India aims to curb cash, but it’s the time to make India Cashless Economy. Our Prime Minister, Narendra Modi, wants India cashless, and it’s a dream of many Indians. Will it be possible in 2020? Read more about this fascinating topic on storial.
A cashless economy in India is a dream of many people in India. On the other hand, others have their reservations about such reforms.
Many believe that cashless transactions will benefit to the Indian economy in many ways. First of all, a cashless economy will help in fighting with the prevalent issues of corruption and black money. The government will have a complete record of the income of each individual and the taxes. If someone doesn’t dutifully pay the taxes, the government officials will be notified immediately.
Many countries worldwide have successfully implemented the usage of cash for transactions. A cashless economy will not only counter corruption, but it will also facilitate everyone. You won’t have to worry about not having money in your pocket if you need to purchase anything. Companies like Paytm in India have shown the success of this system in Indian culture.
A cashless India doesn’t just help the economy. It has many other far-ranging effects too. The trees won’t need to be cut down to produce paper notes. It might seem like a weak argument, but the number of trees cut down just for money is uncountable. It could be India’s favor to the environment too. As a lesser number of trees are cut down, this would help to fight the widespread issue of global warming as well.
As India turns towards a cashless evolution, more systems will be placed to keep a check on cybercrimes and online frauds. The development of online security is intimately tied with the growth of online transactions. So, people who argue that going cashless will give liberty to hackers are wrong.
As the economy moves towards cashless transactions, the demand for security will grow as well. So, cyber-crimes will become scarce. Many countries are proof of a thriving cashless economy.
Many people who are against a cashless India also pose the argument that not everyone has a bank account. It can easily be catered to. As the country evolves towards such a development, the government will lower the prices of opening a bank account.
Still, others argue that India is not equipped with the tools needed for a cashless economy. For example, the Internet connection is often unreliable. This issue can be addressed quickly. As the country progresses towards online transactions, the government will readily invest to solve all the Internet issues. It will also lead to the growth of other areas that depend on the Internet.
When India relies lesser on cash, saving money will become easier. You can quickly put a limit on your credit and transactions and deposit a fixed amount in the savings account every month. It will help people spend smartly.
As India becomes advanced in online money transfers, it will become more open to foreign businesses and investments. So, a cashless India not only benefits the economy but many other sectors as well.