The importance of digital transactions essay in 250 words with topic
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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 a vast 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.
Cashless India Essay 5 (300 words)
Cashless India is a recently introduced phenomenon targeted to bring a sea change in the country’s economy by the Indian government, transforming the cash-based economy into cashless through digital means.
However, still there are various challenges to be addressed if we want to make India cashless in true sense. India is a vast country and the convenience of making transactions through the online mode is not available across the country. In small cities and villages, the people are mostly suffering due to acute cash crunch situation. To make India cashless in true sense, investment is required to be made in enhancing the facility required on a mass scale for cashless transactions across the country.
Handling the flow of cash with digital technology has a range of advantages. Cashless transactions have made people keep all their cash into the bank and hence liquidity in the banking system has increased. Also, it has stopped the flow of black money, up to some extent. Now the banks and financial institutions have more money to lend to the people to support the growth of Indian economy. The other most important advantage is that this situation will make people pay their taxes in a transparent manner; hence the government will have more money to run various schemes meant for the welfare of the public.
Conclusion: Post-demonetisation, the people have finally started believing in the power of the plastic money in the form of credit card/debit card, and other channels of electronic payment. Online banking has gained prominence due to unavailability of enough cash in the market. Moreover, E-commerce modes of making payments have also become popular, as most of the people have now started making payments of even Rs 50 through the digital modes. All these developments are considered to be good for the healthy growth of the economy.
Cashless India Essay 6 (400)
Cashless India is a move that has assumed significance in the backdrop of demonetisation of high value currency by the NDA government at the Centre. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of currency notes of Rs 500 and Rs 1000 and took the people by surprise. People standing in spiralling queues at ATMs and banks’ counters to exchange their old currency notes or withdraw cash became a familiar scene across the country.
However, the new cashless revolution ignited by this move has gradually started changing the mindset of people, who were earlier mostly dependent of currency notes only for doing transactions.
Benefits of cashless India
Cashless transaction does away with any hassle to carry cash.
It is in keeping with the worldwide trend. People need not carry any cash in various countries around the world as most of the transactions there are done electronically.
In digital transactions, you can view history of your expenses at one go which helps you to manage your budget easily
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 a vast 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.
Cashless India Essay 5 (300 words)
Cashless India is a recently introduced phenomenon targeted to bring a sea change in the country’s economy by the Indian government, transforming the cash-based economy into cashless through digital means.
However, still there are various challenges to be addressed if we want to make India cashless in true sense. India is a vast country and the convenience of making transactions through the online mode is not available across the country. In small cities and villages, the people are mostly suffering due to acute cash crunch situation. To make India cashless in true sense, investment is required to be made in enhancing the facility required on a mass scale for cashless transactions across the country.
Handling the flow of cash with digital technology has a range of advantages. Cashless transactions have made people keep all their cash into the bank and hence liquidity in the banking system has increased. Also, it has stopped the flow of black money, up to some extent. Now the banks and financial institutions have more money to lend to the people to support the growth of Indian economy. The other most important advantage is that this situation will make people pay their taxes in a transparent manner; hence the government will have more money to run various schemes meant for the welfare of the public.
Conclusion: Post-demonetisation, the people have finally started believing in the power of the plastic money in the form of credit card/debit card, and other channels of electronic payment. Online banking has gained prominence due to unavailability of enough cash in the market. Moreover, E-commerce modes of making payments have also become popular, as most of the people have now started making payments of even Rs 50 through the digital modes. All these developments are considered to be good for the healthy growth of the economy.
Cashless India Essay 6 (400)
Cashless India is a move that has assumed significance in the backdrop of demonetisation of high value currency by the NDA government at the Centre. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of currency notes of Rs 500 and Rs 1000 and took the people by surprise. People standing in spiralling queues at ATMs and banks’ counters to exchange their old currency notes or withdraw cash became a familiar scene across the country.
