Speech on Cashless India

Speech on Cashless India

Hello everyone! Today I am here to render a speech on cashless India.

Cashless India concept is a mission, which has been launched in India. Cashless economy is the one where physical currency or notes are minimal or not in circulation. The transactions that will be done will be done through debit cards, credit cards, online banking, virtual wallets or other kinds of electronic fund transfer media.

The first step towards cashless India started when on 8th November 2016, currency notes of INR 500 and INR 1000 were no longer considered legal. This step was taken as a movement for checking black money menace in the country. The step of demonetization was actually considered as a foundation for cashless economy.

Through ‘Digital India’ initiative, the Government aims to digitize our country and one integral part of this venture will be to make India into a cashless economy. People use internet more frequently now for all kinds of works, including making payments via NEFT, RTGS, IMPS or using virtual wallets. The use of debit and credit cards is also very common. The use of technology is helping in places so that there is no transaction of liquid money whatsoever. It is being estimated that with this initiative, black money, fake notes and the issue of corruption can be combated in a serious manner.

Here are some of the advantages which can come with cashless India:

  • Helps in fighting corruption and black money
  • Brings transparency in the system
  • Reduces cost of making coins and notes
  • Helps in lowering transaction costs
  • Helps in increasing tax base
  • Security and speed is guaranteed in cashless transactions

I conclude my speech by stating that the present situation, making cashless India seems like a dream. With proper infrastructure and backup plan in hand, this can be helpful for the economy if implemented in the right way.

By Maanasi