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A laudable move towards cashless economy

The demonetization is one of the biggest economic reforms undertaken in independent India. Not only because it aims to fight the black money economy and corruption but because of the way it has made the common people embrace digital platforms like never before for money transactions. As they say, necessity is the mother of invention. This opportunity can be efficiently used to educate the illiterate and semi-literate people in using mobiles and digital platforms for money transactions. The country s leaders and citizenry have been aware of menace of counterfeit currency coming into the country and its usage by smugglers, drug dealers, separatists, terrorists, and women and child traffickers. No honest citizen needs to fear the scheme. Only the dishonest people possessing ill-gotten and unaccounted money in the country needs to be concerned. Fighting the menace of black money has been on government s agenda since it came to power in 2014. It started with constitution up of an SIT (special investigation team) under Chairmanship of M.B Shah, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, setting up of Multi-Agency Group on the Panama Paper leaks and the passage of the Benami Transaction Bill, 2015, in the Lok Sabha. According to MasterCard report, India has the highest use of cash in the world. The government wants India to move to a less-cash, a cashless economy. It is working towards making people to switch over to digital currency.   The government has taken measures to initiate and promote digital economy through launching Jan Dhan Yojana, Aadhaar, the MUDRA Bank and promoting the concept of JAM (Jan Dhan-Aadhaar-Mobile). There are various options for promoting a cashless or less-cash economy including Bank Card, Unstructured Supplementary Service Data (USSD) based mobile banking, Unified Payments Interface (UIP), Aadhaar-enabled payment system (AEPS), prepaid cards, using various cards at any PoS (point of sale)/ ATM, and e-wallet or digital wallet. Every Indian should support the Prime minister s laudable steps towards this inspiring initiative.

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