However, the new cashless revolution ignited by this move has gradually started changing the mindset of people, who were earlier mostly dependent of currency notes only for doing transactions.
Benefits of cashless India
Cashless transaction does away with any hassle to carry cash.
It is in keeping with the worldwide trend. People need not carry any cash in various countries around the world as most of the transactions there are done electronically.
In digital transactions, you can view history of your expenses at one go which helps you to manage your budget easily
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Digital India is an initiative or a campaign by the Government of India in order to transform India into a digitally empowered society and a knowledge economy. The main objective of the government was to make all the services of the government electronically available by enhancing the internet connectivity and the online infrastructure to the citizens of India.
Digital India initiative was launched by our Prime Minister Narendra Modi on 1st July 2015 and the project is aimed to be completed by 2019. This initiative also includes connecting all the rural areas with high-speed internet networks. The initiative also focuses on reducing the paperwork. Digital India program will benefit both, service providers as well as the consumers. The monitoring of this project will be done by the Prime Minister himself. This project is been headed and planned by the ministry of communications and information technology.
Digital India- Essay, Article, Speech, ParagraphDigital India Programme includes three main key vision areas and that is:
#1. Development of secure and stable Digital Infrastructure: If implemented properly, this project will be a golden opportunity for our country. The main aim of government is to provide fast and high-speed internet connections and whose utility will last long, unique and it would be safe and will also provide authenticity to its citizens. It also focuses on to provide a stable digital infrastructure and easy access to any online services.
#2. Delivering government services digitally: Digital India Programme also focuses on to provide all the services of the government to the citizens digitally. Digitally provided services will promote and motivate the people to do more and more online services and transactions that too easy, electronic and cashless.
#3. Universal Digital Literacy: Digital empowerment of Indian citizens will surely make possible of digital literacy through universally acceptable digital resources. It will also offer an advantage to the people to submit all the documents online and not physically by going to schools, colleges, and other government organizations.
Digital India Programme or initiative aims to the following:To provide more and more Information Technology jobs to the people.To make all the information available online.To provide high-speed internet connections to the rural areas.To ensure the broadband highways.To make access to mobile phones universally.Reforming all the work of government digital and hence providing e-Governance.By delivering electronic services, its aim is to bring e-Kranti.
Hope it will help you
Digital India initiative was launched by our Prime Minister Narendra Modi on 1st July 2015 and the project is aimed to be completed by 2019. This initiative also includes connecting all the rural areas with high-speed internet networks. The initiative also focuses on reducing the paperwork. Digital India program will benefit both, service providers as well as the consumers. The monitoring of this project will be done by the Prime Minister himself. This project is been headed and planned by the ministry of communications and information technology.
Digital India- Essay, Article, Speech, ParagraphDigital India Programme includes three main key vision areas and that is:
#1. Development of secure and stable Digital Infrastructure: If implemented properly, this project will be a golden opportunity for our country. The main aim of government is to provide fast and high-speed internet connections and whose utility will last long, unique and it would be safe and will also provide authenticity to its citizens. It also focuses on to provide a stable digital infrastructure and easy access to any online services.
#2. Delivering government services digitally: Digital India Programme also focuses on to provide all the services of the government to the citizens digitally. Digitally provided services will promote and motivate the people to do more and more online services and transactions that too easy, electronic and cashless.
#3. Universal Digital Literacy: Digital empowerment of Indian citizens will surely make possible of digital literacy through universally acceptable digital resources. It will also offer an advantage to the people to submit all the documents online and not physically by going to schools, colleges, and other government organizations.
Digital India Programme or initiative aims to the following:To provide more and more Information Technology jobs to the people.To make all the information available online.To provide high-speed internet connections to the rural areas.To ensure the broadband highways.To make access to mobile phones universally.Reforming all the work of government digital and hence providing e-Governance.By delivering electronic services, its aim is to bring e-Kranti.
Hope it will help you
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