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 Sensational Case of Salman Khan and Black Bucks, After Two Decades Justice Served?

Before beginning, I would like to reiterate that Salman Khan is just a cinema star, nothing more nothing less. So leave celebrity worship aside and try to be pragmatic. Salman Khan’s past was nowhere similar to his modern-day superhit films. Infamously known as the bad boy of Bollywood, he has been directly involved in criminal cases of pretty grave nature. Hit-and-run case , in which he allegedly under the influence of alcohol ran his car on the footpath in which one person was killed and four got injured. In that case, first his driver was made a scapegoat but a little while later, things became murky the result of which Khan was acquitted by the Mumbai HC in 2015. His relationship with Aishwarya Rai (Bachchan) fetched an excellent TRPs to our media, first with and rumours about their relationship, then with confirmed rumours, and even after the break-up, when former miss world accused him of harassing her. Black Bucks/Chinkara poaching case , about which this post is all abo...

CBSE Paper Leak — Another Marvel of Board Exam

This year’s CBSE board exams have been conducted ‘extra’- ordinarily. Never before such rampant corruption in the board has been exposed so brazenly. In place of students, this time, the administrators and those in power cheated. And, all happened the same year when PM launched his book 'Exam Warrior' in which he preaches the importance of exams to the children and provided some measures to help them cope up with exam pressures. When one of my acquaintance, who gave board exam this year, informed me about the unusual activities, I thought she is bluffing and it’s her mere excuse for not studying throughout the year. But now we all know that the bluff was real, that papers have leaked. The leakage, as we know, took place on a popular messaging app Whatsapp, from one forward to another, to all others, even to those who are not connected to the exam at all. Though not every time and not all questions were leaked on WhatsApp. After all, why would the scamsters forward que...

Exploring the Anglo-Norman Period in English Literature

 The Anglo-Norman period in English literature, roughly spanning from the Norman Conquest of 1066 to the mid-14th century, represents a pivotal era of transformation in the literary landscape of England. This period, initiated by William the Conqueror’s victory at the Battle of Hastings, brought profound cultural and linguistic changes that reshaped the production and development of literature in England. Below, we explore this dynamic period by examining its historical context, the dominance of French and Latin literature, the persistence and evolution of English literary traditions, and the lasting influence on the trajectory of English literature. Historical and Linguistic Context The Norman Conquest of 1066 marked a significant turning point for England, introducing a new ruling class of Norman French speakers. This event established a linguistic hierarchy : French became the language of the court, administration, and the elite; Latin remained the language of the church and sch...

Sanjay Dutt Hero Or Villain? A Review Of Sanju Baba’s Journey As Both

The Sanjay Dutt biopic “Sanju” was released on 29th of June made by one of the best filmmakers of the B-town, Rajkumar Hirani. It was marketed as an “unbelievably true story”. Indeed Dutt’s journey is unbelievable. However, there have been many unbelievable personalities too such as Dawood or Osama. Sorry for comparing Dutt with Don and Terrorist. The drugs, booze, women, and AK 56 make Sanju a largely negative character in the real world. Not his fault, according to the film. Some people say Sanjay Dutt doesn’t deserve a biopic as there are many “good” people, with their “good” work, that go unnoticed. The argument over whether Dutt deserves a biopic or not is inane. It’s like saying Dhoni’s biopic should have been made after his retirement. The truth is, biopics are made on interesting people, not the good ones, especially if it is of commercial in nature. If that interesting people is a negative character, it gets more publicity. Also, a “fictional” biopic cannot be real. Be i...

A Mesmerizing Winter Morning

WAKING UP on a winter morning takes courage. It is a sort of sacrifice only a few people are able to make, those having a remarkable will-power. Unless you have a strong reason to get something done, making this sacrifice is a herculean task, almost impossible. In winter, there is a joy in oversleeping, in cuddling up under a nice warm and cosy blanket. What most people do is— they wake up, see the time, and get back to sleep again. Even when being awake, it becomes extremely difficult to actually get up and resume our work or study. What happens is that our mind succumbs to the bodily comfort of enjoying a great peaceful sleep underneath a blanket. I, too, belong to this group, the group that is not ready to give up morning sleep easily on any day; and when it comes to giving up the sleep of a winter morning, we just cannot. However, one day, on a fairly cold winter morning, when I supposed to be in the sleep mode, I not only got up early but went for a walk too. Dressed up ...

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...

Indian Rupee Demonetisation: Why It Cannot End Corruption Or Even Black Money

It was November 8, when Prime Minister Narendra Modi, in a dramatic announcement, decided to scrap or demonetise two high-value Indian currency of the denomination of ₹500 and ₹1000. It means 85% of currency in circulation will no longer be a legal tender. All that precious notes have been converted into wastepaper overnight. It became the biggest talking point in every Indian household  —  from Kashmir to Kanyakumari and from Kutch to Arunachal Pradesh. After all, in a country where 98% of all transactions are conducted in cash, it was a big jolt. Demonetisation is usually associated with degrading economies and hyperinflation and often done by military dictatorships. It was surprising that a popular and democratically elected prime minister of a booming economy has resorted to demonetisation. Black money is the money held by people that have evaded taxation. It is illegal hoarding of unaccounted money which tends to exacerbate inequality because the biggest evas...