What are the benefits and challenges before India for becoming a cashless economy?
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The benefits of a cashless economy are:
- Cashless economy will enhance our current banking system. There will be increased access to credit for people who do not fall in any banking network.
- It will help in widening the bracket of tax payers. All the transactions are monitored and traced back to a given individual. It will be difficult to evade tax then.
- The risk of counterfeit currency is minimised as the circulation of notes is reduced.
- It will facilitate faster transfer of money to places across India. Making and receiving payments will be safe, convenient and hasslefree.
- Lesser literacy rate among the population makes digital India a distant dream. People have to be made aware of how to use the digital medium to transact.
- In India, a lot of villages do not have uninterrupted electricity supply. In the absence of this, digital transactions are impossible.
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