Skip to main content

Cashless Economy - The Key To A Reform

cashless-economy-a-reform

Despite every government efforts, demonetisation has turned out to be a failure. Not just because its implementation was disastrous, but because a black market has evolved to convert black money into white ridiculing this ‘bold’ and ‘historic’ move. I have summarized in my previous post why just demonetisation cannot end corruption or even black money.

It must be noted that demonetisation has been implemented before it could leak out to the media sources. There must have been a large workforce for printing a huge number of notes in such a small time and for other preparations to enforce this plan smoothly. The new ₹2000 note had already begun leaking on social media as everyone could not remain silent for a long time. That probably explains why this decision has been taken in some haste and the government and RBI of not being ‘fully prepared’ for this move resulting in a cash crunch.

But, it's good that what began as demonetisation has now been transformed into a cashless revolution. Unlike demonetization, the prime minister Modi's call for a cashless or less-cash economy can be a real game-changer in cleaning the long-standing corrupt practices and thus the entire system. However, it cannot be implemented overnight like demonetisation. It is a behavioural change at all level of the society and it will take its due time. The government has already started the campaign to encourage cashless transactions. It is important for the people to adopt cashless means without delay.

The Jan-Dhan accounts and increasing affordability of smartphone can serve as a catalyst for this cashless revolution. India already has over 1 billion mobile phones which is a boon and going to make this revolution even easier. Therefore, India has already geared up for this revolution.

The raw stage of black money is cash and most of the black deal is finalised in cash which gradually gets converted into the other form such as gold, real estate, etc. It would not be an exaggeration to say that cash is the root of all corruption. Therefore, people must adapt themselves to a cashless Indian economy. It will serve the interest of the biggest beneficiaries of government services – the poor and the common man.

There should be a strict regulation of cash flow, especially in large transactions. Though a certain limit of cash has to be allowed because of the obvious compulsion, large transaction if done in cash should be penalised heavily.

But, the behavioural change is not easy because of the psychological attachment of Indians with cash which cannot be changed from outside. It will come from inside. Change is the law of nature and humans have been the fastest evolving species. So, from an evolutionary point of view too, it is also not difficult.

In India's path of becoming a developed country, there cannot be any room for corruption and black money. Going cashless completely in the near future for a cash-obsessed nation may be difficult. But yes, it is certainly possible!

Comments

  1. Demonitisation has it seems, brought no comfort of eliminating black money. So now the slogan changes to cashless economy. How this cashless economy shall remove corruption is to be seen. Under the table money will also now be cashless. Crime related money shall also be cashless perhaps. For example somebody puts a gun on my head and asks me to transfer a crore of rupees to his account. I do so under duress. He takes out money from his account & says bye. Under invoicing / over invoicing may also continue. Difficult to eliminate corruption.

    ReplyDelete

Post a Comment

Popular posts from this blog

The Marvels Of Board Exams

AFTER AN EXHILARATING HOLI, comes the boring and haunting board exam, the exam for which no amount of preparation gives an impression of sufficiency. Students across the nation get excited as well as depressed. They are ‘excitingly depressed’. Excited to give the final exam of their school life, to enter into a new world, and depressed thinking what society would say if their marks won't be that good. Sharma Ji’s meritorious child is making things worse. While the level of questions asked in the exams has become easy these days, the quality of students being produced is decreasing, WhatsApp, Social Media and expansion of internet are to blame. The internet and smartphones may help students in their higher studies, but it misfires in case of younger kids. It only serves as a distraction, the biggest of modern times. Earlier, when kids go out to play some sports , it was treated as a distraction from studies. But now, it has been understood clearly that it wasn't seeing...

The Great Indian Bank Fraud - A Look Into PNB SCAM

India’s second largest bank, PNB, has been duped with a massive amount of 11400 cr by a billionaire jewellery designer Nirav Modi, now a fugitive. Before being named and investigated in the mega- bank-fraud, the celebrity designer has been featured in Forbes India's Richest People List 2016. Not to mention, Mr Modi has been seen in the World Economic Forum summit at Davos with PM Modi himself. It explains his network. There must be multiple levels of corruption involved in Nirav Modi scam — from the highest management in the bank to bureaucracy, all must have colluded together to make this scam come true. Netas, too, are part of big businessman-banker nexus as they are the ones who fund the election campaign secretly. To reiterate, political parties fundings still do not come under the scanner of RTI. Indian Banking Exposed PNB, in a statement, said that fraudulent transactions took place in one of its branches in Mumbai with their apparent connivance. A single br...

