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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.

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Showing 1250 Submission(s)
Ajeet Kumar
Ajeet Kumar 10 years 10 months ago
But before that, we Indians are very protective and proactive when it comes to money. Gov needs to take steps to dish out the fear of ours that money may not find its designated destination. That its completely safe to let our money flow with the clicks.New campaigns can be started on national TV, roping in sm big names,especially in this direction. Diff institutions can be created to look into the perils of going the cashless way or the older ones can be given a revamp.
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sujit lotlikar
sujit lotlikar 10 years 10 months ago
sir,due to network banking and e transaction physical work load reduced in bank. but due to poor network connectivity e payment struck,amount deducted to account,but refund takes time,process start only after complaint in busy call center.all currency notes need to be replace with different new notes,give time period to deposit holding currency in account.
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christopher williams
christopher williams 10 years 10 months ago
I can provide you with a copy of the suggested Asian Currency Unit (ACU) as the proposed interface to all of the fiat currencies of the AIIB region. We believe this has a considerable added value at any staged, but particularly while you are looking at fundamental change in the current payment system. However, as this outside the particular scope of your enquiry, I will wait to hear from you as to whether it is appropriate. Sincerely, Chris Williams Chairman, RTpay cwilliams@rtpay.org
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christopher williams
christopher williams 10 years 10 months ago
Our policy, as a non-profit group, is to work in an open format, encouraging local companies and organizations to build their infrastructure along the basic lines suggested, but enabling their specific conditions to be incorporated within their design. In general terms, we see the need for interoperability in any system development, if we are to avoid any group either getting monopolistic control or having a group of, say banks, slow up change if they see no added value.
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christopher williams
christopher williams 10 years 10 months ago
As a final comment, RTpay and its partner companies have many aspects of the solution available for discussion and can operate as either in a consulting format to assist the Indian government develop such facilities in-house, or we can provide a complete solution along the lines identified above – and in your current plans. We are fully available for any discussion as to how any aspect may be accomplished.
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christopher williams
christopher williams 10 years 10 months ago
There are considerations regarding consumer protection, timing of settlement to merchants, provision of POS devices etc., but these become far easier to resolve if the basic value-add is understood. One aspect of our work is in the development of LEIs (Legal Entity Identifiers) for SMEs as part of the security of data and financial control. This would be a major step forward for many parts of the world – and one we would be very pleased to bring into any discussion with you.
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christopher williams
christopher williams 10 years 10 months ago
providing the service.) Again, in an ideal solution, the government would negotiate with the MNOs that no fee be charged on submitting such transactions, so the account holder did not suffer any costs. One of our partner companies has a payment structure for over 250 MNOs where it guarantees the MNO against fraud on the loading of top-ups to accounts; this system can be expanded to include similar security for the flow of remittances and aid over mobile networks into the server.
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christopher williams
christopher williams 10 years 10 months ago
As an optimal solution for mobile payments, I would suggest the clearing is solely done by a government-owned clearing facility, with all messaging linked from all MNOS into that facility. This way there is full inter-operability for account holders and the transactions could be conducted at no cost to the merchant or the account holder. (The value for the government would be in the ability to collect VAT during the course of transaction, more than compensating for the costs involved in providin
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christopher williams
christopher williams 10 years 10 months ago
The manner in which mobile networks operate within the payment process is one for specific attention. From my perspective, I would suggest that the mobile is a messaging format only, with all balances held in appropriately capitalized and secure financial institutions. Whether the MNOs are sufficiently strong and/ or want to act in that role is an open question.
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christopher williams
christopher williams 10 years 10 months ago
Whether that process is considered viable at all is obviously one matter; a partial solution could be the withdrawal of high value notes only, which would still impact their use for criminal activity. The question becomes whether one can limit the usage of high value notes from other countries, such as the $100 bill and the 500 euro note. Ideally, there would be an international agreement to lower the maximum size of all bills to, say, $10 or equivalent.
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