Cashless – Paperless: Digital India

Abstract

Digital India is a flagship plan of the India Government. It was launched in July 2015 with a perception to transform India in to a knowledgeable and digitally empowered economy. “Cashless paperless is the apparent role of Digital India. A cashless society describes an economic state whereby financial transactions are not conducted or coins, but rather though the transfer of digital information between the transaction parties. Major progression towards this objective happened in late 2016, when the government initiated steps of demonetization in the country cashless transaction and demonetization is a way towards the cashless economy. An Attempt has been made by the authors, to study various objectives, importance and hurdles in the way of cashless economy and to know about our country’s status with respect to digital payments the government or India has been taking several measures to promote and encourage digital payments in the country. As part of the “Digital India” campaign, the government aims to create a ‘digitally empowered’ economy that is cashless, paperless there are various types and modes of digital payment. Some of these include the use of debit/credit cards, internet banking, Mobile wallets, digital payments app, Unified payment interface (UPI) service, unstructured supplementary service data (USSR), Bank prepaid cards, mobile banking etc. literacy is one of the major hurdles in the path of cashless economy. Inadequate infrastructure is a challenge and there is reluctance and lack of reliability of people on usage of cashless instruments studies reflect how common people supported the Idea of demonetization when the decision of banning high currency notes at midnight to check corruption was enforces. The Taxpayers are also happy as the cashless transaction will lead to transparency in the system with corruption checked, the tax base will increase and the tax rate shall be reduced because of larger tax collection the authors suggest that there is a vigorous need to promote awareness about cashless payments in semi-urban and rural areas. Spread more awareness through common service centers to achieve the aim of cashless economy.