Essay On Cashless India In English. The dream of digital India’s first step is a cashless India and keeping this dream in mind, on the evening of 8th November 2016 at sharp 8:00 pm, the honorable Prime Minister of India, Shri Narendra Modi Ji announced the demonetization of Rs. 500 and Rs. 1000 notes in our nation.
Essay On Cashless India In English For Student And Children’s
Essay On Cashless India In English ( 100 Words )
The government of India suddenly announced the devaluation of the old currency of 1000 rupees and 500 rupees on the 8th of November, 2016, and for this reason, there was a kind of restlessness in the whole nation. The government of India took this step to end the parallel economy of fake currency and black money, which was used primarily for the financing of terrorists and criminals. Due to this decision, individuals were struggling to deal with the massive shortage of banks and most of the individuals had to stand in order for converting their old currency and getting a new currency in a long line equivalent to it.
But in the end, this step has proved to be essential in starting a cashless economy in our nation. The cashless economy has paved the way for greater convenience, ease, and transparency in monetary transactions.
Essay On Cashless India In English ( 200 Words )
In spite of Shri Prime Minister Narendra Damodardas Modi, the Central Government of India has been trying hard for fulfilling the dream of making India a cashless economy, and for the same purpose, Demonetization of 500 and 1000 rupees was announced to make India cashless on November 8, 2016. Devaluation of high-value class currency by the government was in fact a bold step, knowing that India’s economy is more dependent on cash than the economy of many other countries of the world.
Suddenly, due to decision-making, people had major problems in buying essential items as there was a huge reduction of cash in the market because new currency from ATMs and banks was available in very minute and small quantities. For a long time, individuals had to stand in a long queue.
However, the advantages of this step have now been received and more and more individuals have started dealing and trading in digital currency. Our nation is gradually increasing from cash focused economy to a cashless economy. The digital transaction can be detected smoothly, due to which it will be compulsory and mandatory for paying taxes by all and every means of black money transfer will be closed.
Essay On Cashless India In English ( 300 Words )
The concept of Cashless India came in the year 2016 and its credit goes to monetization of Rs. 500 and the currency of 1000 rupees on 8th of November, 2016 made by the Central Government. Initially, individuals faced many challenges and difficulties in changing the old currency in exchange for the new currency and withdrawing cash and money from their own accounts, and that is why the Indian government’s move has been severely criticized.
According to critics of the government of India, it was not okay for taking such a big step without adequate arrangements. According to these critics, all the proper arrangements had to be done before taking such bold and major steps.
Critics also said that fraud cases are common with online media and online transactions in our nation are not safe and hence there is a need for adopting adequate safeguards. Critics portrayed and presented a terrible picture of the whole episode and debated that many people were killed and many people got a job, due to the unavailability of essential cash flows in the market.
However, there has been a huge increase in cash transactions through digital media in the country after the demonetization of currency of Rupees 500 and Rupees 1000, there. Expected progress of Cashless India (Cashless India) by several apps under credit card or debit card, mobile phone app, integrated payment interface (UPI), Bhim (Our nation’s Interface for Money) app, base enabled payment system (EEPS), or e-purse. The direction of achieving the target has been set correctly.
Difficulties in implementing a cashless economy are natural but it is necessary to start efforts in this direction, especially in a large nation like ours, where the large population and people are helpless and forced to live below the poverty line.
Essay On Cashless India In English ( 400 Words )
The importance of cashless India or cashless has significantly increased due to the monotony of high-value currency by the Modi government of the Center. On the 8th of November, 2016, Prime Minister Shri Narendra Damodardas Modi announced the sudden demonetization of 500 rupees and 1000 rupees notes and the news spread like a fire and the citizens of our nation had to exchange their new notes by changing their old notes everywhere in the ATMs long queues.
However, in this way, a new revolution in our nation, that is called “cashless India”, began and this revolution changed the mindset of responsible citizens of our nation to deal in cash. This step is gradually reducing the trend of reliance of people on cash and the process of cashless transactions has been created, developed, and has become significant in our country.
