Essay on "Cashless India"... [250+ words]
Points : 25 ☺
Answers
Explanation:
Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed roles of Digital India.
The ambitious mission of government of India to drive India towards a cashless economy was boosted with the announcement of demonetization on November 8, 2016.
What is a cashless economy?
A system where no physical cash is in circulation is a cashless system. Payments are made through credit and debit cards, bank electronic fund transfers or virtual wallets.
Benefits:
Cost Reduction: cashless system brings down the cost associated with printing, storing and transporting of cash.
Risk Reduction: The risk of money getting stolen or lost is minimal. Even if the card is stolen or lost it is easy to block a credit/debit card or a mobile wallet remotely. It is also a safer and easier spending option while travelling.
Convenient: The ease of conducting financial transactions is probably the biggest motivator to go digital. With the advent of digital modes, one can avoid queue for ATMs, transact 24*7 and save time. Additionally for service providers, with the emergence of e-KYC, it is no longer necessary to know your customer physically as the payments model has overcome limitations related to physical presence.
Tracking spends: Spending done via mobile or computer applications can be easily tracked with a simple click. This allows users to keep a track of all their spending and manage their budget effectively.
Answer:
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Explanation:
Cashless India or Cashless India is a mission which was started by the Indian government under the leadership of Prime Minister Narendra Modi. The purpose of this mission is to reduce the reliance on the cash of the Indian economy, so that the large amount of black money hidden in the country will be brought back to the banking system. This mission started on November 8, 2016 when the government made a revolutionary initiative, suddenly devalued the old notes of 500 rupees and 1000 rupees. We are presenting separate articles in 100, 150, 200, 250, 300 and 400 words in simple language on 'Cashless India' subject to students, out of which students, according to their need, Can choose.
The Indian government suddenly announced the devaluation of the old currency of 500 rupees and 1,000 rupees on November 8, 2016, and this led to an uproar in the whole country. The government raised this step to end the parallel economy being run by black money and fake currency, which was mainly used for the funding of criminals and terrorists. Because of this decision, people struggling to cope with the huge shortage of money had to stand in long queues outside banks and various ATMs to change their old currency and get new currency