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.
Agreed on most of the points but don't you think that the idea of cashless economy is good in country like India where literacy rate is just 74% as compared to world's 84%. At the sluggish rate at which Indian literacy rate is progressing ,it will take another 50years from now to have a universal literacy.
ReplyDeletefor cashless transaction you need to be literate enough to protect yourself from the online frauds / crime ,which i think its going increase many fold.The rate is pathetic in case women ,so they again have to depend on men dominating society for their daily routines.
Corruption and malpractices is not going to end and if we really want to remove it, we as a citizens need to change ourselves first .
But in the end it's just a good forwarding step perhaps taken too soon and only time will tell whether it's right or wrong.