Question

Could anyone write an eassy on cashless economy.. hurry please

Answer 1

The extreme digitalization over the past few years has almost affected every sphere of our lives. The most recent effects have been the move towards a cashless economy in India. Cashless India is a great mission launched by the Government led by Prime Minister Narendra Modi to reduce the dependency of Indian economy on cash. It was started to bring a stock of secretly stored black money lying unutilized into the banking system. The country began this transformation with a cashless economy when the government took the comprehensive step of demonetization of old currency notes of Rs 500 and Rs 1000 on November 08, 2016.

The government of India aimed this move to reduce the threat of black or counterfeit money which was largely used in funding criminals and terrorists as part of a parallel economy. This severe shortage of money in this sudden decision led to a sequence of people outside ATMs or banks for exchanging their note of 500 and 1000.

WHY CASHLESS INDIA

Its main objective was to curb black money in Indian Economy and to stop the flow of fake currency notes. Then there started an issue how is Cashless Economy possible when money is the major source to run daily life. In such case, the economy might have been a torment if it was implemented 10 years ago. But, we live in a digital world now where the internet is an essential need everywhere. We carry our credit and debit cards everywhere we go. So, technically Cashless Economy is a well-planned scheme according to today’s technology where no liquid money is used. We can make our nation get rid of corruption and fake notes with the help of this scheme.  There is hardly any way to suspend black money in an anonymous sourc

The scheme was easy but knowledge of “Why Digital Economy is essential for the development our country” became important. Though the scheme had disadvantages like unnecessary threat due to the shortage of notes, lack of knowledge about online transactions, inadequate internet connections, etc but taking action on such disadvantages patiently, awareness and education on this scheme we could become a Fruitful Economy from Cashless Economy.

ADVANTAGES of Cashless India

The cashless economy helps in tackling a wallet full of notes along with us, which is not safe in a world full of anti-socials. Moreover, we can use digital economy for all kinds of transactions such as bill payments, fees payments, funds transfer, recharge, etc.t will ensure a ‘black-money free India’ or rather the so-called ‘parallel economy’ where people bypass the banks to gather money in their closets at home without coming under the purview of tax will suffer a setback.

It will ensure an India free of Black Money or the so-called ‘parallel economy’  where people evade the banks to gather money without coming under the scope of the tax, will suffer a setback.

Crime rates started reducing due to the banning of cash as most of the terrorist activities are funded with these black money. Other crimes such as burglary, extortion, bank robbery, etc. are also declining.

The increase in the span of the income tax was one of the biggest advantages. Due to less involvement of cash, transactions were done through banks where proper KYC verifications were done prior to banking transactions. Hence, it was easier for the Government to monitor and amend the income tax evasion by the immoral persons.