Cashless India is a concept by the Government of India run by Prime Minister Narendra Modi to diminish the reliance of the Indian economy on cash and to bring people of reserved black money lying unused into the financial system. The nation embarked on the change to a cashless economy when the government made the progressive step of demonetization of old money notes of Rs 500 and Rs 1000 on November 08, 2016. This move was focused on the fake money circling in the Indian market and the black money that some way or another got away from the radar of tax authorities.
Post demonetization intense lack of money in Banks and long lines outside ATMs steadily turned individuals towards digital transactions, one of the prime necessities under cashless India. On the off chance that the government prevails with regards to giving secure and quick advanced payment strategies to the customers and dealer foundations the country over, at that point, the dream of India turning into a totally cashless economy will emerge.
Example #1 of Essay on Cashless India
The government of India headed by Prime Minister Narendra Modi has been moving towards understanding his vision for a cashless India, as far back as the demonetization of the old money notes of 500 INR and 1000 INR, which was reported by it on November 8, 2016. It was actually a strong move, considering the way that in India, individuals are more dependent on money than in different nations of the world.
All of a sudden, there was a severe lack of money in the wake of this choice, and individuals needed to experience incredible troubles in purchasing things they needed with little money accessible in banks and ATMs they would crowd in unending lines day and night.
However, the advantages of this move have now begun streaming in with an ever-increasing number of individuals changing to advanced methods of accepting and making payment. India is progressively evolving from money-driven to a cashless economy. Advanced transactions are recognizable, this way effectively assessable, ruling out the dissemination of black money.
The entire country is experiencing the procedure of modernization in cash transactions, with e-payment gaining uncommon momentum. Countless organizations, even road sellers, are presently accepting electronic payments, provoking the individuals to figure out how to execute the cashless way at a quicker pace than at any other time.
Example #2 of Essay on Cashless India
Cashless India is a term authored currently after the Union government proceeded with its arrangements to demonetize money notes of Rs 500 and Rs 1000. At first, it prompted serious analysis as individuals confronted incredible troubles in exchanging the old money notes or pulling back money from their records.
As indicated by the experts of the government, satisfactory game plans ought to have been made ahead of time to help the individuals in managing money smash in the wake of this move towards cashless India. Likewise, satisfactory safety efforts are required to protect online transactions against misrepresentation, which is exceptionally normal in India. The experts further contend that because of the inaccessibility of required income in the market, numerous individuals kicked the bucket and lost their positions, portraying India turning out to be cashless post-demonetization.
Be that as it may, after the demonetization of the cash notes of Rs 500 and Rs 1,000, the nation has seen a flood in cashless transactions through the digital mode, be it through credit/charge cards, cell phone applications, Unified Payments Interface (UPI), BHIM (Bharat Interface for Money) application under Aadhaar Enabled Payment System (AEPS) or e-wallets and so forth.
True, there are challenges in executing the possibility of a cashless economy in a large nation like India, where countless individuals are living under wretchedness and neediness. Yet, a start must be made sometime in the future. Today, there is an ocean change in the attitude of individuals as to digital methods for financial dealings, which are sheltered, simple, advantageous, and straightforward. There is the wrong spot for black money or fake money in cashless India.
Example #3 of Essay on Cashless India
Cashless India is a currently introduced concept focused on bringing a great change in the nation's economy by the Indian government, changing the money-based economy into cashless through digital implies.
In any case, still, there are different difficulties to be tended to if we need to bode well. India is an immense nation, and the accommodation of making transactions through the online mode isn't accessible all over the country. In little urban communities and towns, the individuals are for the most part enduring because of intense money crunch circumstance. To bode well, the venture is required to be made in upgrading the office required on a mass scale for cashless transactions the nation over.
Dealing with the flow of money with digital technology has a scope of points of interest. Cashless transactions have made individuals keep all their money into the bank, and henceforth liquidity in the financial system has expanded. Additionally, it has halted the progression of black money, up somewhat. Presently the banks and commercial organizations have more cash to loan to the individuals to help the development of the Indian economy.
The other most significant favorable position is that this circumstance will make individuals straightforwardly pay their assessments; consequently, the legislature will have more cash to run different plans implied for the welfare of the general population.
Post-demonetization, the individuals have at long last begun putting stock in the influence of the plastic cash as charge card/check card, and different channels of electronic payment. Web-based banking has picked up conspicuousness because of the inaccessibility of enough money in the market. In addition, E-trade methods of causing payments to have likewise gotten well known, as a large portion of the individuals have now begun making payments of even Rs 50 through the digital modes. Every one of these advancements is viewed as useful for the substantial development of the economy.