The November 8, 2016
announcement by Prime Minister Sri Narendra Modi which is aimed at eliminating
black money and corruption, apart from dealing with the counterfeit currency
industry is one of the historic decision taken by government in India.
Digital Economy is a Boon
How this decision proved
to be boon is reflected from following facts. Bhartiya Janta Party (BJP) has
been able to win by polls in Assam, Arunachal Pradesh and Madhya Pradesh.
General public has welcomed
this decision and they are not complaining even through many of us are standing
in long queue for withdrawing cash from ATM. People of India is now really
happy that this measure will eliminate the widespread black money and
counterfeit currency.
Many hoarders of cash are
now depositing cash in bank which will boost economy. Employees of bank may be
facing some temporary problems but at the end they will get benefited and enjoy
more bonus as the deposits in banks will increase many fold and new accounts
are being opened by many persons. Crores of people got enrolled in banking
system through the use of incentive like Pradhan Matri Bima Yojna etc.
There is sharp increase
in the sales of POS machines. The online portal for shopping is booming a lot. The
use of online wallet like Paytm, Freecharge etc. are increasing day by day. Many websites are now integrating payment
gateways to get the online payment of the products and services.
India is now witnessing
true digital economy as more and more educated persons are using online banking
systems, credit cards, debit card, payment wallets and online shopping portals.
Many people now prefer to pay through card in shopping malls and restaurants.
The increased use of the
online and digital transactions will increase transparency and remove
corruption from economy. Government agencies involved in tracking taxable
income will find it easier to track the transactions and find records from
different bank. The seeding of Aadhar Card and PAN no. in transactions will
further help in tracing such transactions and help in minimizing corruption.
Why Going Digital Economy is Bane?
Our country youth might
be using phones and smart phones but very few of them prefer to use the mobile
for transactions and shopping. The safety and security of the internet
connections poses its own challenges.
Many persons do not know
how to use internet and how to do online transactions. The limited knowledge of
netbanking and online shopping portal for sales and purchase.
Except Reliance Jio,
other internet providers charge heavy charge for mobile data and this poses
another limitation to the use of the internet which is essential for going
digital and making our economy a smart economy.
Conclusions
Despite having a deep
understanding of the temporary difficulties it might cause to the common man,
the Prime Minister, in a courageous move, decided to withdraw Rs.500 and
Rs.1,000 denominations in view of the gigantic proportions black money was
acquiring, leading to a virtual parallel economy.
