Write a essay on Cashless India
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ANSWER ⏬
✏️ Cash less Indian economy
Cashless economy means transaction through e-banking method i.e, through mobiles or computers. Sweden was the first country to use cashless economy. Narendra Modi, the prime Minister of India introduced cashless economy in India suddenly giving a shock to the people overnight by announcing that 500 and 1000 rupees will not be sanctioned all over the India. So for a few months all the banks were crowded for changing the 1000 and 500 rupees to new notes. After few days the PM gave another shock by saying that cashless transaction will be followed here afterwards, But many oppositions came against it and leaders of congress and even citizen's too refused to bring up that method of transaction as poor people will not be able to have that much facilities and even infrastructure have not been well developed in villages. So it is not possible for the Govt. to bring a method of transaction like that in a country like India. It will take another 20 to 30 years for the Govt. To bring up a facility like that.
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MARK ANSWER AS BRAINLIST
A cashless society describes an economic state whereby financial transactions are not conducted with the money in the form of physical banknotes or coins, but rather through the transfer of digital information between the transacting parties. Cashless societies have existed from the time when human society came to existence, based on barter and other methods of exchange, and cashless transactions have also become possible in modern times using digital currencies such as bitcoin. However this article discusses and focuses on the term "cashless society" in the sense of a move towards and implications of, a society where cash is replaced by its digital equivalent - in other words, legal tender (money) exists, is recorded, and is exchanged only in electronic digital form.