Cashless Economy, “A Socio Economic Transformation”
Asian Resonance(P: ISSN No. 0976-8602 RNI No.UPENG/2012/42622 VOL.-7,
ISSUE-4(Part-1), October-2018 E: ISSN No. 2349-9443)
Abstract
Vice-President, Marketing, ICC Projects/Kordansky Pvt. Ltd., Delhi , India
Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India. The purpose of this research paper is to clearly examine the development and challenges of cashless economy and also knowing about availability of various alternative modes of payment. It will also help to understand what Steps Should be Taken towards Cashless Economy? Enabling access to banking is a pre requisite to promote cashless economy. So the success of initiatives such as Jandhan accounts linked to Aadhaar data will be very important. A robust payments mechanism to settle a digital transaction is also needed, though the National Electronic Funds Transfer and Real Time Gross Settlement services. The Indian central bank will also have to shed some of its conservatism, part of which is because it has often seen itself as the protector of banking interests rather than overall financial development. What Is The Scope Of Cashless Economy? The expansion of telecom and smart phones would provide a digital shift to the economy in near future. The private sector is the driver of this change. Government is also mulling to provide incentives for electronic payments for example waiver of tax when electronic settlements are used. The private sector has to come forward to drive the change. Apart from this government should also give incentives for electronic transactions.
for full paper please
visit below link :
Comments
Post a Comment