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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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Vaman Kini 10 years 9 months ago

I can vouch that it is best possible asset as Electronic transactions to curb black money menace in India. Kindly ensure that all accounts be it is in Bank/ NBFC/ Credit co operative society should not get open without PAN and Aadhar number. The said point will help in collection of tax in terms of TDS for FD's which are dumped in society to axe the tax by public. Only cheque/DD/NEFT/RTGS plus aadhar and pan will help in the real estate sector black money. Only Instrument and card use will help.

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Bhaskar Reddy 10 years 9 months ago

To encourage cash less transactions, govt. has to perform the below things: 1. Ban 500rs and 1000rs notes as this will control fake notes and inflation. 2. Remove the charges on electronic transactions.

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Gopalan Varadharajan 10 years 9 months ago

1) In metro cities, tier 1 & 2 cities make compulsory all sales above Rs.10,000/- to be made only through debit cards (no additional charge to be levied on purchaser's) 2) It should be charged on sellers Rs.50/- per transaction only, flat rate by service providers (visa/master) 3) Credit card sales additional charges as applicable 4) Additional security features like biometric (Aadhar) verifications to be embedded in the transaction process. 5) Over a period extend to other locations.

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Sudhir Sarvate 10 years 9 months ago

From each and every bank, take Annual report on cash withdrawals made above Rs. 5 Lakhs by saving account holders and Rs. 15 lakhs by current, cash credit etc account holders. The banks have their software’s, so you can instruct bank to develop their software in such a way that at the end of every year the automatic annual information report should be generated of account holders along with his PAN who has withdrawn cash as above and bank should file this as a A. I. R. with Dept.

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lalit Khurana_2 10 years 9 months ago

6)All EMI payments for all Home loans , auto loans , personals loans, educational loans or any other loans should only be through ECS/ NACH ,No Post Dated Cheques ( PDCs) should be allowed.

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lalit Khurana_2 10 years 9 months ago

4)As a payment option ,all utility companies must offer NACH (National Automated Clearing House ) a payment option to its customers, further all banks must ensure proper infrastructure and process in place to process such NACH mandates and transactions. 5)Small value payments from mobile phones (upto Rs. 5000/-) must be made easier i.e allow single factor authentication instead of ‘two factor authentication’

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lalit Khurana_2 10 years 9 months ago

1)Impose cash withdrawal charges for every withdrawal through cheque at the bank counters at least in metro, Semi Urban areas. 2)Every school / educational institution must offer incentives for fees paid through Cards ,electronic means and must have card acceptance infrastructure in place. 3)All utility companies must impose surcharge on payments through cash / cheque

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vinay kumar 10 years 9 months ago

I have a EDC machine of HDFC bank.When a customer pay his bill through it,first asked"koi CHARGE to nahi n lagega".It happens because bank charged 1 to 2℅ every transactions. I am a simple shopkeeper.If bank do not any charge,we push up to cust. to pay bill by credit/ ATM card.Then plastic money is above and cash transactions will be down.I think it because today's business is very competitive and bank charge is not ignorable.

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Neil Harwani 10 years 9 months ago

We should have electronic transactions with taxes on all transactions like buying, selling everything (indirect taxes)and low personal and direct taxes. Whole country will come in tax net this way. All services should be offered via electronic medium in long run. By having higher indirect taxes on electronic transactions tax theft will go down a lot.

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Anshul Srivastava_2 10 years 9 months ago

Electricity bills, Phone Bills, Property tax, fees of educational institutions all other bills should mandatorily be made electronic in nature or large incentives should be given for electronic payment and penal surcharge for cash payment.

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