Question

Eassy on digital India -cashless feature about 200words

Answer 1

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.