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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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Amit Kumar 10 years 9 months ago

There should be an extra tax slab for expenses in cash Named TCT (Tax on Cash Transaction) which should be levied on all kind of commercial activity in business whether Proprietorship, partnership, Pvt.Ltd.Co., Ltd Co., Trust and society and should be:- .5% up to 2,50,000. 1% on 2,50,001 to 5,00,000 2% on 5,00,001 to 10,00,000 5% on Above 10,00,000. It will be a great option for tax evasion as people wants to reduce there tax liability doing there business activity through bank

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shrey singh 10 years 9 months ago

People are mot whereing helmet on rod and traffic police is not fining them and ignoreing them Plzz sir do some thing for them

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arun jaiswal 10 years 9 months ago

Doctors are not giving any cash memo for their payment receipt from patients

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Arun Kumar_88 10 years 9 months ago

I appreciate the initiative to clean up Bharat in every aspect by current govt. One thing I would like to point out here that Merchants terminals asked 2% extra when somebody pays using credit cards/debit cards giving reason that they have to pay extra tax on card transactions. 1. Govt should take strong action on these merchants/shops/showrooms 2. If they have to really pay extra tax(I think they dont) then govt should change their tax policies accordingly.

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Radhakrishnan VM 10 years 9 months ago

In my view card system can curb the speeding of fake currency notes by the anti nationalists.Electronic system will help to save time.Those who are uneducated using ATM and Cellphones perfectly. So a easier system should solve the difficulty.

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gopal geedi 10 years 9 months ago

This proposal better to curb black money..but 30%-40% people of this country illiterates till today...how can they continue e-transactions..but some friends said that incentives to promote e transactions better way,another thing is don't impose tax on cash transactions in banks.now some banks imposing penalty on cash deposits..this is not correct way..becoz some people don't now about cards,not have accounts..how can they transaction made..

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GKV SUBBA RAO 10 years 9 months ago

I am very happy to see at least now they got some thing in their mind, because politician will never understand what people need, they are good in stage meeting. Please go through my attached file, Govt need not to think such a long way.only Four steps will solve all problems. 1 All transactions above Rs 25,000/- through bank 2 Abolish of Currency note 500 and above. 3 Facilitate banking system. 4 Abolish all types of taxes and implementation of transaction charges.

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Ekkesh Binnani 10 years 9 months ago

Many shop owners(Earning between 5-12 lacs) don't pay taxes as the don't give bills and money is not accounted. This also help them to fetch concessions in government schemes which are meant for poors like TFW seat in education. Also While issuing income certificates no verification is done at many places. So along with making Card payment at shops compulsory Government also make income verifying authority accountable for this frauds along with the owner.

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Dattaprasad Vaidya 10 years 9 months ago

We can think of counting, tax component paid through e-transaction, as tax paid and can be added to form 26AS for person. This way, people will prefer using e-transactions over any other mode. While filing ITR this tax can be considered along with TDS. This will provide some relief for salaried people.

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Dattaprasad Vaidya 10 years 9 months ago

Immediate step required is to discontinue INR 1000 and INR 500 notes. As per "Arthakranti proposal" it takes Rs 39 to print a note of any denomination. So if we discontinue higher demonstration notes, counterfeit currency will be checked. Eventually we can discontinue even INR 100 note I really appreciate this proposal as it can create huge benefits for #Indians. I sincerely request you to consider this proposal, brainstorm with excellent economics talent we have and implement asap.

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