The Triple Talaq Argument: Fundamental Rights And Religious Obligations

The religious orthodoxy versus gender justice debate is not new. The debate has been ignited in the past from time to time challenging the sanctity of personal laws. The Muslim Personal Law Application Act, 1937, allows Indian Muslims to be governed by the  Shariat  (Islamic laws) based on Quran and  Hadith  (utterances of the Prophet) in matters of personal law. It is the Shayara Bano case that once again has ignited the debate. Shayara is a resident of Kashipur in Uttarakhand who was given an instantaneous triple talaq by her husband. She then approached the Supreme Court and filed a petition against practices of talaq-e-bidat (instantaneous triple talaq), nikah halala and polygamy. There are many progressive Muslim groups along with some secular bodies which demand to reform the unjust personal laws of the Muslim community. However, the All India Muslim Personal Law Board (AIMPLB) opposes any interference by the Supreme Court in matters of religious an...

The Bihar B Ed Admission Crisis

This year in 2018, a first-ever centralized test was conducted by the Nalanda Open University (NOU), on behalf of the Bihar government for admission into 322 B.Ed colleges across the state. Prescribed by the previous governor of Bihar, Satyapal Malik, as it was publicized in the media, the combined entrance test (CET) was done in order to tame the B.Ed colleges which have been reduced to mere money-making business; some of them being run by powerful people in politics too. They charge more than the prescribed money for admission and yet, they churn out incompetent teachers. The Crisis After conducting the test and announcing result of the same, NOU held counselling of the CET candidates to allot appropriate colleges to them according to their marks. In the result, around 62000 candidates were declared as qualified, and 36440 among them were invited for the counselling held in Gyan Bhawan, Patna. The counselling was merely for document verification and submission. The c...

SSC, The Scam Continues

SSC or Staff Selection Commission , an organization under Government of India, conducts examinations to recruit personnel for different posts in the various ministries and departments of the Government of India and in subordinate offices. Every year, lakhs of government job seekers apply for SSC exams in hope of a stable government job they can bank upon their future. This year too, the examination was conducted as per schedule in February. The difference, this time, is the allegation of mass cheating being executed by some corrupt coaching institutes which somehow managed to obtain the question paper of SSC tier II exams and sold them to the rich and powerful people. The candidates who appeared for exams this year are saying that it is only possible in collusion with the SSC higher authorities. There is a facebook page SSCtube from where we got a clear hint of the leak. They posted screenshots of questions before the exams which was shared widely. As per the candidates, the s...

India China relations — The significance of Modi-Xi Meet

On April 28, 2018, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping in Wuhan were seen walking together along a sidewalk on the shores of the enchanting East Lake, a large freshwater lake in Wuhan city, also the largest urban lake in China. And this “relaxed and friendly”, in a bright and sunny atmosphere, meeting between the two leaders was publicized as an “Informal Summit”. According to the government, Mr Modi and Mr Xi exchanged their views on major issues of bilateral and global importance and that they shared the view that, in the middle of current global uncertainties, peaceful, stable and balanced relations between India and China will be beneficial for the world. Even Pakistan. Productive discussions over tea. Strong India-China friendship is beneficial for the people of our nations and the entire world. pic.twitter.com/ZBPiVu7a5A — Narendra Modi (@narendramodi) April 28, 2018 They later enjoyed freshly prepared Chinese tea, and had a boat r...

Why India Cannot Sign Non-Proliferation Treaty

Non-Proliferation Treaty or NPT is an international treaty whose objective is to prevent the spread of nuclear weapons or its technology, to promote cooperation in the peaceful uses of nuclear energy, and to further the goal of achieving nuclear disarmament. The biggest incentive of NPT, due to which a large number of countries have signed it, is the agreement that the nuclear countries would share "peaceful nuclear technology" with the non-nuclear countries so that they can be able to produce nuclear energy domestically and use nuclear material for other peaceful purposes. This treaty was formalised in 1968 and those states that have detonated nuclear weapon before that were recognised as nuclear weapon state. As only five countries at that time have formally detonated their nuclear weapon successfully, this treaty recognizes these five countries - United States, Soviet Union (Russia), France, United Kingdom and China - as nuclear power. India conducted its first...