Its more than two months since the prime minister announced the decision on high denominational currency notes should be stop to be a legal tender. Later on those notes have been demonetised.
Indian government demonetised currency notes of two denominations Rs. 500 and Rs. 1000, on 8th November 2016. Prime minister declared in his Mann Ki Bath that there should be cashless society. This decision taken by modi is good but I think may not possible to achieve 100 percent, but it is better start with a less-cash society. A cashless economy runs on credit or debit cards, electronic funds transfer, or online shopping instead of cash.
Obviously, we get good benefits by cashless economy and Indian economy is one of the fastest growing economies but at the same time facing some problems like black money, corruption, terrorism. Cashless society offers the good advantages like reduction in transaction cost of carrying and doing business/transactions in cash, lower risk, reduction in the cost of printing money and will decrease crime rate.
Indian government demonetised currency notes of two denominations Rs. 500 and Rs. 1000, on 8th November 2016. Prime minister declared in his Mann Ki Bath that there should be cashless society. This decision taken by modi is good but I think may not possible to achieve 100 percent, but it is better start with a less-cash society. A cashless economy runs on credit or debit cards, electronic funds transfer, or online shopping instead of cash.
Obviously, we get good benefits by cashless economy and Indian economy is one of the fastest growing economies but at the same time facing some problems like black money, corruption, terrorism. Cashless society offers the good advantages like reduction in transaction cost of carrying and doing business/transactions in cash, lower risk, reduction in the cost of printing money and will decrease crime rate.
