The Way To Cashless India.

THE WAY TO CASHLESS INDIA

Making India as cashless India is one of the biggest project of our Union government started by our Prime Minister Mr. Narendra Damodar Das Modi to reduce the market of black money , to curb black money in India’s economy and to stop the use of fake currency, to promote India’s people on safe and secured society, to reduce  the dependency of Indian peoples on cash.

Our government have taken the step of demonetization , the banning of Rs.500 and Rs.1000 notes on 8 November 2016. This was a huge step taken by our government as India is a vast country and this can cause a severe effect on India’s economy. But this method proved successful in making India “a cashless  India “ due to the shortage of currency notes in Banks, ATM’s  the people have to use the cashless method of transactions as it was not possible to fulfill the basic necessities of ones in such a small amount of cash.

Today one- fourth of India’s public is using the cashless method for transactions of money through credit cards, online payments and this method of transactions is comparatively  easier also as we can go anywhere freely without having tension of cash we just need our credit cards or our phones as by phones we can have E-wallets. There are many apps for this like ,BHIM ,Paytm and many other by which we can pay our bills without cash.

There are many advantages of cashless system like, it ensures us an India free of black money as crime started reducing due to the banning of cash and starting of cashless transactions as most of the terrorist activities are funded with the black money, other crimes like bank robbery, burglary are also reducing . It also help our government to make a record on transactions perfectly as all the transactions were done through online  payments or credit cards, this also reduce the transactions of black money to other place and helping our government using this to develop India’s economy and growth.

But if there are so many advantages of this system then there are some disadvantages also like, hacking and cyber theft is very dangerous as hackers can  steal our information and money from anywhere in the world and also many poor peoples in our country do not have bank accounts, however our government is trying to open every individuals’ account and have launched Jhan-Dan scheme to get success in bringing much people in banking system, but although many of the public in our country do not have account because of poverty and lack of education , our government must have to take several steps to solve this problem.

The government have to address many challenges to make Indian peoples ready to do cashless transactions, to make India as cashless India, to invest the Indian public in cashless infrastructure, but this is only possible if we give our full support to this, to convince India’s public to do cashless transaction because cashless India is a free India.