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Cashless india
- 2. CASHLESS INDIA A cashless economy is one in which all the transactions are done by digital means such as cards online payments And where the money in circulation is minimum
- 3. The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India. The digital transaction methods are banking cards, mobile wallets, internet banking, UPI and micro ATM’s
- 4. WHY CASHLESS ? It is risky to carry large amount of cash Cash is expensive to print, move, store and guard To tackle with black money To eliminate fake currency Monitoring of tax compliance is difficult to govt Currency is favorable for terrorism and corruption Cash transactions provide no transparency
- 5. stepstowardscashlesseconomy 1. In the early 80’s cheques, demand drafts and other paper based forms of transactions are came into existence 2. In 1982 MICR technology was introduced by RBI which allowed a machine to swiftly read and process cheques 3. In 1987 HSBC (Hong Kong and Shanghai Banking corporation) first introduced ATM in India
- 6. 4. Later internet banking was carried on by BANKNET and SWIFT (Society for worldwide interbank financial telecommunication) 5. In the middle of the 90’s all the private banks also Introduced ATM’s 6. In 2004 ATM charges waived 7. In 2010 IMPS (Immediate Payment Service) was launched 8. Recently UPI system came into existence
- 7. INCENTIVESFORGOINGCASHLESS Demonetization 0.75% of discount on fuel Free accidental insurance
- 8. Discount for toll No service tax on all digital transactions up to Rs.2000 Providing Rupay Kisan cards to farmers
- 9. BENEFITSOF CASHLESSINDIA Higher transparency Controls black money Help to stop funding terrorism Clear the fake currency from circulation Easy for book keeping and tax base Convenient mode of payment Good for banking system
- 10. CONSTRAINSFORCASHLESSINDIA only 35% of total population have internet access Only 63% of total population have a bank account Only 74% of the total population is literate
- 11. Fear of hackers Only 41% of Indians own smart phones 6 out of 10 transactions fails because of low speed internet
- 12. IS ITPOSSIBLE? but one can always start from less-cash society and then move towards becoming mostly cashless Cash is still playing an important role for discrete transactions, especially in the most remote areas and informal sector due to the illiteracy, lack internet and lack of guidance, even these transactions can be automated. That clearly tells us that, being such a large country with more than 100 crs of people now it is not possible to create a 100% cashless economy.
- 13. CONCLUSION Even though the digital payment methods are prevail before the demonetization, the move of demonetization has turned out to be a push towards cashless India marked by greater transparency, ease and convenience in monetary transactions. Being the responsible and educated individuals we not only have to adopt cashless transactions but also encourage others to adopt those methods to transform India into cashless India