Demonetisation and digitalisation

Is the country ready for a cashless system of transactions?

On November 8, Prime Minister Narendra Modi announced demonetisation of high-value currency notes of Rs. 500 and Rs. 1,000, in an attempt to clamp down on black money, among other things. Subsequently, as a fallout of this decision, focus also shifted to urging people to go digital and move towards a cashless form of transaction.

Several questions have been raised such as whether India, where people still do not have access to the Internet, is ready for such a drastic change. Students share their views.

Aman Besara, B.Tech Biotechnology, IIT Kharagpur

India is not yet ready to go cashless. The middle class and the lower strata of the society still don’t know how to make digital transactions. If emails of prominent people can be hacked, the common people are even more vulnerable. Effective cyber security laws should be implemented so that the accused can be held accountable.

Suman Lohara M, M. Arch, Architectural Design, SRM University, Chennai

How secure are mobile e-transaction apps? While installing them, the access permissions that apps ask for, most of which are unnecessary, put private details of the users at risk. People need to be assured that their details are completely secure.

Alin Xess, Govt. Engineering College, Bilaspur, Chhattisgarh

Demonetisation has kindled a hope in people’s minds that black money will be weeded out. It has also sown the seeds for a cashless India. Amid protests and praise, the government has paved the way for the cashless mode of payment. It is up to us to either take it positively or negatively. I think the best way forward would be to welcome the move and help the needy by teaching them how to transact digitally.

Mohit Baxla, B.E Mechanical Engineering, Loyola Institute of Technology, Chennai

Moving towards a cashless India is moving towards an India where every transaction is accountable. I believe it is a good step which will bring transparency — especially in accounting sales taxes from the street vendors who sell goods and services without providing a proper bill.

Going cashless and using e-payments will make the vendors accountable. Each person, whether he/she is working as a tea vendor or as a corporate executive, must contribute towards the development of the country.

Abha Tete, B.Ed, St. Xavier’s College, Ranchi, Jharkhand

It is a good step which will help us keep pace with the fast-changing world.

But there is a wide difference between our country and other developed countries who can boast of conditions favourable to implementing a cashless system of transactions.

The basic elements required for this scheme, such as teaching the masses the technical know-how of the cashless system, is lacking.

Vegetable sellers in some remote places in semi-rural Jharkhand have resorted to using barter system to exchange goods of necessity. It is difficult to pay the auto-rickshaw and rickshaw fares with cards.

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Printable version | Feb 20, 2020 10:22:23 AM |

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