Free 570 words Essay on positive and negative impacts of cashless economy for school short essay on cyber crime college students. The drastic digitalization over the past few years has indeed affected almost every sphere of our lives. One of the most recent effects has been the move towards a cashless economy in India.
Starting with the note ban in November 2016 due to the sudden withdrawal of the notes of Rs. 1000 denominations from the economy overnight, the Indian economy is going cashless. In other words, least paper transactions will be involved, substituted by more digital transactions with the help of internet banking, digital wallets, Point-of-Sale machines, credit and debit cards, etc. These are having multiple implications on the economy with the following advantages and disadvantages. A cashless economy will allow less tension of tackling a wallet full of notes along with us, which is not at all safe in a world full of anti-socials. We can rather use our mobile as a one-stop solution for all kinds of transactions such as bill payments, fees payments, funds transfer, recharge, etc. Crime rates have already started diminishing due to cash ban as most of the terrorist activities are funded with black money that has bore the brunt of this.
In addition to this, other crimes such as burglary, extortion, bank robbery, etc. One of the biggest advantages is the increase in the span of the income tax. Due to least involvement of cash, transactions have to be done through banks where proper KYC verifications will be done prior to banking transactions and hence, it will be easier for the Government to monitor and mend the income tax evasion by the unscrupulous persons. This will, in turn, enhance the revenue received by the Government.
Above all, the cashless economy will lead to the most convenient and secure economy for all. The cashless economy will see a hike in the hacking of the personal information over the internet such as credit and debit card numbers, PINs, passwords and other sensitive information due to an increase of digital transactions. In short, cyber crimes will escalate like anything if proper internet security measures are not taken. The poor section of India who is in majority and is scarcely covered under conventional banking system will suffer a lot, as they are solely dependent on cash for their daily wages. Sectors such as real estate, retail, restaurants, cement and other MSMEs, where huge cash transactions are involved are going to be affected terribly. Inadequate internet infiltration, low internet speeds, limited smartphone and broadband penetration, very less PoS machines are the roadblocks towards achieving full digitalization that is here the main substitute for cash transactions.
Funds will always be in control of the third party such as Government, banks, payment interfaces, etc. In short, a cashless economy can only be possible with sufficient infrastructure and planning that are required for supporting an economy like India. Why Modi is blamed here? Modi government has halved the income tax for lower tax slabs. Modi government is doing a praiseworthy job here. Such a biggest threat VIJAY MALLYA, Ambani etc.
Modi play plan plotting game in which only common people grab! If common people will not take black money then what is the purpose of money in the swiss bank. Don’t forget because of Ambani india is developing ! Total cashless transaction is possible when banking electronic transaction systems are hacking free.
Otherwise public will fear for that. A strict law to enforcement digital money transactions with fast track dispute settlement mechanism. Infrastructure facilities at grass root level. People shall be educated about digital transactions with its benefits. India is moving toward digital transactions as per globle trend but need more efforts from all institutions of society.
Economy, many of our concerns will be minimised. Then it is a less cash economy. Indian families spend less than 25000 Rs a month. India is considered as the Top 10 Economies in the World, and predicted that India will be 2nd or 3rd in next 10 years. So all these changes are part of that progress, and let us make a mind to adapt those changes rather than only discussing the negatives. The population of India in the age-group of 15-34 was 430 million in 2011 ! As per latest reports, India got more than 1 billion mobile connections.
If no big time cash is kept in your house or wallet ,which thief will come to you? Most of the retailers collects tax from the consumers and do not pay them to govt by showing low sales figures. 0 service charges to customers and by giving redeemable points and random surprise gifts. Going cashless boost economy as cost of managing paper money is high. From my point of view India should become totally cashless economy .
This will also promote our Digital India as well as it provide knowledge about internet . If people have to survive they must have knowledge about internet. It will decrease bank robbery,extortion etc. Evasion of taxes will get reduce ,it create good economy and all illegals crime will not become zero but it will definitely get reduced. Today the developing country like India is important to minimise all the crimes to competite with other country like U. It’s good that modi has done not ban but also everyone is looking further n is in favour for modi decision .
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