write 100-150 words paragraph on the topic cashless india
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Answer:
A cashless India is the first step towards making the dream of digital India a reality. In this cashless India essay, we will be talking about the meaning of ‘cashless’, the different alternatives for our monetary system, and the disadvantages and advantages of a country going fully cashless and digital in its economy. The following cashless India essay in English is for students studying in class 5 and above. The language here has been kept simple for a better understanding of young students. This essay on cashless economy in India would enable young students to write an essay on the cashless economy in India on their own.
On the evening of November 8, 2016 at 8 P.M., Narendra Modi, the Prime Minister of India announced the demonetization of 500 and 1000 rupees notes in India. That historic decision had many reasons. One of the reasons was laying the stepping stone towards the dream of cashless India.
The traditional form of monetary transactions happens with the exchange of physical hard cash between people. Cashless India is going to make it almost redundant. This idea has got a huge amount of push due to the ongoing COVID-19 pandemic, given the concerns with the exchange of physical cash. There are a lot of advantages to going cashless. Along with advantages, there are disadvantages of going cashless too. We shall throw some light onto both in this article on cashless India.
First of all, let’s understand the meaning of a cashless economy. A cashless economy is one in which the liquid transactions through the system happens with the exchange of plastic currency or through digital currency. ATM debit and credit cards are plastic currency and online payments come under digital currency. The advent of blockchain technology has redefined the meaning of a cashless economy through bitcoins. A decentralized system of finance is defined by the concept of bitcoins, but we are not focusing on that in this particular essay on cashless India.
Answer:
Essay on Cashless India: The dream of digital India’s first step is a cashless India. With this dream, on the evening of 8th November 2016 at sharp 8 pm, the Prime Minister of India, Narendra Damodardas Modi announced the demonetisation of Rs. 500 and Rs. 1000 notes in the country. This historic decision was based on various reasons, one of which was a dream of cashless India.In this essay on cashless India, we will be talking about what it means to be cashless, the various alternatives for our monetary system and what are the advantages and disadvantage for a country which has fully gone digital or cashless in its economy.
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