Cashless India is a mission which was started by the Indian government under the leadership of Prime Minister Narendra Modi. The purpose of this mission is to reduce the reliance on the cash of the Indian economy so that the hidden black money in the country can be brought back to the banking system. On November 8, 2016, the government initiated a revolutionary initiative, the mission devalued the old notes of 500 rupees and 1000 rupees. Here we are presenting articles in simple language on the topic 'Cashless India' in 100, 150, 200, 250, 300 and 400 words, from which students can choose according to their needs. Here you can find some essay on cashless India in English language for students in 100, 150, 200, 250, 300 and 400 words here.
Essay on Cashless India 1 (100 words)
The Indian government suddenly announced the devaluation of the old currency of 500 rupees and 1000 rupees on November 8, 2016, and for this reason there was a crack in the whole country. The government took this step to end the parallel economy of black money and fake currency, which was used primarily for the financing of criminals and terrorists. Due to this decision, people were struggling to deal with the huge shortage of banks and many ATMs had to stand in order to convert their old currency and get a new currency in a long line attached to it.
But in the end, this step has proved to be crucial in starting a cashless economy in India. The cashless economy has paved the way for greater transparency, ease and convenience in monetary transactions.
Essay 2 on cashless India (150 words)
Steps towards the development of the cashless economy in Central Government and India and other steps to develop a cashless economy were also welcomed and criticized. Demonstrations were demonstrated by opposition parties across the country in protest against the huge reduction in the stampede due to restrictions on the old 500 rupees and large-scale old notes all over the country.
However, the period of initial difficulties is now closed and people have started paying for the safe and comfortable of digital media. Apart from this, the Narendra Modi government has made several beneficial announcements with the aim of promoting cashless economy and encouraging people.
The latest World Bank report states that due to monetization, there will be no long-term adverse effect on the health of the Indian economy. Rather, it will eventually prove beneficial for the Indian economy, even in the growth rate of the Indian economy, there is hope of good progress. According to the World Bank, the Indian economy can achieve a growth rate of 7.6% in 2018, and due to monopoly due to recovery of adequate cash in banks, interest rates have also come down, which is expected to accelerate economic activity. .
Essay on Cashless India 3 (200 words)
In spite of Prime Minister Narendra Modi, the Central Government has been trying hard to fulfill the dream of 500 rupees and 1,000 rupees old coin and cashless India (cashless India) on November 8, 2016. Knowing that India's economy is more dependent on cash than the economy of many other countries of the world, devaluation of high value class currency by the government was in fact a bold step. Suddenly, due to decision-making, there was a huge reduction of cash in the market and people had major problems in buying essential items because new currency from banks and ATMs was available in very small quantities. For a long time people had to live in a long queue.
However, the benefits of this step have now been received and more and more people have started trading in digital currency. India is gradually increasing from cash-focused economy to cashless economy. Digital transaction is detected smoothly, due to which it will be mandatory to pay taxes to all and all means of black money transfer will be closed. The entire country is going through a period of modernization of the transaction process and this has led to unprecedented progress in e-payment services. A large number of merchants and even retailers selling goods on the street have now started accepting electronic payments and thus adopt a cashless cash transaction system for all of them. Has proven inspiring.
Essay 4 on Cashless India (250 words)
The concept of Cashless India comes just now and its credit goes to monetization of Rs. 500 and in the currency of 1000 rupees recently made by the Central Government. Initially, people faced difficulties in changing the old currency from the new currency and withdrawing money from their own accounts, and that is why the government's move has been severely criticized.
According to critics of the government, it was not ok to take such a big step without adequate arrangements. According to him, all the arrangements had to be done before taking such steps. Critics say that online transactions in India are not safe and fraud cases are common with online media and hence there is a need to adopt adequate safeguards. Critics presented a horrific picture of the whole episode and argued that due to the unavailability of essential cash flows in the market, many people were killed and many people got a job
However, after all the discounts of currency of Rs 500 and Rs 1000, there has been a huge increase in cash transactions through digital media in the country. Expected progress of Cashless India (Cashless India) by various applications under credit / debit card, mobile phone application, integrated payment interface (UPI), Bhima (India Interface for Money) app, base enabled payment system (EEPS) or e-purse The direction of achieving the goal has been recorded.
