Essay on digital payments polices
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Cashless India is a term coined recently after the Union government went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. Initially, it led to severe criticism as people faced great difficulties in exchanging the old currency notes or withdrawing cash from their accounts.
According to the critics of the government, adequate arrangements should have been made in advance to support the people in dealing with cash crunch in the wake of this move towards cashless India. Also, adequate security measures are required to guard online transactions against fraud which is very common in India. They critics further argue that due to unavailability of required cash flow in the market, many people died and lost their jobs, painting a scary picture of India becoming cashless post-demonetisation.
However, after the demonetisation of the currency notes of Rs 500 and Rs 1,000, the country has witnessed a surge in cashless transactions through the digital mode, be it through credit/debit cards, mobile phone applications, Unified Payments Interface (UPI), BHIM (Bharat Interface for Money) app under Aadhaar Enabled Payment System (AEPS) or e-wallets etc.
Conclusion: True, there are difficulties in implementing the idea of cashless economy in avast country like India where a large number of people are living under misery and poverty, yet a beginning had to be made someday. Today, there is a sea change in the mindset of people with regard to digital means of monetary dealings which are safe, easy, convenient and transparent. There is no place for black money or counterfeit currency in cashless India.
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