Cash less society is low tax society
Digital transactions can be popularised by:
1. All cards (credit/debit) be issued without any charges. There should not be any annual or renewal charges. The costs incurred by the card issuing authority can be taken care of/compensated by the Govt/RBI through the reduced cost of printing, handling, storing, transporting and replacing old currency notes as well as avoiding circulation of counterfeit currency notes. This will be whopping saving for the Govt and can easily off set all other expenses associated with online/ card based payments.
2. The transaction charges, levies, service tax and cess on online/ card transactions should be eliminated. The increase in volume of online/card transactions, leading to increase in tax revenue will off set any revenue loss.
3. The shop keeper also should not be charged by the bank for online/card transactions. Since the amount is directly credited to the bank account, increased volume will offset any expenses banks have to incur for this service.
4. The online /card transactions should be made cheaper than cash transactions by offering discount of 1-2% to the customer. This will encourage the price savvy Indian customers to insist on and patronise cashless shops. Increasing volume, tax compliance and tracking of transactions will compensate any perceived loss due to such discounts.
5. Swipe machines and their proper functioning has be prerequisite for issue/ renewal of licence of every shop.Tracking monthly transaction data of the shops will be able to confirm whether the shops are using the facility or not. Modalities for proper monitoring all data can be easily devised.
6. Honest high tax payers need to be encouraged and facilitated. The shops that encourage online/card transactions should get discount in various service/utility charges.
7. The consumers also have a role to play. They should patronise shops offering online/card transactions and boycott/ publicise names of shops that insist on cash transactions. This can be done at local community level to exert pressure on unscrupulous traders. more
1. All cards (credit/debit) be issued without any charges. There should not be any annual or renewal charges. The costs incurred by the card issuing authority can be taken care of/compensated by the Govt/RBI through the reduced cost of printing, handling, storing, transporting and replacing old currency notes as well as avoiding circulation of counterfeit currency notes. This will be whopping saving for the Govt and can easily off set all other expenses associated with online/ card based payments.
2. The transaction charges, levies, service tax and cess on online/ card transactions should be eliminated. The increase in volume of online/card transactions, leading to increase in tax revenue will off set any revenue loss.
3. The shop keeper also should not be charged by the bank for online/card transactions. Since the amount is directly credited to the bank account, increased volume will offset any expenses banks have to incur for this service.
4. The online /card transactions should be made cheaper than cash transactions by offering discount of 1-2% to the customer. This will encourage the price savvy Indian customers to insist on and patronise cashless shops. Increasing volume, tax compliance and tracking of transactions will compensate any perceived loss due to such discounts.
5. Swipe machines and their proper functioning has be prerequisite for issue/ renewal of licence of every shop.Tracking monthly transaction data of the shops will be able to confirm whether the shops are using the facility or not. Modalities for proper monitoring all data can be easily devised.
6. Honest high tax payers need to be encouraged and facilitated. The shops that encourage online/card transactions should get discount in various service/utility charges.
7. The consumers also have a role to play. They should patronise shops offering online/card transactions and boycott/ publicise names of shops that insist on cash transactions. This can be done at local community level to exert pressure on unscrupulous traders. more
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Nominal and fixed charges, irrespective of amount up to INR 300000 (three lakh, maximum amount allowed as cash payment) should be applied to net and other transactions. AND, I have said this earlier as well - No charges should incur for swiping debit or credit card, and for e-wallets transactions. more
Mar 20
Traders are also benefitted by cashless - no fake notes, time saved counting, no cashier needed, no going to Bank for depositing cash, No need to keep changes, robbery, burglary, theft, loss, damage etc. can be avoided. The only disadvantage is black money which is essential for every trader more
Mar 19
All credit and online payments should be made no transsaction fees. This will attract lot of them to goahead with this payment. more
Mar 19
ON LINE TRANSACTIONS MUST BE MADE COMPULCORY IN ALL MALLS / AIR TICKETS / HOTEL ACCOMODATIONS / BILLS MORE THAN 10000/-. WHY SO SLOW? more
Mar 19
All credit Wecards are offering 10to 20% discount. All banks and big shops have joined hand and have started looting. Why these discounts to card holders? You are creating an inflation of 10% only due to financial adjustments. On top of it credit card charges and vat / cess exists. No discounts be allowed and MRP MUST BE REGULATED. more
Mar 19
