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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)
CHANDRAVADAN JOSHI
CHANDRAVADAN JOSHI 10 years 10 months ago
Make all SINGLE transactions of Rs. 5000 or more mandatorily through bank/card, by withdrawing legal protection to cash transactions. In this way no poor will be inconvenienced. This will also facilitate monitoring of flow / volume of transactions in banking and pave way for implementations of suggestions of Arthkranti.org, that all taxes be replaced by a single banking transaction tax.
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Anuraag Srivastava
Anuraag Srivastava 10 years 10 months ago
The POS machines could be made quite Handy with a swipe or dip card technology of the size of a mobile which can be kept in a pocket or tied to a belt across the waist. This POS machine should be wi-fi enabled to connect to the individual's mobile hotspot or SIM card enabled where mobile companies can issue special Data cards where charges could be a percentage of value of transactions processed through it without any fixed rental.This could be used by small vendors,auto and rickshaw drivers.
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Sridhar_19
Sridhar_19 10 years 10 months ago
If we provide more incentives for paying using credit/debit card or through net banking in form of reward points. Another important ting would be to remove the convenience fees which is levied on paying through credit\debit card when we pay for railway tickets and also while paying many utility bills. We can achieve greater success if we can remove the fear of being cheated this we can only do if there is a campaign from the banks to educate people on the advantages of using e transactions
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Raghuraman K
Raghuraman K 10 years 10 months ago
The government trying to enable transactions only by Credit/Debit card.. Here are some of the challenges 1. The interchange fee ( 1.65% to Bank), Network fee to Visa/Mastercard ( 0.05%), will be a leakage in money/wealth from economy every time money is spent on trade..So, if you started an economy with 100 Rs, this money would become less than 5 Rs in approx 500 transactions.. That is a net loss.So, a national interchange system is a MUST. 2. How do you protect from card fraud ??
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Ashok Dubey
Ashok Dubey 10 years 10 months ago
It is good initiative, By this way you can curb the uses black money. But this is possible only when the govt. should take some bold decision such as ask to the banker they will not charge 2 % transaction charges from customer or shopkeeper. Now Mostly shopkeeper ask to the customer either you pay the bill amount in cash or if you want to pay by card either Credit or debit then pay 2 % extra . Therefore we are avoid to using the card to save 2 % swipe machine compulsory for every shopkeeper
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Ansar
Ansar 10 years 10 months ago
online transactions: What about a person who is getting salary in his one bank account and the person is having one more bank account for saving purpose and he is transferring from salary account to saving account. whether this will be effecting from any aspect?
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russel
russel 10 years 10 months ago
In Singapore there are no conductors in buses, just swipe in and swipe out that all, the amount will automatically get debited from the card(the driver check if the user has swiped as the entry is from front door only). No need of carrying change and money.
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Vishwanath Krishnamoorthy
Vishwanath Krishnamoorthy 10 years 10 months ago
Good initiative. I do not think we should incentivise shopkeepers with tax breaks. This is a category which has always paid less or no tax. To incentivise them will indirectly send a wrong signal. To pay right tax is a duty so incentivising is not correct morally. To keep it short, I wish to point to 2 things possible. Attached PDF is more descriptive..Thanks
Electronic_Transaction_Sugg230615.pdf
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