FROM CASH ECONOMY TO LESS CASH ECONOMY
From cash economy to LESS CASH ECONOMY----The government has been sowing the seeds of a cashless economy: o In 2014, the government launched the Jan Dhan Yojana. o In 2016, the government approved the guidelines for promoting payments through digital means. The best way to reduce corruption and black money in the economy is to move to electronic transfers which needs universal banking access and facility. The idea of a cashless economy is a revolution from the fiat money to digital money with increasing transparency of the flow of cash. Advantages of a Cashless Economy--- In India only 10-15 per cent of the population is estimated to have ever used any kind of non cash payment instrument, compared to 40% of people in Brazil and China. As of 2014 India’s ratio of currency in circulation outside of banks to GDP was 11.1% which is higher than other emerging economies like Russia, Mexico and Brazil. Cashless society offers the government and the public many advantages: o Conveni...