Question

speach on cashless economy ; is india ready for the same ?.... self made.....it should be a long speach

Answer 1

Answer:

Explanation:

Cashless economy represents an economy in which transactions are not carried out using money in the form of physical coins and banknotes for payment of goods and services but in the electronic form. This type of economy has become popular all around the world.

The trend of the cashless economy has started with the development of electronic banking, during the nineties of the 20th century.Some of the advantages of the cashless economy include:

Very efficient and simple – accelerates the process of a financial transaction;

The possibility of insight into each transaction – an improvement on the transparency. That’s because all payments made online are accounted for and thus make the flow of money across the economy transparent. This diminishes the scope of the parallel economy.

Easy tracking – every transaction is recorded.

Tax coverage – since all online payments are accounted for, the tax coverage to becomes simple, and evasion becomes difficult.

Financial Integration– With the help of technology all financial dealings can be integrated into the system, i.e., calculation of income tax, GST, and the necessary information for filing returns, etc. can all be done in one system.

Cost of maintaining currency – The cost of printing and maintaining currency goes down if less of it is used.Disadvantages of the cashless economy include:

Privacy issue – any institution can potentially have insights into the customer’s information;

Not applicable to all populations – this type of payment can’t be used by the illiterates, and the elderly. For instance, the small wage earners or vendors for fruit, vegetables, etc. might not find online payments possible or efficient.

Overhead costs – there might be overhead costs for online payments or bank transactions.

Cost of setting up the technological network – although it’s a one-time cost, however, it has to be incurred to cover an as much geographical area as possible.

Cashless Economy is certainly an ideal situation for an economy. However, it must be introduced gradually.

Hope it Helps you!!

Answer 2

Answer:

Is India ready to be a Cashless Economy?

In Favor :-

Long before demonetizing 500 & 1000 rupee notes, Indian government is trying to increase cashless transactions through Direct Benefit Transfer Scheme, Jan Dhan accounts etc.

From the moment higher denomination notes are demonetized, cashless transactions have increased at a rapid rate.

Though India has a huge proportion of digital illiteracy, using debit card does not require much digital literacy.

Many state governments are working hard to spread the awareness of digital transactions.

Indian Government rolled out incentives for going digital in financial transactions. It introduced daily and weekly lucky draws to encourage digital transactions.

Against :-

Till the moment 500 & 1000 rupee notes are demonetized, cash transactions constituted 85% among all the financial transactions in India.

Even after the demonetization move, cash transactions are still the king.

India has a huge population of digital illiterates. It’ll take a lot of time to transform everyone into digital literates.

No country is a fully cashless economy yet. India is still a developing country, and needs a lot time to transform itself into cashless economy.

Though no. of accounts have increased drastically after the demonetization move, once the scarcity of new notes is reduced, there is no guarantee that everyone will use that bank accounts.

With the recent hack of 32 lakh Rupay & Visa debit cards, there is a doubt in cyber security of Indian Banking. Before going for completely cashless economy, India needs to strengthen its cyber security first.