Essay On Cashless India In English The goal of the government of India’s “Cashless India” initiative, which is being spearheaded by Prime Minister Narendra Modi, is to lessen the country’s reliance on physical currency while also bringing vast amounts of unaccounted-for black money into the banking system. The demonetization of old Rs. 500 and Rs. 1000 notes by the government on November 8, 2016, was a ground-breaking decision that set the nation on the path to a cashless economy. This action was taken to combat the black money that was circulating in the Indian market and to get the attention of tax authorities.
People began to gravitate toward digital transactions after demonetization as a result of the severe currency scarcity in banks and the long lines outside ATMs, which is one of the key conditions for a cashless India. The ideal of India being a fully cashless economy would come true if the government is successful in offering consumers and business institutions across the country safe and quick digital payment solutions.
Essay On Cashless India In English
Essay On Cashless India In English (100 Words)
The announcement by the Indian government that the Rs. 500 and Rs. 1,000 notes were no longer legal cash shocked the entire nation on November 8, 2016. The government initiative was designed to reduce the threat of black or counterfeit money, which is frequently used to finance terrorists and criminals as part of a parallel economy. Following this decision, there was a severe shortage of money, which resulted in long lines of people waiting outside banks or ATMs to convert currency or withdraw cash.
But ultimately, the decision has been seen as a push towards a cashless India, which will undoubtedly open the door for a cashless economy characterised by more transparency, simplicity, and convenience in financial transactions.
Essay On Cashless India In English (200 Words)
Since it announced the demonetization of the old Rs. 500 and Rs. 1000 notes on November 8, 2016, the Union government led by Prime Minister Narendra Modi has been working to realise his goal for a cashless India. Given that people in India are more dependent on currency than people in other parts of the world, it was a really audacious move. Following this move, there was an immediate severe cash shortage, making it extremely difficult for people to buy the products they wanted with the little cash that was available in banks and ATMs, where they would swarm in endless lines day and night.
However, as more and more people transition to digital methods of receiving and making payments, the advantages of this decision are now beginning to become apparent. India is slowly making the switch from a cash-based to a cashless economy. Digital transactions are easily taxable and traceable, thus there is no room for the circulation of illicit funds. The entire nation is experiencing a process of financial modernization, with e-payment systems obtaining a head of steam never before seen. Now that so many establishments, including street sellers, accept electronic payments, consumers are becoming more adept at doing transactions without cash than ever before.
Essay On Cashless India In English (300 Words)
By converting the cash-based economy to a cashless one through digital methods, the Indian government hopes to bring about a major transformation in the country’s economy with the recent introduction of the phenomena known as “Cashless India.”
To truly make India cashless, however, there are still a number of issues that need to be resolved. Due to the size of India, not all areas of the country offer the convenience of conducting business online. People are primarily suffering in small towns and villages as a result of a severe cash shortage. To truly eliminate cash transactions in India, improvements must be made to the infrastructure needed for such transactions on a large scale throughout the nation.
There are many benefits to managing cash flow using digital technologies. Due to consumers keeping all of their cash in the bank as a result of cashless transactions, the financial system now has more liquidity. Additionally, it has to some extent halted the flow of illicit funds. Banks and other financial institutions now have more funds available to lend to individuals in order to assist the expansion of the Indian economy. The second and most significant benefit is that people will be forced to pay their taxes in a transparent manner as a result of this circumstance, giving the government more money to fund various public welfare programmes.
The potential of plastic money, such as credit and debit cards, and other electronic payment methods has now begun to be recognised by the public after demonization. Due to a lack of sufficient money in the market, online banking has become more popular. Additionally, E-commerce payment methods have grown in popularity as most individuals have started using them to send payments of even 50 rupees. All of these events are thought to be favourable for the economy’s steady expansion.
Essay On Cashless India In English (400 Words)
The NDA government at the Center’s decision to demonetise high value money has given the effort toward a cashless India new significance. The announcement of the demonetization of the Rs. 500 and Rs. 1000 notes was made by Prime Minister Narendra Modi on November 8, 2016, and it caught everyone off guard. It became commonplace to see people waiting in long lines at banks and ATMs to swap their old currency notes or withdraw cash.
However, the new cashless revolution sparked by this action has slowly begun to alter the thinking of those who formerly relied mostly on money notes for conducting transactions.
advantages of a cashless India
The burden of carrying currency is eliminated in cashless transactions.
It is consistent with the general trend. In many nations around the world, people do not need to carry currency because most transactions are completed electronically.
With digital transactions, you can access your entire cost history at once, making it simpler for you to manage your budget.
Since cashless transactions can be tracked, they encourage paying taxes where they are due, eliminating the use of illicit currency.
The ease with which taxes can be collected through a cashless system speeds up economic growth and makes it simpler for the government to fund infrastructure projects, health care, education, job creation, and general public welfare.
The tax system is lowered and simplified as a result of increased tax revenue.
The distribution of financial aid to the needy and the underprivileged via bank transfer prevents shady middlemen from taking advantage of them.
Black money distribution through Hawala systems and fake currency are both killed off by cashless transactions. It also reduces the amount of money that is unaccounted for and used to finance criminal and terrorist activities.
It saves the government a lot of money on currency note printing and distribution.
The enormous amounts of cash placed with banks are put to some useful use when there is more liquidity, which causes the banks to cut their interest rates.
The idea of a cashless economy in India, which is a component of the Digital India programme, is centred around the goal of changing the nation into a society that is digitally enabled and empowered by various forms of cashless transactions. As a result, digital payment methods like credit/debit cards, mobile wallets, bank prepaid cards, UPI, AEPS, USSD, and Internet banking have become more popular, which would soon result in a cashless India.