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!

Labels:

Comments

  1. Harsh Wardhan Jog6 December 2016 at 22:36

    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

Don't Just Set Fitness Goals, Achieve It With Smartness

The dream to be fit and have in possession of tip-top body shape is a dream of people across the globe. Some people will admit it, some won’t. Sometimes, to make this dream come true, we take action (as a reaction of some subversive motivational videos or text) and get ourselves enrolled in a gym or yoga class, eat healthy (and tasteless) food, forcefully digest bitter juice of bitter gourd, and whatnot. But it barely lasts for long-term. Within months, we tend to drop out. The “we” here is most of you and me. So, why does this happen to most people? Why do we fail to achieve our grand fitness dream? At the end of the day, even after a high dose of motivation, why do we choose to ignore the fitness goal we set in just some days ago? Probably because of the urge for laziness or the cravings for fatty and sugary food items. Or, because it is boring and feels like pain with no gain. But the fitness dream ain't big, rather it is just the default mode we are supposed to be in. What...
Post a Comment
Read more

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...
Post a Comment
Read more

Pakistani Cricketers Anguish Over Kashmir, Or Their Inability To Play In IPL?

From the colonial times, cricket and politics remained an inseparable thing in the Indian subcontinent. Ashutosh Gowariker’s "Lagaan" gives a hint of when did they began mixing together. But the whole episode of Bhuvan ’s struggle of not paying the lagaan (taxes) to the British government —at times of monsoon crisis ( ghanan ghanan )— becomes small and insignificant, if politics over cricket between India and Pakistan is taken into account in the past few years. Just a few days before the commencement of Indian Premier League (IPL) 2018, Pakistani cricketers began to shower their ‘alleged’ love and sympathy for Kashmir, now when they know couldn't take part in IPL, they are showcasing their outrage on Twitter —not against IPL— but against Indian army and India as a state. After the 2008 Mumbai attacks, perpetrated by Pakistan based terror organization ' Lashkar-e-Taiba' , the Indian government has put a ban on Pakistani players from participating in I...
Post a Comment
Read more

The Padmavaat Circus — A Brief Summary

OVER THE LAST FEW MONTHS, the nation has witnessed a bizarre issue. We have been battling with the question of whether a film should be allowed to screen or not. It is definitely a matter of concern if a movie is not allowed to be showcased, and even more if the makers and artists receive threats. But, don't you think we gave it more importance than what it really deserved? It certainly was not worthy of the space for prime time debates every single day as if it is the “only” thing India is concerned about. From the beginning, I was appalled by the duration of time Padmavati remain in the news. After the news, they do a stupid TV debate about the same. We then also saw TV anchors giving a "no-objection certificate" to the movie happily. It was at a time when the film had not been even sent to the CBFC.  But, there was a journalist/anchor who was showing the educational crisis in the country instead of a frivolous debate of whether Padmavati to be allowed to rel...
Post a Comment
Read more

Modi’s Arrogance On The looming Job Crisis In India

An American theologian and author James Freeman Clarke once tried to differentiate between a politician and a statesman. In his article “ Wanted, a statesman ”, he writes “A politician thinks of the next election, while the statesman thinks of the next generation.” By this definition, Prime Minister Modi is not more than a politician. Though by other definition, he is not even a politician but merely an RSS pracharak . A politician thinks of the next election, while the statesman thinks of the next generation. The National Sample Survey Office(NSSO) latest survey on unemployment figures for 2017-18 rings a buzzing alarm to the situation of joblessness. The unemployment rate stands four decades high i.e., of 6.1 per cent during 2017-18. But instead of working to fix this problem, the government tried to cover up the data. NITI Aayog, which has a close affinity with the PMO, claimed that the report “was not finalized but at a draft stage” and also said that the past surveys...
Post a Comment
Read more

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...
Post a Comment
Read more

Bhabhiji Ghar Par, Jijaji Chhat Par— A Review Of India's Comedy Serials

Indian television has been doing great with serials like Bhabhiji ghar par hai (Sister-In-Law Is At Home), May I come in Madam, and the latest in the fray, Jijaji chhat par hai (Brother-In-Law Is At The Terrace). However gross these may sound, but it seems to be the reality of Indian television.  But, why are such indecent and depraved shows on the rise? Is it really the people interested? There must be a significant number of people watching such shows to make it viable  as it is not easy to sustain a failed show , especially on TV, where. I won't comment whether these kinds of serials should air on TV or not. It’d be intruding to an artist's freedom of expression, his right to express an idea, be it in form of non-fiction speech, or with some fictional characters telling a story. These shows are just harmless entertainment meant for making you laugh, right? However, if you ask me, my opinion would be that, in the name of comedy, the makers of such sitcoms are either fo...
1 comment
Read more