Is cashless India steady In 10 years !!

 

When Prime Minister Narendra Modi announced Demonetisation on November 6, 2016. There was so much chaos and nuisance in the market for the cash and also Reserve Bank of India started circulating newly announced 500 and 2000 rupee notes at that time online payments or cashless payments came into the play As a result, India started to transform from a cash-based economy to a completely cashless economy with more than two billion people globally and millions more coming online each year.

No doubt India is growing in education which results in more literate people and more people to go cashless. It also helps government to track records of an individual.

But if something has their advantage then it surely has some disadvantage let's talk about them below :

Advantage:-

Carrying huge piles of cash is always a security concern. In case your credit card or debit card gets robbed, the card can be blocked immediately which ensures better security and dependency.

Through cashless transactions, the funding of terror activities can be traced easily.

Since transactions under a cashless economy are done through organised channels, it is impossible to evade tax. And as a result, the government gets more tax revenue.

Disadvantage:- 

Since mobile phones are an important digital asset in the cashless economy, it has all the details saved. What if your mobile gets stolen? One can retrieve all your financial details.

If your card is lost or stolen, getting another card is a long, time consuming process also you have to visit banks and many other places.

India is still a developing country with a high ratio of military and non-tech savvy population. Hence, the real implementation of a cashless economy in India may not be the ideal decision.

But lastly we have seen that cashless economy can be steady but in certain situation there could be some drawbacks that we have seen above. But surely after Demonetisation gave a hard throw back in Indian economy but it gave rise to a new term called "THE CASHLESS INDIA" which could be the future of the country and in 10 years there would be people using online payments rather than preferring cash and it also helps India in foreign exchange as now we don't have pay via cash only rather we can transfer money directly in other countries.