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CASHLESS INDIA
A cashless economy is
one in which all the
transactions are done
by digital means such as
cards online payments
And where the money in
circulation is minimum
The Digital India programme is a flagship
programme of the Government of India
with a vision to transform India into a
digitally empowered society and knowledge
economy. “Faceless, Paperless, Cashless”
is one of professed role of Digital India.
The digital transaction methods are banking
cards, mobile wallets, internet banking, UPI
and micro ATM’s
WHY CASHLESS ?
 It is risky to carry large amount of cash
Cash is expensive to print, move, store and guard
To tackle with black money
To eliminate fake currency
Monitoring of tax compliance is difficult to govt
Currency is favorable for terrorism and corruption
Cash transactions provide no transparency
stepstowardscashlesseconomy
1. In the early 80’s cheques, demand drafts and
other paper based forms of transactions are came
into existence
2. In 1982 MICR technology was introduced by RBI
which allowed a machine to swiftly read and process
cheques
3. In 1987 HSBC (Hong Kong and Shanghai Banking
corporation) first introduced ATM in India
4. Later internet banking was carried on by BANKNET
and SWIFT (Society for worldwide interbank
financial telecommunication)
5. In the middle of the 90’s all the private banks also
Introduced ATM’s
6. In 2004 ATM charges waived
7. In 2010 IMPS (Immediate Payment Service) was
launched
8. Recently UPI system came into existence
INCENTIVESFORGOINGCASHLESS
Demonetization
0.75% of discount on fuel
Free accidental insurance
Discount for toll
No service tax on all digital
transactions up to Rs.2000
Providing Rupay Kisan
cards to farmers
BENEFITSOF CASHLESSINDIA
Higher transparency
Controls black money
Help to stop funding terrorism
Clear the fake currency from circulation
Easy for book keeping and tax base
Convenient mode of payment
Good for banking system
CONSTRAINSFORCASHLESSINDIA
only 35% of total population have internet
access
Only 63% of total population have a
bank account
Only 74% of the total population is
literate
Fear of hackers
Only 41% of Indians own smart
phones
6 out of 10 transactions fails
because of low speed internet
IS ITPOSSIBLE?
but one can always start from less-cash society and then
move towards becoming mostly cashless
Cash is still playing an important role for discrete
transactions, especially in the most remote areas and
informal sector due to the illiteracy, lack internet and lack
of guidance, even these transactions can be automated.
That clearly tells us that, being such a large country
with more than 100 crs of people now it is not possible
to create a 100% cashless economy.
CONCLUSION
Even though the digital payment methods are prevail before
the demonetization, the move of demonetization has turned
out to be a push towards cashless India marked by greater
transparency, ease and convenience in monetary
transactions.
Being the responsible and educated individuals we not only
have to adopt cashless transactions but also encourage
others to adopt those methods to transform India into
cashless India

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Cashless india

  • 1.
  • 2. CASHLESS INDIA A cashless economy is one in which all the transactions are done by digital means such as cards online payments And where the money in circulation is minimum
  • 3. The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India. The digital transaction methods are banking cards, mobile wallets, internet banking, UPI and micro ATM’s
  • 4. WHY CASHLESS ?  It is risky to carry large amount of cash Cash is expensive to print, move, store and guard To tackle with black money To eliminate fake currency Monitoring of tax compliance is difficult to govt Currency is favorable for terrorism and corruption Cash transactions provide no transparency
  • 5. stepstowardscashlesseconomy 1. In the early 80’s cheques, demand drafts and other paper based forms of transactions are came into existence 2. In 1982 MICR technology was introduced by RBI which allowed a machine to swiftly read and process cheques 3. In 1987 HSBC (Hong Kong and Shanghai Banking corporation) first introduced ATM in India
  • 6. 4. Later internet banking was carried on by BANKNET and SWIFT (Society for worldwide interbank financial telecommunication) 5. In the middle of the 90’s all the private banks also Introduced ATM’s 6. In 2004 ATM charges waived 7. In 2010 IMPS (Immediate Payment Service) was launched 8. Recently UPI system came into existence
  • 8. Discount for toll No service tax on all digital transactions up to Rs.2000 Providing Rupay Kisan cards to farmers
  • 9. BENEFITSOF CASHLESSINDIA Higher transparency Controls black money Help to stop funding terrorism Clear the fake currency from circulation Easy for book keeping and tax base Convenient mode of payment Good for banking system
  • 10. CONSTRAINSFORCASHLESSINDIA only 35% of total population have internet access Only 63% of total population have a bank account Only 74% of the total population is literate
  • 11. Fear of hackers Only 41% of Indians own smart phones 6 out of 10 transactions fails because of low speed internet
  • 12. IS ITPOSSIBLE? but one can always start from less-cash society and then move towards becoming mostly cashless Cash is still playing an important role for discrete transactions, especially in the most remote areas and informal sector due to the illiteracy, lack internet and lack of guidance, even these transactions can be automated. That clearly tells us that, being such a large country with more than 100 crs of people now it is not possible to create a 100% cashless economy.
  • 13. CONCLUSION Even though the digital payment methods are prevail before the demonetization, the move of demonetization has turned out to be a push towards cashless India marked by greater transparency, ease and convenience in monetary transactions. Being the responsible and educated individuals we not only have to adopt cashless transactions but also encourage others to adopt those methods to transform India into cashless India