ASL on cashless india
Answers
Answer:
Good morning everyone. I am very glad to get the opportunity to give you a speech today.In this auspicious movement l would like to speak a few words on the topic "CASHLESS INDIA"
The Union government headed by Prime Minister Narendra Modi has been moving towards realising his vision for a cashless India, ever since the demonetisation of the old currency notes of Rs 500 and Rs 1000, which was announced by it on November 8, 2016. 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. Suddenly, there was severe shortage of cash in the wake of this decision and people had to encounter great difficulties in buying things they wanted with little cash available in banks and ATMs they would throng in unending queues day and night.
Conclusion: However, the benefits of this move have now started trickling in with more and more people switching to digital modes of receiving and making payment. India is gradually transitioning from a cash-centric to cashless economy. Digital transactions are traceable, therefore easily taxable, leaving no room for the circulation of black money. The whole country is undergoing the process of modernisation in money transactions, with e-payment services gaining unprecedented momentum. A large number of businesses, even street vendors, are now accepting electronic payments, prompting the people to learn to transact the cashless way at a faster pace than ever before.
Pls mark me brainleist:))
Cashless India is a move that has assumed significance in the backdrop of demonetisation of high value currency by the NDA government at the Centre. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of currency notes of Rs 500 and Rs 1000 and took the people by surprise. People standing in spiralling queues at ATMs and banks’ counters to exchange their old currency notes or withdraw cash became a familiar scene across the country.
However, the new cashless revolution ignited by this move has gradually started changing the mindset of people, who were earlier mostly dependent of currency notes only for doing transactions.
Benefits of cashless India
Cashless transaction does away with any hassle to carry cash.
It is in keeping with the worldwide trend. People need not carry any cash in various countries around the world as most of the transactions there are done electronically.
In digital transactions, you can view history of your expenses at one go which helps you to manage your budget easily.
Since cashless transactions are traceable, they invite payment of taxes, wherever applicable, thus ruling out use of black money.
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.
Increased tax collections lead to reduction and simplification of the tax structure.
Transfer of monetary benefits to the poor and the needy through bank transfer rules out their exploitation by the unscrupulous middle men.
Cashless transactions deal a body blow to counterfeit currency or distribution of black money through Hawala channels. It also cuts the supply of unaccounted money used in funding of criminal and terrorist activities.
It saves the government substantial costs in printing and circulation of currency notes.
Increased liquidity of money with the banks makes them lower their interest rates puts the huge amounts of cash deposited with them to some productive use.
Conclusion: A part of Digital India programme, the concept of cashless economy in India is centred around the vision of transforming the country into a society, which is digitally enabled and empowered by several modes of cashless transactions. Consequently, digital modes like credit/debit cards, mobile wallets, banks pre-paid cards, UPI, AEPS, USSD, Internet banking etc have gained in currency, leading to cashless India in near future.