The Move towards a Cashless Economy

With the historic announcement on the 8^th of November, in India by the honorable Prime Minister Mr. Narendra Modi, a new era was ushered n to the Indian Economy. With the nullifying of the currency of highest denominations, the PM did away with about 86% of currency which so far had been in circulation. While the first few months, since the demonetization news broke out, were of extreme difficulty and unease. This was the case until the government came up with a new and innovative solution to end, almost all of the problems of monetary nature. The prime minister urged us all to go digital, by taking to various applications and electronic wallets, thus paving way for a more digitized, cashless economy. While the move towards a more efficient, hassle free economy was encouraged, at the same time the government began offering various attractive incentives, for one and all in the lieu of setting up a proper foundation for a cashless economy.

With the announcement of two schemes, which would reward all of those who paid online, regardless of them belonging to the rural or urban areas, it worked as a much needed push, towards the development of our nation. These two schemes were namely, Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana, both of which were brought into effect in order to give cash rewards, to all those consumers and merchants, who took to using digital payment methods, including other related instruments, as the means for their own personal expenditure. The prices for both these schemes range from INR1000 to INR 1 crore, while the transactions that are permitted here are from INR50 to INR 3000 in order for the common man to participate as well. These schemes are believed to not only give a boost to cashless transactions, but will also prove instrumental in bringing those people, who belong predominantly to the poor sections of the society in to the digital fold.

There have been many innovative ways in which, the rural areas have been encouraged to participate in these schemes. This is made possible through the Aadhar Enabled System. Both of theses schemes will be in operation from the month of December till the month of April, when the last Mega draw will take place, on occasion of Ambedkar Jayanti on 14^th of April 2017. While on the other hand, the Lucky Grahak Yojana, which targets the Consumers in specific, with daily rewards of INR 1000, which will be awarded to about 15,000 lucky winners, for about a hundred days. 

There will also be weekly prices of INR 1 lakh, INR 10,000 and INR 5000 for all those consumers, who make use of alternate methods of digital transactions. With these rewarding schemes in places, not only the government, but also the people are of a firm belief that India would rapidly be converted into a cashless economy. The National Payment Corporation of India, which is a non-profit company, has been given the mandate to guide the country, towards a more cashless economy.