When demonetization was introduced by the Indian government, the entire nation went into panic, however the Ministry of Finance took android measures to harmonise the flow of cash exchange and the proliferation of new currency. The Indian government also looking forward to enforcing cashless economy as they thought that such a move would boost India’s progress both economically and politically. Furthermore, They believed that such measures would benefit the poor and destabilise the corrupt and black money holders.
Following are the ways cashless economy would benefit the common man.
1. A cashless economy assures that a common man would no longer be coerced by the corrupt to pay under-hand money or bribe to fulfill certain task that are very common among many private and government sectors. Moreover, this would mean that common man does not have to waste his or her hard earned money and could utilise it in other fields of betterment such as rearing children, managing home and saving money for future needs.
2. A cashless economy would boost digital technology that would provide more luxury and benefits to common man than any other things, Using digital modes of transacting money like digital mobile wallet would remove the headache of worrying about balance exchange as their would be exact payment. Moreover, digitising transaction would also help common man to pay fair price without any tax default. Mobile wallet facilities are provided by Payment, Mobikwik and Freecharge.
3. A cashless economy would empower common man’s progress and growth by preventing fraudulent, corruption, and money laundering actions done by miscreants. Since people have to keep everything in bank, all the balance is getting monitored, and there is no scope of evading income tax formalities. Thus common man would see fall in price rate of essential commodities like Rice, Pulses, Onions, Tomatoes etc. Prices of houses and lands would come down, diesel and petrol price would decline, more employment in the IT sector, and gradual growth of common man.
4. A cashless economy would also force ministers to leverage it for the development of people because when there would be cash they would often use it to fill their pockets. Thus there would be significant growth in rural sector, especially on the sphere of education, medical, and employment. Moreover, the market would also flourish and people would regain faith in humanity and morality. The development of rural and urban sector would establish harmony, population control, and neutralise urbanisation.
5. A cashless economy would also common man to feel safe as there would fear of fake currency and crimes corresponding to robbery, theft, extortion, illegal occupation, terror activities would cripple.
Schools and colleges would not ask for donations and since bank would monitor every transactions, big companies and educational institutions would have to work fairly. Even bribing government authorities for jobs and other mean would stop and morality shall once again hold its presence. The people who would thus suffer are the ones who adheres to corruption and involved in anti national activities.
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