short essay on cashless economy (please answer its urgent)
Answers
Explanation:
Cashless Economy” is the system where all the monetary payments are done by using digital means like internet banking, debit, credit cards, e-wallets instead of hard cash. India was introduced to “cashless economy” in a pronounced way in 2016 when the Union Government led by Shri. Narendra Modi announced demonetization and scrapped the old currency of Rs. 500 and Rs. 1000.
Merits:
“Cashless Economy” promotes electronic payment methods which improves transparency and accountability. Tax collection increases as all the transaction takes place through bank accounts. “Cashless Economy” can strongly mitigate corruption and flow of black money as all the deals can be traced. Online payment comes handy, thus people need not carry cash all the time. “Cashless economy”, is time saving and prevents theft and burglary of liquid cash. “Cashless Economy” endorses paperless environment friendly means, it will save a huge amount of money spent on printing and maintenance of currency.
Demerits:
“Cashless Economy” embodies Digital India, but even now most of the demographic lives in rural areas which are deprived of technological advancements and its knowledge. Small businesses still use cash as they cannot afford digital infrastructures. Hackers and Cyber Crimes are a huge threat to “cashless economy” as most of the digital transactions are vulnerable to these antisocial elements. India is lacking robust and widespread internet connection in all parts of the country which becomes a huge hurdle in practicing “cashless economy”.
Conclusion:
People must be educated about “cashless Economy” and its benefits. “Cashless Economy” can be practically realized in India by providing secure, viable and free internet centers must be provided for such major transactions.