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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)
Joel Alenchery
Joel Alenchery 10 years 12 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
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
Insurance: As of now, the insurance companies do not cover the inherent risks of Merchant acquiring business. Perhaps, a gentle push by the government may help the industry.
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
Amendment of Charge back mandates: Currently, some of the charge back mandates of the scheme owners are too flimsy and cumbersome. Such provisions shall be done away with to give the comfort to merchant about his sale proceeds as well as that the card payment is as good as cash payment. Again, the presentment rules cannot be implemented for Mobile based pos (MPOS) as the receipt printing mechanism is neither easy nor cost effective.Ergo, suitable amendments shall be initiated by scheme owners
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
Hence, continuing the present PIN based authentication or OTP are adequate. For those areas where the literacy levels are very poor we can prompt them to select an ICON based PIN which can be mapped at the backend so that they will not feel any inconvenience to operate the front end acceptance device which is equipped with such Overlay of ICONs in addition to the regular Numerals.
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
AADHAR based authentication: Aadhar shall be used as a proper identification for issuance of cards; but, any such identification for authentication at the time of transaction will waste time and spiral infrastructural and processing costs. Most of the Indian population are able to use the mobile phones in spite of their low literacy levels. Perhaps, they are at ease to use the numbers with greater facility when compared to any alphabet.
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
Standardisation of message format and interoperability: “Adoption of international messaging standards like ISO 20022 across all payment systems would be examined “ (RBI vision document 2012) If we do not do it now, as some of the present generation POS/EDCs using the ISO 8583 message formats cannot handle the ISO 20022 format and if it is implemented globally soon, the replacement cost of the current devices then would be a huge drain too soon.
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
Trained workforce: The Electronic payments industry require a well trained work force to address the nuances of the business. Although the vision document of RBI 2012 emphatically talks about this (“2.3.3 Capacity building- human resources:... In this regard, a conscious endeavour towards creating a pool of human resources needs to be undertaken by way of identification, training, deployment and succession planning being put in place by all the stakeholders including the Central Bank.”)
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Pratap R Reddy
Pratap R Reddy 10 years 12 months ago
EMV certification in India:. The EMV certification fee is prohibitively high and the certifying labs are available only on foreign soil. India should establish one such lab and till that is being done, convince Visa and MasterCard not to penalise usage of any EMV ‘compliant’ indigenous terminal even if is not certified. This will certainly help to further bring down the price of Indian terminals and also compel foreign vendors to drop their prices.
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