Short & Long Essay on Cashless India in English

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The objective of this mission is to reduce the dependence of the Indian economy on cash so that a large amount of hidden black money in the country is brought back to the banking system. This mission started on November 8, 2016 when the government, in a revolutionary initiative, suddenly devalued the old notes of 500 rupees and 1000 rupees.

(1) 100 Words – Essay on Cashless India for Kids & Students in Very Easy Words

The Government of India suddenly announced the devaluation of the old currency of 500 rupees and 1000 rupees on 8 November 2016 and due to this, there was chaos in the whole country. The government took this step to end the parallel economy run by black money and fake currency, which was mainly being used for funding criminals and terrorists. Because of this decision, people struggling with acute shortage of money had to stand in long queues outside banks and various ATMs to exchange their old currency and get new currency.

Conclusion:

But in the end, this step has proved to be decisive in starting a cashless economy in India. The cashless economy has led to greater transparency, ease and convenience in monetary transactions.

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150 Words – Essay on Cashless India for Kids & Students in Very Easy Words

Other steps taken by the Central Government towards the demonetisation of high denomination currency and the development of a cashless economy in India were also welcomed and also criticized. There was a massive protest by opposition parties across the country against the huge scarcity of cash resulting from banning old 500 rupee and 1000 rupee notes across the country.

However, the phase of initial difficulties has now come to an end and people are beginning to feel secure and convenient for payment through digital channels. Apart from this, the Narendra Modi government has also made several beneficial announcements to promote a cashless economy and to encourage people.

Conclusion:

The latest World Bank report mentions that there will be no long-term adverse effect on the health of the Indian economy due to demonetisation. Rather it will ultimately prove beneficial for the Indian economy. It is also expected to make good progress in the growth rate of Indian economy. According to the World Bank, in 2018, the Indian economy will achieve a growth rate of 7.6% and at the same time interest rates have also come down due to demonetisation with sufficient cash back in banks, which is expected to boost economic activity.

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200 Words – Essay on Cashless India for Kids & Students in Very Easy Words

The central government, under the chairmanship of Prime Minister Narendra Modi, devalued the old currency of 500 rupees and 1000 rupees on 8 November 2016 and at the same time the government is constantly working towards realizing the dream of cashless India (Cashless India). Knowing that India’s economy is more dependent on cash than the economy of many other countries of the world, the devaluation of high-denomination currency by the government was indeed a bold step. Suddenly, this decision was taken because of the acute shortage of cash in the market and people had to face huge difficulties in buying essential commodities as new currency was available in very small quantity from banks and ATMs. For this, people had to stand in long queues night and day.

Conclusion:

However, the benefits of this step have started to accrue now and more and more people have started transacting in digital currency. India is slowly moving from a cash-centric economy to a cashless economy. Digital transactions are easily detected, due to which it will become mandatory for everyone to pay taxes and all the routes of circulation of black money will be closed. The entire country is undergoing modernization of the transaction process and due to this, unprecedented progress is being made in e-payment services. A large number of businessmen and even retailers selling roadside goods have now started accepting electronic payments and thus allowing all people to adopt a fast cashless transaction system. Proved to be inspiring.

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250 Words – Essay on Cashless India for Kids & Students in Very Easy Words

The concept of cashless India has recently come to light and its credit goes to the demonetisation of currency of 500 rupees and 1000 rupees recently made by the central government. Initially, people had to face a lot of difficulties to replace the old currency with the new currency and withdraw money from their own accounts and that is why the government’s move was also severely criticized.

According to the government’s critics, it was not right to take such a big step suddenly without adequate arrangements. According to him, all the arrangements should have been made before taking such a step. Critics say that online transactions in India are not at all safe and incidents of online fraud are common and hence adequate security measures need to be adopted. Critics presented a very frightening picture of the entire episode, arguing that due to the unavailability of required cash flow in the market, many people died and many lost their jobs.

However, after the demonetization of all old Rs 500 and Rs 1,000 currency, the country has seen a huge surge in cash transactions by digital medium. Cashless India (Cashless India) through various applications under credit / debit cards, mobile phone applications, Unified Payment Interface (UPI), Bheem (Bharat Interface for Money) app, Aadhaar Enabled Payment System (AEPS) or e-purse. The expected progress towards achieving the target has been recorded.

