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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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ATUL KUMAR MAHESHWARI 10 years 11 months ago

Maximum black money is in Gold,property,agricultural income of big shots & various trusts (black turns white) tax evasion in vat & service tax can be prevented easily.increase tax to 16% and add a column of aadhar/pan card tagged to bank acct of customer & refund him 3-4 %(online if plastic money or person can apply online for refund.It will make sure for him to show his expenditure & shopkeeper to show tax deposited with him.In reward of refund of tax,it will always be visible to ur system

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Suresh Kumar Gupta 10 years 11 months ago

DRAFT PROPOSALS FOR FACILITATING ELECTRONIC TRANSACTIONS Kindly see the attachment....... Suresh K. Gupta 82/A, Udhyog Vihar, Phase IV Gurgaon 122015 Haryana INDIA Telefax: 0124-2341745 Urgent Call/s: 9810532233 E-mail: sukuindia.skg@gmail.com

SKG.pdf

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Pradeep Tayal 10 years 11 months ago

we are talking about electronic transactions upto 50,000/- only. But is it the real black money. No, the real black money is in property market, black marketeers, grain markets, big business houses etc. To track that money should be prime focus. Ok, it can be a proposal to track a commons mans transactions but it wont help in curbing flow of black money. Every transaction in property should be tracked and the person must give details of the invested money. Data of every property must be there.

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Harvinder Singh_5 10 years 11 months ago

The hard fact is that the black money doesn't lie with the common man or a working class. It is in fact with a particular set of people and is not hidden. The reform should focus on restricting certain transactions around those selected set of people. Common man may only be interested in saving its 2% transaction fee or other taxes attached to a plastic money transaction.

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Muralee Krishnan 10 years 11 months ago

Try embedding privacy ensured RFIDs into born of a human-being permanently. This will solve all kinds of identification problems...even automate digital locker. Human rights issues, health hazards etc should be tackled. A good theme for R&D..

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NAND KUMAR TIWARI 10 years 11 months ago

In my personal opinion, there should be zero charge for use of plastic money. Today wherever we go and offer payment through card, seller says we have to pay 2.5% extra. Why common man should bear this extra charges without any additional benefit. Second things, people engaged in business profession should be told that more than Rs. 500/- cannot be taken through cash. Either it should be card or cheque whichever mode it may be.

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pranab_3 10 years 11 months ago

Please read the attached document.

BlackMoney.pdf

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pranab_3 10 years 11 months ago

There are 2 Ways by which cash transaction can be limited , not the way FM has proposed. One way is to limit the cash one can withdraw every month. That should be certain % of the monthly income he has shown in previous year‘s return. Rest of the expenditure he has to make with cards or cheques. If you want to withdraw more than the limit, you need pay a penalty. Another way is to charge Inc Tax only on the cash withdrawal, not total income. Govt will compensate the loss of IT with ST and VAT

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