Cash is a concept that has been around for centuries and currently still plays an important role in the modern world. Around eight hundred million people do not have access to banking, which means they remain dependant on cash until such time as they can get into the system. The effects of this lack of accessibility are seen in India where more than sixty percent of transactions happen using cash.
Cashless India is a big topic and it has been discussed in many places. Here, we have tried to discuss this in easy words. Read more in detail here: cashless essay.
When the government decided to demonetize the 500 and 1000 rupee notes, the nation was forced to deal with a cash shortage or adopt a cashless economy.
The Demonetization Decision
On November 8, 2016, the Honorable Prime Minister of India, Mr. Narendra Modi Ji, made the decision to demonetize the note.
The government made a hasty and risky move, despite the fact that Indians rely on currency more than citizens in any other nation.
The Cash Crunch
When the nation experienced demonetization, many individuals who rely only on cash transactions were concerned. The government has made measures to allow for internet transactions, which should provide some comfort to those who are experiencing cash shortages.
Hackers may be found on the internet.
However, there are numerous hackers out there who may steal an individual’s vital bank information when making an internet transfer. Many individuals died as a result of the acute scarcity of cash, and following the demonetization of the currency, a terrifying picture spread throughout the country.
The Bank’s Liquidity
Because of internet transactions, individuals today prefer to store their money at banks rather than carry it about with them.
People keeping their money in the bank has generated liquidity in the banking system. Corruption and black money have come to a halt as a result of the demonization. People were also compelled to pay their taxes correctly as a result of the implementation of demonetization.
Demonetisation was a wise decision.
In some ways, Mr. Narendra Modi’s cashless concept was brilliant in terms of transforming India into a digital nation.
Nowadays, most individuals rely on internet services for shopping, ordering a taxi, or reserving a hotel room, so being cashless is not an issue.
The Corrupt People’s Fever
When demonetization occurred, corrupt individuals had a major issue since they had no idea where to conceal their black money. As a result, many corrupt people were exposed throughout the demonetization process.
The Government’s Slew and Incentive
The government provided a plethora of incentives and initiatives. Many individuals were against demonetization and cursed our noble Prime Minister. Mr. Narendra Modi Ji is the Prime Minister of India.
However, they later understand that Modi Ji’s dramatic and unexpected action was for the good of all citizens.
The Greatest Number of Sufferers
The common man was the one who suffered the most as a result of India’s cashless policy. The individuals who receive their daily salaries in cash looked like they were living in a trash. They were hungry and thirsty, and merchants were unwilling to provide milk to the tiny infant without payment.
However, the issue was somewhat resolved after two or three days. The administration has arrived at this conclusion by advising citizens to visit banks to exchange their old notes for new ones.
Demonetization, on the other hand, has had little long-term impact on the Indian economy.
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