DEMONETIZATION: THE TARGET OF CASHLESS ECONOMY!

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The announcement of demonetization and it’s consequences has already troubled both public and government badly and now the goal of Cashless economy is an another challenge for the Indian Government, Few experts say that if this goal doesn’t achieve by the current government in next six months then the step of demonetization will be called a great blunder.

The cashless economy is need of the hour as most growing economies in the world whether China or America has a larger number of online transactions than in Cash. There are many benefits of Cashless economy like it’s become difficult to bribe someone, the need of White money will increase resulting in less black money, the banking system will grow, the government will earn more money in the form of direct tax etc.
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Right now most land deals happen in Cash and that too mostly include black money. If you ever bought a land then you know that it’s impossible to buy a land without black money because of which in current scenario our economy has depended upon black money, but it’s surely gonna change after demonetization and that’s why people are saying land rates are surely gonna change.

The government has already taken required steps to increase cashless online transactions. Things like Bitcoin are still a vague thing for Indian customers but now they surely know what is Paytm. There should be no extra charges on online transactions and in some places only online payments should be excepted it will decrease Corruption and black money.

On Individual level online transactions are also beneficial, Small traders waste so much time in counting money and then depositing in the bank and sometimes duplicate notes also came which is total wastage of time.
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The cashless economy is the future and it’s only possible if local Grocery wander starts excepting debit cards. Awareness and education on an individual level are also required regarding online transaction so that new users stays safe from online frauds.

At the end I can say if the government really wants to destroy corruption then Cashless economy is must, Imagine all government related payments happening online then there will be more transparency everywhere.

Don’t forget to comment your ideas and thoughts. Thank You.

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