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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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SHIVAM KUMAR_10 10 years 10 months ago

Apart from traditional password authentication,card should have inbuilt fingerprint data of customer.Card should have mandatory this data Fingerprint data apart from traditional password authentication and can be used for payment authentication at shops, railway ticket counter etc which is both safe and fast. It will greatly expedite long line of customer

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ayush agarwal 10 years 10 months ago

Great step. This will surely help in checking the flow of black money. Transaction charges should be removed for card transactions. Tax Incentives should be given to public to encourage them to use their cards.

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AJAY GUPTA_20 10 years 10 months ago

Thirdly platform like PAYTM wallet services can be used for transacting so that it provide security feature so that chances of fraud be minimised and moreover customer banking or card details are not shared while transacting and transaction process be smooth and instant.

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AJAY GUPTA_20 10 years 10 months ago

My suggestion is to make sure that all business transactions be made through debit card/credit card/net banking. Firstly all type of electronic transactions should be free from any sort of charges so that more and more transactions happen. Secondly all transactions shall be provided good amount of rebate in income tax say 5% to only those who file their income tax returns so that more and more people file returns and more and more transactions get accounted.

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D Kumar 10 years 10 months ago

E currency would be a disruptive change and has to be driven by the government and RBI, just like they do now under RBI Act and Coinage Act.Due to Regulatory and statutory requirements private entities would continue to work for different form and factor of plastic cards which may supplement coins/currency but can not work universally. With PMJDY & BBSD accounts implementations wpuld be easier. NFC/HCE and other hosting environment has capablity to make this realty in cost effective manner.

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Navneet Kumar Jain 10 years 10 months ago

That's fine but then the banks are supposed to provide small shops and counters also a machine with bank account. Currently it is very complicated to get a machine bcoz opening of current account itself for the small shop keeper or sales counter is impossible due to banks paper requirements. Hope the banks start giving the machine to saving bank account holders too. Anyway I personally am in favour to stop Rs 1000, 500 & 100 to Curb Black Money circulation. Also would suggest to have cheque boun

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D Kumar 10 years 10 months ago

Now it is time to move to e-currency, as we hv moved from metalic coins/currncy to paper currency. The cost involved in maintaining and distribution of paper currency can be used by the Reserve Bank to issue initial payment and reveipt points based on NFC and HCE technology. To start with we may start with offline model and for small denominations currencies say for notes and coins upto Rs. 50 denominations. This would have cost advantage and banks will b able to concentrate on credit products

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krishnapalesh mandavilli 10 years 10 months ago

#ElectronicTransactions sir,first of all you remove the payment gateway charges/bank charges/service charges/convenience fee,so that more people will shift towards the electronic transactions.For making the transactions in an effective way first of all that particular person should be familiar with using the technology,so that govt/banks should set up similar to tech learning centers initiated by state bank of india.If this suggestion was implemented to some extent this will be successful

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APURVA RAI 10 years 10 months ago

All cash transaction should be through credit/ debit cards and the password could be the last four digits of Aadhar Card. Banks should be asked not to levy transaction charge on such cards. Thus every person will be under scanner too and will find life much convenient. Now there would not be pick-pockets and not load on currency notes. The transaction limit on cards too may be eliminated for the convenience of people.

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bhavin kubadia 10 years 10 months ago

digitalization,electronization of India all can be done if a digital key board is made,like touch screen,can change to any language,this will help join all remote places & every people.... certain things can't say through posts need to talk

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