Good morning one and all. Respected Principal, teachers and my dear friends, it is my pleasure and privilege to stand before you today. I am honored to have this opportunity to speak to such a distinguished audience.Today on this occasion, I would like to talk about the concept of a cashless India.
The notion of a cashless Indian economy relies on transactions that evade the traditional forms and are made through modern means not involving physical cash. These modern transactions are aided with technology involving debit cards, credit cards, mobile phones and other electronic methods.
This surpasses the traditional means and opens a whole new dimension of modernity and progress, accelerating the economy while combating the financial ills that previously threatened the nation. With online transactions it becomes difficult for the miscreants to accumulate black money.
They will no longer be able to evade taxes. Another benefit of this form of economy is how it will greatly impact the generation and circulation of counterfeit currency. Since these transactions do not occur physically and are monitored, it will become increasingly difficult to trade in either black money or counterfeit money, thus giving people a scarce opportunity to cheat the system.
On one hand where it disadvantages the offenders, on the other it greatly advantages the general population. Transactions become easier and one need not carry a lot of money when going out or to shop. Provided everyone has mobile phones and internet access, digital payments take only a click and pin to happen.
These transactions are a blessing for the ones that are unable to visit banks or for people living in remote areas where the branch of their bank is not present. It provides the people with a sense of financial inclusion and simplifies the banking processes saving time and effort. The process is built on transparency thus lowering the chances of getting cheated if one is aware enough.
This otherwise perfect model of cashless India has its own set of challenges, the major being a lack of proper digital infrastructure. Since all Indians do not own mobile phones and internet access, it is not yet possible to transform into a completely cashless economy.
Also, many people do not know how to operate phones. Many times, because of online banking and fake calls people have been duped. Thus it is extremely crucial to inform the masses and make everyone aware of the process and how it happens.
As a nation it is important to develop in all areas and the financial sector is a very important one to progress and improve the economy. It is essential to address the issues revolving around cashlessness and resolve them efficiently. The country needs to invest in its digital infrastructure and ensure that all its citizens are equipped with the necessary resources to progress towards a cashless India. Thank you.