India moving towards “Cashless Economy”
The consistent efforts of the Indian government, Reserve Bank of India and the other agencies like NPCI
(National Payments Corporation of India) are driving the nation towards cashless economy. The cash transactions are also discouraged due to latest moves on the reports generated through AIR (Annual Information Return) System by the Income Tax Department. The regular increase in E-commerce transactions where the only mode of payment is online i.e. through cards (Debit cards and credit cards), netbanking and E-wallets, in most of the cases also promotes the need of cashless society where the cash transactions can be minimized.
The use of cashless transaction where the use of paper currency would be minimized will reduce risk of handling too much of cash as well as risk of having fake currency.
Digital payment modes are widely used in metro cities but the still the users for cashless transactions are lesser in number as in comparison with other countries. India has one of the highest paper currency usage in the world and the cashless economy has become the necessity for any developed nation like India as moving cashless brings more revenue to the nation.
FEEGENIE is in support of cashless economy.
FEEGENIE is in support of DIGITAL INDIA
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