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Centre wants Indians to abandon cash and make digital payments

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Lalit

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Would switch over to digital transactions be really useful in India and to all the rural people too and in emergencies?

[h=1]Centre wants Indians to abandon cash and make digital payments[/h]OUR BUREAUVarious levies on cashless payments set to go

NEW DELHI, FEBRUARY 24:
Digital payments, which are already gaining traction in India, could take off if the National Democratic Alliance government’s plan to promote such payments becomes a reality.
The Cabinet on Wednesday gave its nod for several short- (within a year) and medium-term (within two years) measures to be implemented to promote digital and card-based payments in the country.
The measures include withdrawal of surcharge/service charge/ convenience fee on card/ digital payments currently imposed by various government departments/organisations.
Appropriate acceptance infrastructure will be introduced in government departments/ organisations, while the Merchant Discount Rate (MDR) on card transactions will be rationalised, with a differentiated MDR framework for some key transaction segments, an official release said.
The Centre will mandate payments beyond a prescribed threshold only in card/ digital mode.
It will also introduce formulae-linked acceptance infrastructure by the stakeholders of certain card products, rationalise telecom service charges for digital financial transactions, promote mobile banking, and create assurance mechanisms for quick resolution of fraudulent transactions. In addition, it will review the payments ecosystem in the country.
These measures will be instrumental in reducing tax avoidance, and promote migration of government payments and collections to cashless mode.
Ultimately, this is expected to discourage cash transactions by providing access to financial payment services to citizens to conduct transactions through card/ digital means.
While the infrastructure of card/digital payments is growing, it remains modest in comparison to cash payments. For such payments to increase, they should be easy, readily available and accepted, and should not impose an undue financial burden on the merchant or user.
Focus on smaller cities

While payment system initiatives such as the Electronic Clearing Service Scheme, National Electronic Funds Transfer, Real Time Gross Settlement Scheme etc. have been impressive, the benefits of modern digital payment systems are yet to reach all sections of society and be accepted across the country.

Current experience and evidence indicates that the success of modern card/ digital payment products and services is concentrated to a large extent in tier-I and tier-II cities.
http://www.thehindubusinessline.com...ns-to-abandon-cash-and-make-digital-payments/
 
hii

is it possible in india?....in USA...i can buy MATCH BOX using with my credit/debit card...even many having ONLY CARDS in

vallet....not even a single dollar.....india has to long run to reach these kind of activities....
 
Would switch over to digital transactions be really useful in India and to all the rural people too and in emergencies?

Centre wants Indians to abandon cash and make digital payments

OUR BUREAUVarious levies on cashless payments set to go

NEW DELHI, FEBRUARY 24:
Digital payments, which are already gaining traction in India, could take off if the National Democratic Alliance government’s plan to promote such payments becomes a reality.
The Cabinet on Wednesday gave its nod for several short- (within a year) and medium-term (within two years) measures to be implemented to promote digital and card-based payments in the country.
The measures include withdrawal of surcharge/service charge/ convenience fee on card/ digital payments currently imposed by various government departments/organisations.
Appropriate acceptance infrastructure will be introduced in government departments/ organisations, while the Merchant Discount Rate (MDR) on card transactions will be rationalised, with a differentiated MDR framework for some key transaction segments, an official release said.
The Centre will mandate payments beyond a prescribed threshold only in card/ digital mode.
It will also introduce formulae-linked acceptance infrastructure by the stakeholders of certain card products, rationalise telecom service charges for digital financial transactions, promote mobile banking, and create assurance mechanisms for quick resolution of fraudulent transactions. In addition, it will review the payments ecosystem in the country.
These measures will be instrumental in reducing tax avoidance, and promote migration of government payments and collections to cashless mode.
Ultimately, this is expected to discourage cash transactions by providing access to financial payment services to citizens to conduct transactions through card/ digital means.
While the infrastructure of card/digital payments is growing, it remains modest in comparison to cash payments. For such payments to increase, they should be easy, readily available and accepted, and should not impose an undue financial burden on the merchant or user.
Focus on smaller cities

While payment system initiatives such as the Electronic Clearing Service Scheme, National Electronic Funds Transfer, Real Time Gross Settlement Scheme etc. have been impressive, the benefits of modern digital payment systems are yet to reach all sections of society and be accepted across the country.

Current experience and evidence indicates that the success of modern card/ digital payment products and services is concentrated to a large extent in tier-I and tier-II cities.
http://www.thehindubusinessline.com...ns-to-abandon-cash-and-make-digital-payments/

How will you pay for bribes? With credit card!!!! Ha-Ha.
 
The main aim of the Central Govt. is to reduce the cost of printing currency notes.
Only to promote digital transaction, deviating from cash, the then FM .Chidambaram introduced cash transaction tax whereby all cash transactions above a threshold limit was taxed at 1%. In this process even cash transactions of State and Central Govts were all taxed. The scheme met with a lot of opposition even from State Govts. as they have to do additional work to maintain the detailed data of tax paid, in this area. Bigger traders also fought tooth and nail.
Within 2 years ,the cash transaction tax was was scrapped.
In a populous country like India where majority are not that much techno savvy /technocracy, the transition to digital money would take a lot of time, facing a lot of resistance.
 
