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Current Trends in Science and Technology

an Open Access Publication ISSN: 0976-9730 | 0976-9498

Engineering and Technology

Challenges and Opportunities experienced in moving from Cash to Cashless Economy

Waseem Akram
Assistant Professor of Computer Applications Government Degree College Mendhar
Online First: August 13, 2017
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Abstract






Advanced India is a development propelled by the Government of India to guarantee that Government administrations are made accessible to nationals by electronic means by improved online framework and by expanding Internet availability or by making the nation carefully enabled in the field of innovation. Demonetization is the act of stripping a currency unit of its status as legal tender. It emerges at whatever point there is some sort of progress in national money: The current form of money is pulled from circulation and retired, often to be replaced with new notes or coins.








A cashless society is a term portraying the monetary eco-framework in which physical cash, to be specific paper banknotes and metal coins, are supplanted with virtual, advanced cash, and where money dissemination is substituted with installments done by utilizing a few sorts of cards, versatile gadgets and different other gear associated with the web.








A cashless economy is one where cash flow is minimal and all the electronic channels like debit card, credit card, electronic merchants, payments such as IMPS are mode of transaction. Banks have stepped on to the mobile banking and electronic banking as well. At the same time, non-banking companies like Airtel, Vodafone, Paytm, Mobiwik are offering wallet services already. To make this transition possible, the government will need to work on digital infrastructure. It also has to waive the service tax on digital payments. India has one of the highest cash to GDP ratios in the word, and lubricating economic activity with paper has costs. The government on its part is functioning at various levels to reduce the requirement on cash. Opening bank accounts for the unbanked customers under the PMJDY Scheme and adoption of direct benefit transfer is part of the overall idea to reduce usage of cash and increase transparency.






  Submitted
Aug 24, 2017
Published
Aug 13, 2017
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