Cashless India

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Last Updated on March 19, 2019

One of the current scenarios India is undergoing is the cashless economy Our Prime Minister Narendra Modi is aiming on.

We are aware that recently our Government banned the usage of old Rs 1,000 and Rs 500 notes. This was done in 2 ways:

  • By making the public being able to deposit the old notes in banks
  • By stopping the withdrawal of old notes from ATM’s

Ensuring the above said things take place in order, the government also started issuing the new Rs 2000 notes through banks and ATM’s.

The above said process was neither an easy task nor a time savvy one. The whole process of demonetization has resulted in a Cashless  India where every common man struggled/struggles to make even a normal purchase on a daily basis.

A few difficulties in taking up the change in a day to day level are:

  • People who have to go for job had/have to stand in long queues in banks in order to change old notes or withdraw money
  • People suffered a lot because of Cashless ATM’s during the initial stage of this process
  • In both the cases, government set a limit to withdraw which was again a problem since withdrawing money every time in such a chaos was a nightmare
  • While online transactions were still a good chance, purchasing for lesser amounts in normal shops was a great problem
  • Internet transactions might have been done by many, but there are so many people in India (especially over- 50 -aged group people) who do not even know what an online transaction is
  • Even if we think about going for online transactions, Internet usage cost is considerably high in India which is again an issue in having Internet Connection in every home

There are many such problems in the transformation that is taking place. We are in a situation where we keep thinking if this demonetization process is a boon or a curse to the society. Cashless India is facing many issues because of which only the public suffer. Still, hoping to see a corruption-less India and a country void of Black Money, it is the responsibility of each and every citizen to tolerate such scenarios for a few weeks.