Cash and Cashless Economy – An Overview

Cash and Cashless Economy – An Overview

The problem in a great country like India is, know how to tackle problems like corruption and bribery.

In order to put a full stop to the ever prevailing fake bank notes issues all over the nation, our Prime Minister Mr. Narendra Modi announced an end to the old  Rs.500 and Rs.1,000 notes. The notes were announced to be replaced with new Rs. 2000 notes. The best part of the whole scheme is that it was implemented in India with order for immediate effect.

Now, following this scheme Mr. Narendra Modi also gave away the idea of one another scheme; a scheme that would make India a Cashless Economy.

Objective of Cashless Economy

Cashless Economy has a very simple objective:

  • Curb black money in Indian Economy
  • Stop the flow fake currency notes in Indian economy

How Can We Do This?

We might think how is a Cashless Economy possible when Money is the major source to run day to day life. Well, such an economy might have been a nightmare if it was planned to be implemented a century ago.

We are now living in a world were Internet has taken over every place. Wherever we go, we carry our Debit Cards and Credit Cards. If we were to apply the concept of Cashless Economy keeping in mind the age old practice of seeing Money as a paper, may be the Cashless Economy would sound like a pointless scheme. But when we think of such an economy with the appliance of today’s technology where no liquid money is used, the whole idea of Cashless Economy can be understood.

By making our country go digital we can only see a nation rid of corruption and fake notes. There is hardly a way to freeze black money in a unidentifiable source. This makes much sense and in the beginning this would sound a scheme that is little higher end  – difficult for a common man to understand and follow. Also, we all know that branded showrooms, big hospitals, shops and hotels have online purchase or billing options. But what about smaller ones?

Well, this process of making India digital would fill these gaps. All we need to do is be fully aware of why such an economy is important for the development of our country. Spreading a positive word about Cashless Economy would help everyone understand the advantages this scheme carries. Though this scheme has disadvantages like unnecessary menace due to shortage of notes, lack of knowledge about online transactions, inadequate internet connections and so on, with patience towards actions on such disadvantages, awareness on significance of the scheme and education on Online Transactions we can soon become a Cashless Economy – Fruitful Economy!

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