of retail trade goes without paying service tax.
Dislike (0)
Reply
Report Spam
Comments (1)
Kandiyil Vijay
Kandiyil Vijay 10 years 9 months ago
Grievance redressal should also redress the failed transactions. Similar to failed ATM transactions, these transactions should also a maximum of 2 to 3 days’ time for re-crediting the failed amount.  While a fraudlent/disputed transaction may require some time for analysis, 3 months is a very high time. A reduced time period would also need to be examined, as the Government
Dislike (0)
Reply
Report Spam
Sticky Menu