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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.

Showing 1250 Submission(s)
deepak231088@gmail.com
Deepak Sharma 9 years 9 months ago

Introduce tax on cash transactions or cash handling fees and remove the tax on credit or debit card transactions.I think most people avoid doing card transaction, because they fear,if deducted wrongly or any failure during payment.The refund takes week or more to process. Please ensure to make refunds instantly.

Comments (2)
Prashant_48
Prashant_48 9 years 9 months ago

Retailers/shopkeepers have transactions done through Cheque/ similar instruments. Such transactions lead to fund transfer between bank accounts through the Banking Channel. These transactions support ALL the intended objectives. Hence, all such transactions should be included in the calculations of threshold limits for incentives. “The definition of E-transactions should include all modes of physical and electronic transactions which leads to money transfer from one Bank Account to another.

Pritesh Sikchi
Pritesh Sikchi 9 years 9 months ago

Hi!
We are a startup working on an innovative business model for accelerating mobile based electronic transactions. Here are a few key highlights of our model:
1. Digitising micro currency transactions of upto Rs 100- The common man’s denominations.
2. A financially rewarding model for Mobile Operators, based on cash flows and not compliance.
3. USSD based platform.

Will be happy to give a detailed presentation to the PM! Definitely need his backing!!
Email:pritesh (at) revin (dot) in

Comments (1)
vikas.holla@gmail.com
VIKAS K R 9 years 9 months ago

1. There should be incentive for the individual to use the electronic money as way of payment, which can be certain amount as cachback to the user say(1%) from Rupay/Visa etc.
2. Merchants must be incentivized to approve payment through card, may be doing away with transaction charges.
3. Stopping notes over 100Rs would also help I believe as nobody would be wanting to carry huge bundles of notes.

Comments (1)
Sanjeev Binaykia
Sanjeev Binaykia 9 years 9 months ago

Radical but worth considering: remove ALL paper currency.

Introduce coins for all denominations: 1, 2, 5, 10, 20, 50 ,100, 500, 1000.

This will make it hard to counterfeit, and hard to carry large amounts of cash.

All transactions can then be done using only coins, card (Rupay or Master / Visa / Amex), or electronic (NEFT / IMPS).

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