Cashless India is an initiative launched by the government of India under the Digital India initiative. The idea is to make India a cashless economy where all financial transactions are digitally carried out without involving the actual currency.
Paragraph on Cashless India
Vision and Approach of Cashless India (250 Words)
Cashless India envisioned an India wherein financial transactions are carried out without involving the physical exchange of currency. The whole idea is to carry out transactions, digitally in the form of digital information.
The Ministry of Electronics and Information Technology (MeitY), under the Government of India, is committed to providing cashless and paperless services across India. It aims for providing cashless services through a common e-governance structure, to the rural areas and also the urban centers of India. The vision is to make India a safe cashless society wherein maximum transactions are carried out digitally.
The approach towards a digital and cashless India is time-bound and targeted. It envisaged implementing digital services for the citizens across all the government departments and banks as well. Integrating all the services of banks in a mobile phone application plays a vital role in making a society cashless.
Also, several merchant establishments, businesses, and small shopkeepers are provided with digital options not requiring cash exchange, to make a sale. Similarly, the customer also can make a purchase using cash alternatives like credit cards, debit cards, cash cards, etc. However, to make a society cashless there is a need to build infrastructure and provide internet connectivity at the grass-root level. There is also a need to educate people about the advantages of a cashless society.
Cashless India is a step towards a more stable economy with less counterfeit currency and almost negligible tax evasion. A completely cashless India would be a progressive and developed India.
Short Essay on Cashless India
Advantages of Cashless India (400 Words)
Cashless India means an India where no financial transactions are carried out with actually exchanging money. The transactions are carried out using digital devices or interface making it easy and hassle-free.
Advantages of Cashless India
Cashless modes of financial transactions have several transactions as listed below-
- Risk Reduction
Cashless transactions reduce several risk factors like – fake currency circulation, theft or burglary, etc. Risks as such are significantly reduced in cashless transactions as one doesn’t have to physically carry money from one place to the other.
- Saves Time
Cashless transaction saves a lot of time as you are not required to go to a bank, fill the form and withdraw or deposit money. Now, you can transfer money, know your balance, or make purchases using digital services like mobile banking or debit/credit cards.
- Hygienic Transaction
A digital transaction is more hygienic as it doesn’t involve a physical exchange of currency. It may sound out of context but it plays a significant role in preventing the spread of disease and infection from one person to the other.
- Reducing Tax Evasion
Since every transaction through a digital mode is recorded, it reduces the incidents of tax evasion. Money laundering and tax evasion are difficult to carry out in a cashless economy than in a society where a large amount of physical currency is exchanged.
- More Precise Economic Data
The economic data collected by the government, based on digital transactions is more accurate than the data collected through extensive surveys of physical transactions. There is a huge difference between the accuracy and the digital data is more reliable and precise.
- Promotes Budgetary Planning
All the transactions that are digitally carried out, keep the record of each and every transaction, howsoever, big or small. It allows the person concerned to keep track of his/her transaction and make financial decisions or manage the budget accordingly.
- Digitally Educated Society
Citizens of a cashless economy are more digitally educated and empowered. They are well used to using smartphones, banking applications and other similar devices like Point of Sale (POS) machines.
A completely cashless society is a futuristic concept that is in progress in India. A cashless India will be more economically empowered, giving its citizens a hassle-free everyday transaction not involving any physical labor. Cashless transactions are more secure and authentic and act as proof for the parties involved.