In a large country like India, where the large population is forced to live below the poverty line, difficulties in implementing a cashless economy are natural but it is necessary to start efforts in this direction. Today there has been a major change in the mindset of people towards digital transactions through digital media. People have come to know that digital media is also safe, easy, convenient and transparent and there is no scope for black money or fake currency in cash in India.
Essay on Cashless India 5 (300 words)
Cashless or Cashless India is a campaign which has recently been launched by which the Indian government is moving forward to make cash based economy cash from digital media and thus, in an effort to bring a major change in the economy of the country. is.
However, if we want to make India really cashless, then we have to now try to deal with various challenges. India is a big country and facilitating online transactions through the whole country is not available. Due to lack of cash, people are facing severe situation in small towns and villages. To make Indian economy economically cashless, there is a need to invest large scale in the construction of facilities across the country.
There are many benefits to controlling cash flows with the help of digital technology. Due to non-cash transactions, people have to keep cash in banks and this has increased the liquidity in the banking system. At the same time, it has reduced the flow of black money to some extent. Now more funds are available in banks and financial institutions to support the development of the Indian economy and lend the people. Apart from this, the most important advantage is that this situation will inspire people to pay their taxes in a transparent manner and thus the government has more money to run the various schemes to be prepared for public welfare.
Since monopoly, people have finally started believing in the currency of plastic in the form of credit cards / debit cards and other channels of electronic payment, due to insufficient availability of cash, the online banking market has gained prominence, besides, The e-commerce medium has also become popular for payment and even most people now get Rs 50 for the help of digital means. Are paying. All these events are considered good for the better development of the economy.
Essay on Cashless India 6 (400 words)
The importance of cashless or cashless India has increased due to the monotony of high value currency by the NDA government of the Center. On November 8, 2016, Prime Minister Narendra Modi announced the sudden destruction of 500 rupees and 1000 rupees notes and the rumor spread completely and the people of the country announced their new notes by changing their old notes everywhere on the banks count done. Queues taken across the country
However, in this way, a new revolution in the country, which is called "cashless India" or "cashless India", started, and this revolution changed the mindset of people to deal in cash. Motivated This step is gradually reducing the trend of reliance on people's cash and the process of cashless transactions has been developed in the country.
Importance of cashless India
- Cashless transaction facilitates all problems relating to bringing and taking cash away.
- It is like walking with the world in the present phase, because in many countries of the world, transactions are only through electronic transactions and there is no need for cash.
- Digital transactions give you the ability to calculate your expenses by looking at your expenses at a glance, so that you can easily control your budget.
- Non cash transactions can be easily investigated so that payment of necessary taxes is mandatory, thereby reducing the problem of black money.
- Tax collection becomes easy through cashless mode and it accelerates the pace of economic development, because it is easy to spend on government education, health, employment generation, infrastructure development and overall welfare of the people.
- Due to the increase in the collection of taxes, tax rates in the tax collection system are reduced.
- The poor and needy have the facility to directly transfer monetary benefits through their bank accounts, which inhibits poor exploitation by unethical brokers.
- Distribution of black money through hawala channels without cash transaction is prohibited. It bans the use of unaccounted money for criminal and terrorist activities.
- Due to this facility, the Government has adequate savings in the printing and circulation of currency notes.
- Due to high levels of cash deposits in banks, it helps in reducing interest rates and banks are also able to utilize this cash in productive works.
The concept of cashless economy for cashless or transaction is part of the Digital India program and its vision is focused on transforming India into a society which is digitally capable and where there is no cash lane, there are many powerful ways of development Are there. As a result, in the near future, India is ready to be completely cashless or cashless through digital media such as credit / debit card, mobile purse, pre-paid card of banks, through the UPI, USSD, internet banking, etc.