A lot of talk regarding that is the move to go cashless is scam?
What's App flooded by various forwards, former FM Chidambram calling it a scam too.
Let's try to understand what it entails:
1. Cashless transactions not only includes the mobile wallets and card payments. It also includes other modes like IMPS, NEFT and the recently launched UPI and NUUP. This way you will not pay any commission on transaction. I agree that these ways are new and not very popular but in time they will get popular.
2. Like the Govt has reduced transaction fees on card currently till 31 Dec 2016, you can expect similar measures in next calendar year also, thus reducing the commission out of the merchant's pocket.
3. You can even expect Govt to reduce commission when transacting from the wallets but we will have to have patience for that.
4. What Modi Govt is trying to do? You can get an idea from the website below. If this scenario comes true which I think it will, (otherwise such a drastic step of Demonitization would not have been taken) everyone one in the country will have a very good life and won't have to worry about taxes and departments.
http://arthakranti.org/proposal/proposal-benefits
5. Cashless transactions will benefit the corporates which have invested in them but will also solve problems for general public.
Eg. Two decades back when mobile phones where launched, Airtel and Essar were given the licences. It made huge benefits for these companies but resulted in convenience for the general public also. If you are told to live without the mobile phone, I'm sure it will be unthinkable.
6. Modi govt is trying for a scenario where only 2 taxes will prevail and you'll be saved of harassment of filing too many returns and harrasment from the departments as well.
7. This most important factor in cashless economy: I think that 'Cash' and not money is the root cause of all problems. If we eradicate cash from the society it will have a ripple effect benefits like decrease in crime rate, virtually end of corruption and malpractices, less instances of terrorism, no selling of drugs, no money being spent on liquor and chicken during elections, just to name a few.
I urge you to understand that it's not a scam but a move towards future. And we should always gather pro and cons of a move and analyse it over a period of time. A month isn't long enough to judge it. Kindly have patience for 6 months and you'll see a whole road map in front of you.