Importance of cashless India
- Cashless transaction facilitates all problems relating to exchanging of cash.
- It is like walking with the world in the present phase, transactions are only through electronic transactions and there is no need for cash in many nations of the world.
- Digital transactions allow you for calculating your expenses by looking at your expenses at a glance so that you can easily and in no time get hold of your budget and control it.
- Non-cash transactions can be easily and quickly investigated, thereby reducing the problem of black money as the payment of necessary taxes becomes mandatory.
- Tax collection becomes quick and easy through cashless mode as it accelerates the pace of economic development because it is easy to spend on infrastructure development, employment generation, health, government education, and the overall welfare of the people.
- Tax rates in the tax collection system are reduced, due to the increase in the collection of taxes.
- The needy and poor have the facility for directly transferring monetary advantages through their bank accounts, which inhibits poor exploitation by unethical brokers.
- Without cash transactions, the distribution of black money through hawala channels is prohibited. It bans the use of unaccounted money for terrorists and criminals activities.
- Our Government has adequate savings in the printing and circulation of currency notes due to this facility.
- It helps in reducing interest rates due to high levels of cash deposits in banks and banks are also able to utilize this cash in productive works.
Essay On Cashless India In English ( 500 Words )
As cashless India is here to mark her presence, the oldest form of monetary transactions with hard physical cash exchanged between individuals will become almost redundant. This theory has been given an enormous amount of push by the coronavirus crisis, given the health concerns and transmission of the virus in exchanging physical cash. There are so many advantages to going cashless. We shall be talking about both the advantages as well as disadvantages of a cashless India in this essay on cashless India.
First of all, let’s discuss that what is the meaning of a Cashless Economy?
A cashless economy implies the liquidity in the market is exchanged between 2 parties through either digital currency (online payments) or through plastic currency (ATM debit and credit cards). Bitcoins have given a whole new meaning to a cashless economy with the advent of blockchain technology.
Advantages of Cashless India
Black money will be reduced: Black money is the kind of money which you have earned but not accounted for that means this is that money or cash that is hidden from payable taxes. And this black money has the potential of reducing any government in the world to bankruptcy and is illegal. Unlike hiding physical cash, you can’t hide digital money, at least not yet, the cashless economy will keep a check on black money. The governments can track all transactions in the economy which helps in maintaining transparency and authenticity of income if the technology behind the digital economy is robust and well updated.
Transparency: Corruption in India exists right from the watchman level to the Ministerial level, all because our monetary system lacks transparency. Transparency is a significant problem in an economy as big as ours. Because of the lack of transparency in transactions, corruption scandals in India like Rafale Jet scams or 2G scams, or CWG scams are broken out. If the cashless economy is achieved throughout, corruption like this can be reduced to a great extent because the biggest and the most significant advantage of a cashless economy is that the authorities can track the endpoint and the origin of a transaction quickly and easily.
Disadvantages of Cashless India
Hacking and Online Theft: As technology is improving every day, so are cheating incidents and online frauds. Unless and until governments have hackproof and robust digital systems, it would be impossible for them to make the economy, especially a nation like ours with a 135 crore population, completely cashless. Online theft incidents reported on TV news channels have made individuals think twice before making big transactions online.
Lack of Infrastructure: We are not just talking about the infrastructure of government but on a person-to-person level as well. You need electricity, data connectivity, and a gadget (a smartphone) for charging the smartphones every day for being able to make online transactions often. But these privileges exist mostly in urban areas of our country and not in many parts of rural India. The government of India should take care of these problems, before aiming for the dream of cashless India to come true.
The concept of a cashless economy for cashless transactions is part of the Digital India program. Its vision is focused on transforming India into a society that is digitally capable, and there are many powerful ways of development are there, where there is no cash lane. As a result, in the near future, our nation is ready to be completely cashless through digital media such as credit card or debit card, prepaid card of banks, mobile purse, internet banking, USSD, UPI, etc.