online transaction-safety and future of cashless India essay(500-words)
Answers
Answer:
The importance of cashless or cashless India has increased due to the monotony of high value currency by the NDA government of the Center. On November 8, 2016, Prime Minister Narendra Modi announced the sudden destruction of 500 rupees and 1000 rupees notes and the rumor spread completely and the people of the country announced their new notes by changing their old notes everywhere on the banks count done. Queues taken across the country
However, in this way, a new revolution in the country, which is called "cashless India" or "cashless India", started, and this revolution changed the mindset of people to deal in cash. Motivated This step is gradually reducing the trend of reliance on people's cash and the process of cashless transactions has been developed in the country.
Importance of cashless India
Cashless transaction facilitates all problems relating to bringing and taking cash away.
It is like walking with the world in the present phase, because in many countries of the world, transactions are only through electronic transactions and there is no need for cash.
Digital transactions give you the ability to calculate your expenses by looking at your expenses at a glance, so that you can easily control your budget.
Non cash transactions can be easily investigated so that payment of necessary taxes is mandatory, thereby reducing the problem of black money.
Tax collection becomes easy through cashless mode and it accelerates the pace of economic development, because it is easy to spend on government education, health, employment generation, infrastructure development and overall welfare of the people.
Due to the increase in the collection of taxes, tax rates in the tax collection system are reduced.
The poor and needy have the facility to directly transfer monetary benefits through their bank accounts, which inhibits poor exploitation by unethical brokers.
Distribution of black money through hawala channels without cash transaction is prohibited. It bans the use of unaccounted money for criminal and terrorist activities.
Due to this facility, the Government has adequate savings in the printing and circulation of currency notes.
Due to high levels of cash deposits in banks, it helps in reducing interest rates and banks are also able to utilize this cash in productive works.
Conclusion
The concept of cashless economy for cashless or transaction is part of the Digital India program and its vision is focused on transforming India into a society which is digitally capable and where there is no cash lane, there are many powerful ways of development Are there. As a result, in the near future, India is ready to be completely cashless or cashless through digital media such as credit / debit card, mobile purse, pre-paid card of banks, through the UPI, USSD, internet banking, etc.