Conclusion:

In a large country like India where a large population is forced to live below the poverty line, it is natural to have difficulties in implementing a cashless economy but it was necessary to start efforts in this direction. Today, there is a big change in the mindset of people towards monetary transactions through digital. People have come to know that digital medium is also safe, easy, convenient and transparent and there is no scope of black money or fake currency in cashless India.

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300 Words – Essay on Cashless India for Kids & Students in Very Easy Words

Cashless or cashless India is a recently launched campaign by which the Government of India is moving towards making the cash-based economy cashless through digital means and thus strives to bring a major change in the country’s economy. is.

However, if we really want to make India cashless then we have to try to deal with various challenges. India is a large country and the facility of online transaction is not available in the entire country. In small towns and villages, people are facing difficult conditions due to lack of cash. To make India’s economy truly cashless, there is a need for large-scale investment in building facilities across the country.

There are several advantages of controlling cash flow with the help of digital technologies. Due to cashless transactions, people have to keep cash in banks and due to this the liquidity in the banking system has increased. Along with this, the flow of black money has been controlled to some extent. Now more money is available in banks and financial institutions to support the development of the Indian economy and to lend to the people. Apart from this, the most important benefit has been that this situation will motivate people to pay their taxes in a transparent manner and thus the government will have more money to run various schemes designed for the welfare of the public.

Conclusion:

Since demonetisation people have finally started believing in plastic currency as credit cards / debit cards, and other channels of electronic payment. The online banking market has gained prominence due to non-availability of sufficient cash. Apart from this, the e-commerce medium for making payments has also become popular and even most people are now paying 50 rupees with the help of digital mediums. All these developments are considered to be good for better development of the economy.

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400 Words – Essay on Cashless India for Kids & Students in Very Easy Words

The concept of cashless or cashless India has increased in importance as a result of demonetisation of high-value currency by the NDA government at the center. On November 8, 2016, when Prime Minister Narendra Modi suddenly announced the demonetization of 500 and 1000 rupee notes, there was chaos all around and people everywhere in the country changed their old notes at bank counters to get new notes. Queues started.

However, in this way a new revolution in the country, which has been dubbed as “Cashless India” or “Cashless India”, has started and this revolution has changed the mindset of people to do cash transactions. inspired. This move is gradually decreasing the tendency of people to depend on cash and the process of cashless transactions has developed in the country.

Importance of cashless India

  • Convenience of cashless transactions relieves all the hassles associated with bringing and carrying cash.
  • It is like walking in step with the world in the present era, because in many countries all over the world, now transactions are done only through electronic transactions and there is no need of cash for this.
  • Digital transaction allows you to calculate your expenses by looking at your expenses in one go, so that you can control your budget easily.
  • Transactions done without cash can be easily investigated, hence it becomes mandatory to pay the necessary taxes on them, thereby relieving the problem of black money.
  • Tax collection becomes easier through cashless mode and it accelerates the pace of economic development, as it becomes easier for the government to spend on education, health, employment generation, infrastructure development and overall welfare of the people.
  • Due to the increase in collection of taxes, the rates of taxes are reduced in the framework of tax collection.
  • The poor and the needy have the facility to transfer monetary benefits directly to their bank accounts, thereby preventing the poor from being exploited by unscrupulous brokers.
  • The disbursement of black money through hawala channels by cashless transactions is prohibited. This prevents the use of unaccounted money in promoting criminal and terrorist activities.
  • Due to this facility, there is a substantial saving in the cost of printing and circulation of currency notes by the government.
  • The huge amount of cash deposited in the banks helps in reducing the interest rates and at the same time the banks are able to use this cash for productive purposes.

Conclusion:

The concept of cashless or cashless economy for transactions is a part of Digital India program and its vision is focused on transforming India into a society that is digitally capable and where cashless transactions- Many powerful methods of giving have been developed. As a result, India is poised to become completely cashless or cashless in the near future, through digital means such as credit / debit cards, mobile wallets, bank pre-paid cards, UPI, USSD, Internet banking, etc.

 

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