Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Guidelines for the promotion of payments through cards and digital means

Income Tax - F.NO.01/02/2015-CY.I - Dated:- 29-2-2016 - OFFICE MEMORANDUM DATED 29-2-2016 The have been approved, as given below: 2. Objectives i. Improve the ease of conducting card/ digital transactions for an individual. ii. Reduce the risks and costs of handling cash at the individual level. iii. Reduce costs of managing cash in the economy. iv. Build a transactions history to enable improved credit access and financial inclusion. v. Reduce tax avoidance. vi. Reduce the impact of counterfeit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tal transactions. v. Encourage corporates, institutions and merchant establishments to facilitate card/ digital payments. 4. Definition Digital transactions are defined as transactions 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 entities/ providers. These transfers could be done through means of cards (debit/credit), mobile wallets, mobile apps, net banking .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/ Digital Means, which will be implemented within one year, are suggested as follows: A. Promotion of Card/ Digital Transactions in Government Payments and Collections i. Government Departments/ Organizations/ Central Public Sector Undertakings/Anchor Networks shall take steps to (a) withdraw convenience fee/service charge/surcharge on customers who prefer to make card/ digital payments for essential commodities, utility service providers, petrol pumps, gas agencies, railway tickets /IRCTC, tax .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ervices, etc.). iii. Department of Financial Services/ RBI shall ensure that each eligible account holder under PMJDY may be provided access to the digital financial services in addition to the 'RuPay Card'. iv. Department of Electronics & Information Technology shall formulate an action plan to ensure Government Departments/Organisations introduce appropriate acceptance infrastructure and facilitate collection of all revenue, fee, penalties etc., through card/ digital means beyond a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

formulate a differentiated MDR framework for some key transaction segments, such as utility payments and railway ticketing by examining the matter holistically in consultation with the stakeholders. ii. Department of Financial Services/RBI shall relax Two Factor Authentication for both card present and card not present transactions below a certain specified amount. DFS/RBI shall work out a multi tired authentication framework for low, medium and high value transactions. iii. Department of Revenu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for clearly stated reasons. v. Department of Revenue/ Department of Financial Services shall mandate payments beyond a prescribed threshold only in card/ digital/cashless mode. C. Creating Acceptance Infrastructure i. Department of Financial Services/ RBI shall introduce of formulae linked acceptance infrastructure for different stakeholders of certain card products through appropriate ratio of POS terminals/ mobile POS terminals to cards issued or other means. The possibility of creating an Acc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

epartment of Financial Services/ RBI shall amend and simplify the MerchantAcquisition guidelines to include Unique Identification Number or other identity based eKYC for merchants. iv. Department of Financial Services/RBI shall take steps to allow enhanced Cashout, of a specified amount, at Point of Sale (PoS) Terminals through Cards/ Digital means. D. Encouraging Mobile Banking/ Payment Channels i. Department of Telecommunications shall take appropriate steps for rationalization/ reduction of U .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ation challenges; ease regulations and reduce entry barriers to digital wallets/ pre-paid instruments. E. Awareness and Grievance Redressal i. Department of Financial Services/RBI shall take steps (a) to create necessary assurance mechanisms for fraudulent transactions wherein, in case of a fraudulent transaction, the money will be credited back to customers' account and blocked and subsequently released after the investigation is complete, within maximum of 2-3 months; (b) to strengthen the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ital Means, which may be implemented within two years, are suggested below: i. Department of Financial Services/RBI shall frame necessary guidelines for merchant payment standards and interoperability between various issuers and acceptance networks, including telecom, internet, pre-paid instrument providers and Payments Banks, to ensure that merchant payments are interoperable across the broad spectrum of payments and settlements system. ii. Department of Economic Affairs shall constitute one or .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version