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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)
Pravinda Sahu
Pravinda Sahu 10 years 10 months ago
POS machines should be set up in villages and towns. Our rural population is completely illetrate about online transactions. This will be very good initiative to make them familiarize with online transactions.
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Rahul Sharma_71
Rahul Sharma_71 10 years 10 months ago
Reduce tax for card/online transactions, make it half. This will ensure that the salaried class does not bear the burden of taxation (income & consumption) unreasonably because every penny of theirs is traceable. For those with black/unaccounted money, either they will pay in cash (govt. earns money at consumption) or pay by card (govt. will know their spending and therefore will be able to see the mismatch b/w income filed in returns and purchases). Boosting cashless transactions.
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Pravinda Sahu
Pravinda Sahu 10 years 10 months ago
Charging 2-3 % from online transactions should be abolished, rather it should be charged if cash is paid for more than 10,000 INR. All the companies, even smaller firms should be asked to make all the transactions online. Salary to each and every employee should be paid through online transactions.
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Lakshmi Narayana Rao Ramachandruni
Lakshmi Narayana Rao Ramachandruni 10 years 10 months ago
Banks take turnover figures from borrowers for working capital limits in particular. Make it mandatory to use electronic transfers to be taken into consideration by bankers. Remove 1000, 500 and even 100 rupee notes immediately. No charges for use of debit cards charges for withdrawal of cash or deposit of cash in the banks. Generally make it costly and difficult to use cash. Now GST provisions may also be looked into so that all trade etc is done by case. Wages to be paid onlyin bank account.
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TIRTHA DAS
TIRTHA DAS 10 years 10 months ago
Generally, merchants do not want to engage in card transaction as banks charge 2-3% on transaction. Rather I feel if Govt. abolish transaction charges on card and introduce 2-3% on cash transaction in banks, it will help us to bring in card culture. Imagine everytime a merchant wants to deposit cash in bank account, it would attract 2-3% cash handling charges. He/she will definitely want the transaction electronically.
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Sumita Kale
Sumita Kale 10 years 10 months ago
From the Indicus Centre for Financial Inclusion, we have two key points relating to the infrastructure to facilitate electronic transactions at the last mile:1)PoS terminals should be fully interoperable, and support Aadhaar as well as other 3 factor authentication modes 2)Risk and fraud policies must be framed according to the mode, channel and transaction i.e. who bears risk of funds being wrongly/fraudulently transacted through mobile,PoS, ATM etc must be clarified.
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SAROJ KUMAR SAHOO_1
SAROJ KUMAR SAHOO_1 10 years 10 months ago
Sir, 1) First we need to spread the POS machine Install to Rural Area as well. In Rural area/Small Town, we forced to use Cash as no one accepting Card Payment. By Giving Tax Benefit/Surcharge to Rural Area Shop Keeper. 2)Many shop keeper like (Bike/Car Show Room/Petrol Bunk/Electronics store) are Charging 2% Extra While Making Payment through Card. These thing must be stopped. 3)LIC of India/PSU Companies taking Service Charge While making payment by CC/DC.Please stop this.
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Manish Singh
Manish Singh 10 years 10 months ago
Dear Sir, This is a very welcome move. The swipe machine may be subsidized by the Government which in turn will reduce the cost of currency note printing, stop circulation of fake note and also higher tax collection in the long run.
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Nikhil Naraharikrishna
Nikhil Naraharikrishna 10 years 10 months ago
Dear FinMin, Attached PDF has my comments & suggestions regarding the way forward for cashless transactions. I am willing to spend time & effort in discussing this further as I am of the strong view that this initiative will go a long way in not only reducing the burden of cash but also in curbing black money. Regards, Nikhil
CashlessTransactions_Policy_NikhilN.pdf
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