As the road was set up for cashless transaction, much is yet to be fulfilled to pass the final milestone to cross the road to demonetization. Cashless financial system refers where use of currency isn’t necessary or should be least used. In the same, digital cash is used as an alternative method of money, and transactions are completed by digital gadgets comparable to cell phones, ATMs, Swipe Machines and so on. World has seen the days earlier in the past when money wasn’t the only method of purchasing and had been based mostly on barter or exchange and other different strategies of trade. Cashless transactions have additionally turned attainable recently by utilizing digital currencies comparable to Bitcoin.
Mr. Modi set up the road by making a big decision, replacing old by new 500 and 2000 denomination notes, however these had been gradual to be circulated, and India — probably the most cash-dependent nation on the earth — all of a sudden discovered itself without sufficient money to run its financial system.
Because the clock ticked right down to midnight on November eighth, an enormous portion of Indian society instantaneously discovered themselves stripped of the power to work together economically. As much as that time, upwards of 95% of all transactions in India had been performed in money and 90% of distributors didn’t have the means to just accept something however. On prime of this, 85% of employees had been paid in cash.
As a consequence of this money crunch, India floor to a halt. Common man lined up near the ATM’s but with their endeavor to vain farmers couldn’t purchase seeds, taxi and rickshaw drivers didn’t have any approach to obtain funds, employers had no approach to pay staff, hospitals had been refusing sufferers who solely had previous currencies, the rate of purchasing household items too declined, and India, the nation of lucrative weddings saw a pause in the same.
The period set for demonetization ended 4 days before and we saw much endeavor by the people to turn their black money into white, the government giving hope to people that patience will give good results, opposition claiming this change as a negative step only causing trouble to the common man. But our hopes have been high that this change will sure create a ripple of change for the vast spread of corruption that has engulfed every single person in India.