First of all, thank you so much CAclubindia team and all of you respected members for having me as a featured member of the month. It's all due to your kind appreciation.
Now, before I share my views, let me be clear again that I am not against or in favor of any leader or any party. Whatever I am writing are all my personal views based on my understanding on the current scenario.
There is so much fuss about cashless economy. I want to share my perspective on whether we are ready for this?
It has been just over a month that demonetization policy was announced. Like you even I was very elated by this bold step. Now we are talking about cashless economy.
What exactly is cashless economy?
It is an economy which is not driven by a paper currency and most of the transactions are basically online.
What are its benefits?
The idea behind is to eradicate corruption and to keep a check on the money flow. Yes, its a very good idea on paper. The cost of printing currency will also decrease. It will lessen the crimes like extortion, kidnapping and even agitations as seen in Kashmir. Also, it will eradicate the fake currency racket. So, it is beneficial in this regard.
Are we ready for this?
Ok, to answer this question, I just want to you think about the following questions;
1. Don't you think that first and foremost the donation to political parties be made online? Shouldn't there be a ban on cash donations by political parties?
2. Is your vegetable vendor or milkman ready to take money through online transaction?
3. Are your sure that your money or information is safe in online dealings?
4. Is every online transaction corruption free?
5. Do we have so much man-power in our IT wing who can look into each and every transaction?
6. How will you pay to people who don't have bank accounts or illiterate people who don't even know how to sign, leave alone understanding the online transactions?
We need to find answers to the above questions before we take further action on it. You can't throw your decisions at public when you yourself are not sure of its outcome. Every other day some new announcement is made which is raising more questions than answers,
You need to have clarity before going further. The idea of demonetization and cashless economy look perfect on paper but it's the implementation which needs to be sorted out.
Strict cyber security laws are first and foremost. You also need to teach or make them understand about this concept before you throw it to them.
I agree with this concept but I don't agree with the way it's being implemented or rather forced. We are a developing economy, so proper arrangements should have been or should be made before you implement this step.
So, I just hope initiatives regarding it are made by this govt before they take further action on cashless system.