Narendra Modi, Prime Minister of India, has an economical firestorm on his hands following his decision to ban 1,000 and the 500 rupee notes. In his monthly address on Sunday, his ambitions were taken by Modi farther with a call to get a cashless society.
Based on a translation by Reuters, Modi said, “I desire to inform my small merchant brothers and sisters, this is the chance for you to enter the electronic world.”
The prohibition has removed 80 percent of the nation’s money and brought commerce to a virtual standstill. “We can slowly go from a less-cash society to your cashless society,” he told listeners.
The initial choice to prohibit the two notes is a part of an effort to cripple a black market economy that is robust. Modi said that counterfeiting was uncontrolled and claimed the ban would assist in the fight against tax-avoidance, bribery along with the financing of terrorism.
He confessed that “a 100 percent cashless society is not possible, but stressed that he wants to place the wheels in motion.
There'snot a powerful install base for payment methods that are digital in India and individuals aren’t comfortable with how exactly to utilise them. Modi encouraged younger folks who understand technology to teach the less-understanding.
While it appears likely that a move towards a cashless society would be an exceptionally long-term endeavour, Modi has demonstrated his willingness to make bold decisions with consequences that were promptly negative. If sensational measures are taken, digital payments bring some issues of their —security violations, privacy concerns and black markets that are virtual to name some.