The move will stop funding to the unlawful activities that are thriving due to unaccounted cash flow. Data is good enough only if it usable. Thus, with one announcement the Prime Minister transformed about 86% of the currency notes in the Indian economy to mere pieces of paper. And our temporary inconvenience is negligible as related with the outcome in future. The cashless transaction was increased tremendously after the demonetization on 8 November 2016.
And this continues as a vicious cycle of parallel economy killing the growth of the country. It would turn into chaos if government takes no necessary steps to circulate money correctly. So overall it's a good scheme we should practice and promote this. The total indexed value of corruption so far is Rs 1,98,546 crore. Ritual beliefs like Dakshina at temples etc Thank you. Then how the government imagine cashless economy is good for our country.
Most of the thing banking so many people come and go the credit and debit process will be clumsy. It helps us to provide money any time and anywhere in the universe. Hoarding: In the materialistic world, people give undue importance to money and, instead of utilising in productive activities, may start hoarding. Do you see any way of this present demonetization of Rs. Demonetization of currency means discontinuity of the said currency from circulation and replacing it with a new currency. We can easily get transaction anywhere, we shouldn't have wait for a long time in queues, specially for railway tickets.
As we know that economic development is more inclined toward technology. The 2000 rupees note is a burden on the people as no one likes to do transaction with such high value currency. A cashless economy is also a part thereof and has so many positive aspects as well as negative aspect. Achieving an absolute security system is possibly impossible, but experts say that it could still be increased to a very high degree. Prime Minister decision of decommissioning Rs 500 and Rs 1000 notes should not cause inconvenience to individuals in the long term. Within few minutes money can be transferred into the bank accounts of anyone who is in need, that too round the clock. By using Digital Transaction by can have proper record of all our transactions 6.
The Prime Minister himself claimed this in his forty- minute speech to the nation. At any time and at any place we cannot run short of money as cashless economy means carrying account along with ourselves. Every Indian including common man should be responsible for part nation building. Every transaction can be recorded. Cashless economy is a boon for the urban population but people residing in rural areas are not that educated and awate that they could understand these technology based apps and Internet banking.
As there are the majority of people live in rural area. Low internet speed cause of failure of the transaction. The inherent limitation of demonetisation has to be kept in mind, while evaluating it. It's facts that merit is far enough than demerits of cashless economy. Risk has involved in this process for hackers. With cashless economy people don't have to waste their time in the long queues, in the bank, waiting for the required transaction to be done. Security problem :As we all know being digital or cashless both attract cybercrims.
This rank evidently shows that India is in the agile side of development than earlier. Rate this: +52 -8 Akhil Tathe said: Sep 27, 2018 Hi friends, Good morning everyone, Today's our topic for group discussion is 'merits and demerits of the cashless economy'. So it is important to comprehensively analyze the steps taken by the government to curb black money and their merits and demerits. At present, the Modi government is probing deposits of almost 1 billion dollars in 20,000 such companies, indicating that the shadow economy of India runs deep, accounting for almost. Also, this there is less probability of corruption if the government is planning some scheme for poor as they can transfer funds directly to their accounts instead of giving it to the intermediate officials. It saved resources like paper and ink and even time as all the online transactions are too fast and even accurate as there's no question of counting mistakes and all.
It indicates that card transactions will slowly replace the cash transactions in our daily prone activities. Digital transaction: It is a seamless process which one are more participates involves, with the effect of no need of cash. By way of concentration of income and wealth in few hands, the black money widens the gap between the rich and the poor. The urban people is not aware of technology and they need some assistance and they are charged extra for it. It will lead to inflation slowly but not overnight. If you were paying through cash then you need to pay that money to a physical person or place and for that, you might need to go somewhere else to pay that money, whereas only a device having active internet connection will save you for the day and you can get the works done from home itself.