India to become 'cashless society', PM Narendra Modi hints

[INDIAPOSITIVE]

'We can gradually move from a less-cash society to a cashless society'

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The Independent Online

Indian prime minister Narendra Modi said his government understands how millions have been affected by the ban on 500 and 1,000 rupee notes, but used his monthly radio address to defend the policy Rob Stothard - WPA Pool/Getty Images
Indian prime minister Narendra Modi has called for the nation to become a cashless society.

Mr Modi urged his country's small traders and daily wage earners to embrace digital payments.

Speaking in his monthly address on national radio, Mr Modi said the government understands millions have been affected by the ban on 500 and 1,000 rupee notes, but defended the policy.

The move is an attempt to fill Mr Modi's election promise of curbing tax evasion and unaccounted wealth.

Indian people queue outside a bank as they wait to deposit and exchange 500 and 1000 rupee notes in Amritsar, India (Getty)
"I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world," Mr Modi said, according to a translation by Reuters.




He urged them to use mobile banking applications and credit-card swipe machines instead.

"It's correct that a 100 per cent cashless society is not possible. But why don't we make a beginning for a less-cash society in India?" Mr Modi added.

"We can gradually move from a less-cash society to a cashless society."



Credit Suisse estimates more than 90 per cent of consumer purchases in India are made in cash.

Mr Modi also urged tech-savvy young people to teach their relatives and neighbours how to use the new technologies


http://www.independent.co.uk/news/w...otes-narendra-modi-ban-currency-a7442316.html

 

[New World]

It's correct that a 100 per cent cashless society is not possible. But why don't we make a beginning for a less-cash society in India?" Mr Modi added.

"We can gradually move from a less-cash society to a cashless society."

is it a good thing or bad thing?
@niaz @farhan_9909

 

[Desertfalcon]

It's the way of the world. I hardly ever use paper money. I can't even remember the last time I actually wrote a check.

 

[niaz]

In my opinion it is neither good nor bad. It is just march of the times. Without doubt it has numerous advantages as it eliminates the need to carry money in public and makes it much easier to borrow or lend money.

However, in my opinion a cash less society is also prone to white collar crime of hacking and identity theft. Additionally, if you lose your smart phone or a computer virus gets into your system and makes your records inaccessible; you have had it because the resolution of the problem would be extremely cumbersome..

I only use the electronic banking to check when my pension & dividends have come in and to ensure that direct debits deductions are correct. You can call it an old age hang up, but I would not transfer money over the phone or over the internet for the sake of security.

 

[IndoUS]

Well it would take time to implement but it would solve the issue if low tax revenue for government and also cut into the under the table work. Big problem would be implementing it across the country where majority of businesses use cash.