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Draft Proposals For Facilitating Electronic Transactions - Incentives to use E-Transactions.

Dated:- 26-6-2015 - 1. Objectives Improve the ease of conducting transactions for an individual Build a transactions history to enable improved credit access and financial inclusion. Reduce the risks and costs of carrying cash at the individual level. Reduce costs of managing cash in the economy. Reduce tax avoidance Reduce the impact of counterfeit money. 2. Scope Provide access to financial services to every citizen along with ability to conduct non cash transactions Electronification .....

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ransactions in which the customer authorizes the transfer of money through electronic means, and the funds flow directly from one account to another. These accounts could be held in banks, or with prepaid instrument providers. These transfers could be done through means of cards (debit / credit), mobile wallets, mobile apps, net banking, Electronic Clearing Service (ECS), National Electronic Fund Transfer(NEFT), Immediate Payment Service (IMPS), or other similar means. 4. Goal The goal of the pr .....

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organizations working in this area and various government departments. 5.1 Enabling policy for E-transactions in Government Collections At present, Government Departments/Central Public Sector Undertakings/Organizations levy a convenience fee/service charge/surcharge for making E-transactions (card payments) to essential commodities, utility service providers, petrol pumps, gas agencies, railway ticket counter/IRCTC etc. The feasibility of removing the charges will be examined. Utility service .....

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ount Rate (MDR) of 0.75% on Debit Card transactions upto ₹ 2000 and 1% on all transactions above ₹ 2000. The possibility of reduction in the MDR and the rationalization of the distribution of the MDR across different stakeholders will be examined. The existing inter-change fee on Debit/Credit Card transactions are not uniform and need to be standardized/rationalized to encourage both issuing and acquiring banks to establish and utilize acceptance infrastructure. Tax benefits could .....

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for different classes of transactions could be re-examined based on the risk profile and safety requirements. Consider a levy of a nominal cash handling charge on transactions greater than a specified level. Mandating settling of high value transactions of, say, more than ₹ 1 lakh, only by electronic means. At present, banks have to report the aggregate of all the payments made by a credit cardholder as one transaction, if such an amount is ₹ 2 lakhs in a year. To facilitate high .....

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