GOVERNMENT OF INDIA
English language

Home | MyGov

Accessibility
Accessibility Tools
Color Adjustment
Text Size
Navigation Adjustment
Screen Reader iconScreen Reader
Menus
Sticky Menu

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.

Reset
Showing 1250 Submission(s)
R K Sethi
R K Sethi 10 years 11 months ago
Cash enters into the economic activities through cash withdrawals from banks. This should be curbed by charging 2% on all cash withdrawals. However, small and retail account holders may be allowed charge free amount upto Rs ten thousand per month. Further, no insurance premium, life or non-life, or mutual fund, equity investments etc. should be allowed in cash. Sundry payments in cash beyond 10% of the total expenses should not be allowed in the books of firms/companies etc should be allowed.
Dislike (0)
Reply
Report Spam
Sundresan subramanian
Sundresan subramanian 10 years 11 months ago
Maximum Limit should be fixed for cash Transactions in Jewellery purchase.The enterprise can be insisted on submitting a declaration on the cash transactions at the end of the month duly certified by a Chartered accountant. Bank consider reduction of interest rate for late payment; State Govt. can consider reduction of sales tax on credit card transactions.
Dislike (0)
Reply
Report Spam
rajanlalkarn
rajanlalkarn 10 years 11 months ago
Draft proposal is the good way to initiate to increase electronic transaction. It's a way to curb huge black money. We need to promote it asap by giving support to the cashless economy and taking it into our habits.
Dislike (0)
Reply
Report Spam
sandeep gupta_22
sandeep gupta_22 10 years 11 months ago
Please start giving benefits on using Debit/Credit cards to end consumer as well as Retailers/ Site owners etc.... But that majorly covers only for urban areas i.e. A and B grade cities. For C grade and Other areas, please derive some means to start use electronic funds transfers.
Dislike (0)
Reply
Report Spam
Ravindranath Uthaerkar
Ravindranath Uthaerkar 10 years 11 months ago
All transactions above Rs.500/ must be with debit cards. Each and every earning member must have one Bank a/c. linked to the Adhar Number. All payments of wages, salaries.rents,rates,interests and payments for purchases be made only with Cr Cards. Since there are avenues for operating the Bank a/c from anywhere within or outside the country no one including business people need to have more than one Bank a/c. This measure will help the govt.to curb black money and in the long run help Tax colln
Dislike (0)
Reply
Report Spam
Ravindranath Uthaerkar
Ravindranath Uthaerkar 10 years 11 months ago
Each and every earning member must have one Bank account only. Having more than one Bank a/c must be made illegal.The Banks must take the responsibility to curb duplications.
Dislike (0)
Reply
Report Spam
Paurush Kumar
Paurush Kumar 10 years 11 months ago
All charges on electronic transfer or payment should be removed and the Government should encourage such payments. It will be great help to curb the black money less requirement of currency ease of transaction any huge number of transactions will come under the Government's scanner. Payments through cards should also be promoted to raise taxes because of it the seller will be liable to give original bill and pay taxes. If it happens it will be a great move in Indian economy.
Dislike (0)
Reply
Report Spam
Nalin Goel
Nalin Goel 10 years 11 months ago
The draft proposal on electronic transaction is a great measure to curb black money transactions, tax avoidance & reduce corruption. However, the following points must be considered to make India a cashless economy: Reduction of service tax,VAT,surcharge &luxury tax on non-cash transactions.No charges on IMPF & other bank transfers. User controlled dynamic spend limits on Debit cards. Alternative methods for 2 factor authentication.Install NFC supported machines at POS
Dislike (0)
Reply
Report Spam
Sticky Menu