It is a well known fact that cashless economy has been on the rise in the last few years. People are becoming more and more open to the idea of using e-wallets, bank cards, credit cards and debit cards for their daily needs.
In the past one decade, the usage of cash has fallen drastically in India. Yet, this has been the result of a gradual process where cash has been replaced by digital transactions which are faster, cheaper, and easier to carry out. Cashless transactions can be carried out at any place at any time using any mobile phone with virtually no-froth. In the recent past, the trend has grown significantly with the usage of Unified Payments Interface (UPI) and other mobile payments like WhatsApp.
A cashless society has been touted as a panacea for the problems faced by India. It is difficult to disagree with the premise. However, this has not always been the case. Though it is true that the digital payment service provides quick and secure transactions, they have failed to address problems of corruption, cost and transaction monitoring.. Read more about short paragraph on cashless india and let us know what you think.
When the government decided to demonetize the 500 and 1000 rupee notes, the nation was forced to deal with a cash shortage or adopt a cashless economy.
The Demonetization Decision
On November 8, 2016, the Honorable Prime Minister of India, Mr. Narendra Modi Ji, made the decision to demonetize the note.
The government made a hasty and risky move, despite the fact that Indians rely on currency more than citizens in any other nation.
The Cash Crunch
When the nation experienced demonetization, many individuals who rely only on cash transactions were concerned. The government has made measures to allow for internet transactions, which should provide some comfort to those who are experiencing cash shortages.
Hackers may be found on the internet.
However, there are numerous hackers out there who may steal an individual’s vital bank information when making an internet transfer. Many individuals died as a result of the acute scarcity of cash, and following the demonetization of the currency, a terrifying picture spread throughout the country.
The Bank’s Liquidity
Because of internet transactions, individuals today prefer to store their money at banks rather than carry it about with them.
People keeping their money in the bank has generated liquidity in the banking system. Corruption and black money have come to a halt as a result of the demonization. People were also compelled to pay their taxes correctly as a result of the implementation of demonetization.
Demonetisation was a wise decision.
In some ways, Mr. Narendra Modi’s cashless concept was brilliant in terms of transforming India into a digital nation.
Nowadays, most individuals rely on internet services for shopping, ordering a taxi, or reserving a hotel room, so being cashless is not an issue.
The Corrupt People’s Fever
When demonetization occurred, corrupt individuals had a major issue since they had no idea where to conceal their black money. As a result, many corrupt people were exposed throughout the demonetization process.
The Government’s Slew and Incentive
The government provided a plethora of incentives and initiatives. Many individuals were against demonetization and cursed our noble Prime Minister. Mr. Narendra Modi Ji is the Prime Minister of India.
However, they later understand that Modi Ji’s dramatic and unexpected action was for the good of all citizens.
The Greatest Number of Sufferers
The common man was the one who suffered the most as a result of India’s cashless policy. The individuals who receive their daily salaries in cash looked like they were living in a trash. They were hungry and thirsty, and merchants were unwilling to provide milk to the tiny infant without payment.
However, the issue was somewhat resolved after two or three days. The administration has arrived at this conclusion by advising citizens to visit banks to exchange their old notes for new ones.
Demonetization, on the other hand, has had little long-term impact on the Indian economy.
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The cashless economy is here to stay, and with it holds a lot of benefits to the people and to the economy. India has been following the footsteps of China, Russia, South Africa, Sweden and other countries where cashless transactions have become the norm, and it doesn’t seem like India is planning to lag behind. Just recently, the government has announced that it will move towards a cashless economy, and with that, comes a number of benefits.. Read more about cashless india essay in 200 words and let us know what you think.
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