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  • Category: Miscellaneous

    Government must bring Compulsory Card transaction for buying and selling to check corruption

    We all know that only rich and the affordable people are having credit cards or debit cards through which they draw money and even make purchases. The government has already linked our Aaadhar card with bank accounts and many new bank accounts were opened. Let the government issue one card linking to Aaadhar number and that should be used for all transaction and that will help the government to have control over black money and also knows the spending style of each Individual and accordingly taxes can be collected. Any takers ?
  • #577622
    Yes, Card transaction is very transparent, ( whether it is through Debit card or Credit card). But due to transaction charges, higher interest fees in Credit card people are afraid to use such way of payment. So government and Bank should come with a good plan affording to the customer then they can make a law to use only card for payment after some certain limit or amount. Again by using Debit card as our payment method we are eligible to get points which converted in to cash or other rewards by Bank. So it is beneficial to loyal customer. also we get good discounts by using Debit card as payment mode whether direct at POS or at online transactions.

  • #577629
    All transactions cannot be made through cards only. Even in the developed countries like the US, there are no such rules. There are always certain transactions of petty amounts which are done in cash only. In India also there are rules regarding reporting of certain specified high-value transactions to the income tax authorities through the Annual Information Return (AIR) system. Also quoting PAN has been made mandatory for opening a new bank account except in few exceptional cases.

    One need not have credit cards for cashless transactions. The debit cards issued by the banks in respect of accounts held by the individuals can be used for such transactions. In such cases, no transactions charges are also involved subject to certain specified limits.

    There are still many people who are poor and neither have any regular income nor any bank account. What about beggars? Will the alms be also be given through the cards? The same applies in the case of offerings during puja etc. The street vendors may also not have any facility to receive payment through cards.

    Let us encourage each other in sharing knowledge.

  • #577666
    The currency less regime in India must start now. Because our currency notes are duplicated and many a time we are also seizing the same hence my suggestion holds good.
    K Mohan
    I consider myself as the learner everyday

  • #577716
    I agree with you Mr. Mohan. But, I think what you said may not be implemented in our country soon, not because it is hard but because of the corrupt people in our country. Those people will say a big NO to this suggestion and they may even do strikes etc,. to stop the implementation of this suggestion. Surprisingly, my father had the same idea and he even sent a suggestion mail to the government. I wonder how many people had the same thought. Anyways, it is less likely that this idea/suggestion will be implemented.

  • #577782
    I agree with the views expressed by Mr.#577629 Author: Kailash Kumar.Cashless Transactions should be for riches and ultra riches. It is not necessary for poor and middle class people as they do not have income to hide. making compulsory will require a lot of investment and infrastructure. India can not afford that even affording will be meaningless.
    #577666 Author: K Mohan said 'The currency less regime in India must start now. Because our currency notes are duplicated'. Credit card frauds are also there and simply make loss to card holders.

    'Education is a lifelong process, keep on learning new things'

  • #577788
    As a matter of fact, the credit/debits cards when used for duping the individual can ruin them. Whereas in the case of the fake currency notes, only the amount of that particular bank note will be lost.
    Let us encourage each other in sharing knowledge.

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