The old age pension (OAP) Rs. 1000/- is being distributed to the people only through OAP money orders through post offices.
It is said that 20% of beneficiaries are either dead or non existent and the proceeds of money-orders are being shared by ward councillors and postmen.
Even in case of live pensioners, compulsory tips are levied at the rate of Rs. 50/- per pensioner.
It is alleged in Chennai city some postmen are very affluent and owning cars.
The PMG of Chennai region has conducted an adhalath, for this purpose.

As a initiative for digital transaction,let the State and Central Govt make it mandatory to credit the monetary proceeds of all social welfare schemes, to the accounts of the beneficiaries as in the case of gas subsidy.
 
Curbing the use of currency notes and making all (legal) payments through cards / money transfer etc. is not a new suggestion. Theoretically it will curb black money, but it is impossible to implement in India. One of my friends working in Income Tax department was commenting that in Chennai City alone, only about 500 doctors are IT assessees. Truly strange in deed. Many doctors charge consulting fees ranging from Rs.500 to Rs.1000/- and assuming that they attend to at least 20 patients a day, are they not assessed to Income Tax ? No theory on economics would work in India, as long as the country is not brought under dictatorship.
 
Curbing the use of currency notes and making all (legal) payments through cards / money transfer etc. is not a new suggestion. Theoretically it will curb black money, but it is impossible to implement in India. One of my friends working in Income Tax department was commenting that in Chennai City alone, only about 500 doctors are IT assessees. Truly strange in deed. Many doctors charge consulting fees ranging from Rs.500 to Rs.1000/- and assuming that they attend to at least 20 patients a day, are they not assessed to Income Tax ? No theory on economics would work in India, as long as the country is not brought under dictatorship.

Not just Doctors many professionals such as Contractors, shop owners who collect rent in cash are not paying tax...Will the thief himself reform without any prodding?
 
Some kind of harsh measures, not bothering of vote banks only will harness more into tax brackets. All the rules so far like 1 in 6 or declaring land line phones or having car as luxury and called for information by tax authorities miserably failed. the IT people could not locate and punish these people. May be dictatorship only can solve this and many other similar problems.
 
I am a bit wary of making payments online with credit cards with all the protection built in.

MTNL connections are slow and many times Half way thru transaction they get timed out.

With heavy usage sites like train bookings or bill desk I have ended with time out after money withdrawl.

I lost some money in transactions.Indian companies are poor in handling complaints and reversing transactions not fully complete.

I shift to faster mode like tata photon for money transfer online.

We are overselling digital without infrastructure in place.
 
hi

how can i pay bribe for my postman/any govt office...hard cash can do lot and easy to work done...
 
The main aim of the Central Govt. is to reduce the cost of printing currency notes.

Limited world view of the problem. The quantum and value of fake currency notes pushed into India from Western and Eastern borders is far far higher than the cost of printing currency notes.
 
I am a bit wary of making payments online with credit cards with all the protection built in.

MTNL connections are slow and many times Half way thru transaction they get timed out.

With heavy usage sites like train bookings or bill desk I have ended with time out after money withdrawl.

I lost some money in transactions.Indian companies are poor in handling complaints and reversing transactions not fully complete.

I shift to faster mode like tata photon for money transfer online.

We are overselling digital without infrastructure in place.

You are absolutely right. Our internet speed is similar to bullock cart & we are aspiring to travel to the moon !
 
Limited world view of the problem. The quantum and value of fake currency notes pushed into India from Western and Eastern borders is far far higher than the cost of printing currency notes.

The latest model note counting machines rejects the fake notes while counting !!
 
The latest model note counting machines rejects the fake notes while counting !!

I am not satisfied with this solace. Rejection of fake notes by the latest model counting machines can take place when the currency notes are passed through these machines at banks or at shopping malls, restaurant, hotels etc. An average Indian does not possess these machines.

It is estimated that annually approx Rs.1500 crores of fake Indian currency notes are pushed into India just through the Malda module of West Bengal. There are other frontiers in addition to this. You may find this news item interesting:

http://www.oneindia.com/india/fake-currency-rs-1500-crore-pumped-into-india-in-one-year-1756998.html
 
hi

how can i pay bribe for my postman/any govt office...hard cash can do lot and easy to work done...

It appears that the persons who pay the bribes are much worried about and scratching........ Oh! how to pay!!
Don't worry, Sir, bribe takers will come out with a solution ,as they could not lose the income!
 
I am not satisfied with this solace. Rejection of fake notes by the latest model counting machines can take place when the currency notes are passed through these machines at banks or at shopping malls, restaurant, hotels etc. An average Indian does not possess these machines.

It is estimated that annually approx Rs.1500 crores of fake Indian currency notes are pushed into India just through the Malda module of West Bengal. There are other frontiers in addition to this. You may find this news item interesting:

http://www.oneindia.com/india/fake-currency-rs-1500-crore-pumped-into-india-in-one-year-1756998.html

The parallel economies of black money and counterfeit currencies could not be ensured to nil ...........as long as honesty of intelligent people, who involves in the process / give ideas for fraudulent innovations etc.... ... is put to test by petty temptations .
 
Temptations are never petty.

What are temptations for if one cannot yield to it?

What would have happened if eve had not been tempted by the forbidden apple.?
 
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