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Cashless India Essay
An Introduction to Cashless India
Acashiess 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
Enalish 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 the cashless economy
in India would enable young students to write an essay on the cashless economy in India
on their own
As we know that cashless India is the new India and with the decision made by our
honourable prime minister to demonetize money used previously, this concept of going
cashless has become very popular. Although there are some disadvantages of going
cashless, along with that there are more benefits as well. In this essay, you will know
about everything that will help you to get better information about the concept of India
going cashless
Essay on Cashless India
On the evening of November 8, 2016, at 8 PM., 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 a 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.
Remember that everything has a positive as well as a negative aspect. It is not that there
won't be any disadvantages of going cashless but the thing is that you tend to find the
ways by which you can prevent these disadvantages from harming you. All that you need
to do is be more cereful. As we all know, prevention is always better than cure.Vedaniti,
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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 happen 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. We are more focused to
discuss why India needs to go cashless and what are the benefits that will come with India
taking on this new change. This essay provides you with information on the advantages
and disadvantages of the digital payment system also. It is not that you are not going to
face any problem in online transactions, you must have heard that a coin has two sides
and just like that, this topic of cashless India also has both pros and cons. Let's move on
to the pros and cons of a digital payment system.
We can see the Three Main Advantages of Cashless India.
* Reduction of Black Money
Biack money is the money that is eared but not accounted for in taxes. That money is
hidden by people from paying taxes. This black money is an illegal instrument in an
economy that is capable of reducing a goverment down to bankruptcy. The cashless
economy will ensure there’s no black money since unlike hard cash digital money cannot
be hidden. At least there is no way yet that could make the hiding possible. Digital money
enables governments to track all transactions in an economy that helps keep the income
authentic and transparent. The technology behind the digital economy has to be well
updated and sturdy though
* TransparencyVedaniti,
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India has corruption inbred in its system starting from the ministerial level to the watchman
level. And it exists due to the lack of transparency in our monetary system. In an economy
that is as big as India, transparency is a huge issue. We have learned of scandals like the
CWG or 2g scams or the Rafale Jet scams over the years, and these scams are a result
of the lack of transparency in transactions. It's a shame that a small cashless economy in
India essay would never do justice to the topic since it will never be enough to write about
all of the corruption scandals India has had since its independence. Corruptions of this
scale could be brought down to a large extent if we could achieve that dream of a
cashless economy throughout. And it's possible because the origin and endpoint of a
transaction could easily be tracked in a cashless economy and that's the biggest
advantage
There are Two Major Disadvantages of Cashless India.
* Online Theft
With the improving technology every day, there’s a rampant increase in online cheating
and fraud episodes. If the government is unable to achieve sturdy and not-possible-to-
hack digital systems, in a country like India with a 136 crore population, it is completely
impossible to make the economy cashless. People are still afraid of making big
transactions online after watching the reports of online thefts on national news channels.
* Infrastructure, or the Lack of it
Not just the government infrastructure, it requires infrastructure on an individual level too
A gadget or a smartphone, date connectivity, and electricity for charging the phones
regularly are the basic requirements for making online transactions possible. These are
privileges that exist mostly in urban India and most of rural India is still deprived of these
privileges. The government should first fix this before even dreaming of making a cashless
India possible
Tne Government of India took the whole country by storm by announcing the
demonetization on 8th November 2016. 500- and 1000-rupees notes were no longer legal
tender. This move was aimed at getting rid of the black money in the economy that was
largely used to fund criminals and terrorists and formed a parallel economy. The acute
shortage of cash led to long queues outside ATMs and banks trying to withdraw cash or
exchange notes. This was all to initiate the fruition of a dream of cashless IndiaVedaniti,
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With the enormous amount of technological revolutions happening, it is close to
impossible to find people without a smartphone in these times. Almost every citizen
possesses a smartphone. The ease of transaction through interfaces like GooglePay or
PhonePe or Paytm has never been more seamless than this. The Indian government has
also introduced interfaces like UPI or Unified Payments Interface for hassle-free digital
transactions that are fully cashless.
Conclusion
In recent years, we have been asked to be in very less contact with each other. This is
because of the communicable diseases of Covid-19 that have seen an adverse effect
throughout India. For this reason, online payments have recently been the most popular
means of transaction. The money will directly get transferred to the account of the user
from our account; all you need to do is just download the app that you can use for the
transaction
In the end, the demonetization step became crucial to start a cashless economy in the
country. It has paved the way towards an economy in India that is defined by greater
transparency and convenience and ease in monetary transactions.