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Cashless India is a move that has assumed significance in the backdrop
of demonetisation of high value currency by the NDA government at the
Centre. On November 8, 2016, Prime Minister Narendra Modi announced
demonetisation of currency notes of Rs 500 and Rs 1000 and took the
people by surprise. People standing in spiralling queues at ATMs and
banks' counters to exchange their old currency notes or withdraw cash
became a familiar scene across the country. However, the new cashless
revolution ignited by this move has gradually started changing the
mindset of people, who were earlier mostly dependent of currency notes
only for doing transactions. Benefits of cashless India Cashless
transaction does away with any hassle to carry cash. It is in keeping
with the worldwide trend. People need not carry any cash in various
countries around the world as most of the transactions there are done
electronically. In digital transactions, you can view history of your
expenses at one go which helps you to manage your budget easily. Since
cashless transactions are traceable, they invite payment of taxes,
wherever applicable, thus ruling out use of black money. As tax
collections become easy through the cashless mode, it accelerates the
pace of economic development, making it easier for the government to
spend on education, health care, employment generation, infrastructure
and the overall welfare of the people. Increased tax collections lead
to reduction and simplification of the tax structure. Transfer of
monetary benefits to the poor and the needy through bank transfer
rules out their exploitation by the unscrupulous middle men. Cashless
transactions deal a body blow to counterfeit currency or distribution
of black money through Hawala channels. It also cuts the supply of
unaccounted money used in funding of criminal and terrorist
activities. It saves the government substantial costs in printing and
circulation of currency notes. Increased liquidity of money with the
banks makes them lower their interest rates puts the huge amounts of
cash deposited with them
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