Rs 1,000, the country has witnessed a surge in cashless transactions through the digital mode, be it through credit/debit cards, mobile phone applications, Unified Payments Interface (UPI bhim (Bharat Interface for Money) app. The government move aimed at curtailing the menace of black or counterfeit money which is largely used to fund criminals and terrorists as part of a parallel economy. Conclusion: But eventually, the move has turned out to be a push towards cashless India that is bound to pave the way for a cashless economy, marked by greater transparency, ease and convenience in monetary transactions. These essays written in a simple language will help the students choose any one as per their requirements. Liquidity expansion in the banking system post-demonetisation has helped the banks to lower lending rates, which in turn is bound to lift economic activity. Electronic payments will improve transperancy and accountability. Related Information: Paragraph on Digital India. True democracy will come into picture.
Cashless India Essay 1 (100 words). It saves the government substantial costs in printing and circulation of currency notes. Making online payments are handy and it will lead to slim wallets as people need not carry cash.
Cashless transactions deal a body blow to counterfeit currency or distribution of black money through Hawala channels. The acute shortage of money in the wake of this decision led to long queues of people outside ATMs or banks seeking to exchange their notes or withdrawing cash. Handling critical essays on aldous huxley pdf the flow of cash with digital technology has a range of advantages. Meanwhile the government of India has to address many challenges to meet the objectives of cashless economy. As tax collections become easy through the cashless mode, it accelerates the pace of economic development, making it easier for the government to spend on education, health care, employment generation, infrastructure and the overall welfare of the people. It was really a bold move considering the fact that in India people are more reliant on cash than in other countries of the world. The Union governments demonetization initiative and the subsequent drive towards developing a cashless India have invited its share of both bricks and bouquets. The main objective was to curb black money and eliminate circulation of fake currency in the Indian economy. However, the initial difficulties have subsided now and the people are beginning to realise the safe and convenient modes of digital payment. If you lose your debit/credit card, it takes some time to get a new one. Also, it has stopped the flow of black money, up to some extent.