1 min Speech on topic cashless India
Answers
Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to reduce dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country embarked upon this transition to a cashless economy when the government took the revolutionary step of demonetisation of old currency notes of Rs 500 and Rs 1000 on November 08, 2016.
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It was on 8 November 2016 that the Government of India took the whole country by storm by announcing that the currency notes of Rs 500 and Rs 1,000 were no longer legal tender. 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. 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.
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.
Explanation:
cashless transaction me the transaction is done between the two person without the use of the paper currency it is done using the online method of payment of the plastic currency such as Credit Debit Card now Deka system junction became a world by trade wind is also adopting it the mission of cashless India started on 8th November 2016 when the Government of India announced the demonetisation of the paper currency of 500 and 1000 rupee note it did the use problem in the country people standing in queue that ATM bank counters to exchange the road currency or withdraw the cash than the New Castle solution ignited by this move is gradually changing the mindset of the people who really get dependent on the paper currency for doing the transactions people not to carry the case as injections are done electronically since the cashless transaction at trustable thereby the payment of taxes wherever applicable the ruling out the use of the black money tax collection became busy so it accelerate the face of economic development making it easier for the government to spend on education health can implement in National infrastructure and for all welfare of the country it save the government substantial cost in printing and circulation of currency notes