Wednesday, December 28, 2016

Reframe your New Year resolution. Let's join hands for the nation's economy this time!

It’s the year end, The holiday time, Moreover, it’s time to make our New Year resolution! Need a change from common resolutions like -stay fit and healthy, Lose weight or enjoy life to the fullest? Yes, it’s time to make fresh resolutions, in fact, unique ones.
So let’s make a resolution for our nation’s economy this time. Start the year with a solid resolution to enjoy financial freedom in the long term. So here is our resolution for the year 2017 “Go Legal Go Cashless”.

Here is how the resolution “Go Legal Go Cashless” becomes a unique resolution for 2017. There are obviously big advantages in going cashless. The ease of doing financial transactions is probably the greatest motivator to go digital. Say goodbye to queues, missed dates and carry wads of cash. 

Demonetization is not only dominating headlines in India, but it is also making waves across the world. It is the motive of the Indian Government to build a cashless society for all the economic and social benefits together with their continuous functional problem of managing cash across the country.

It’s such a strong and bold effort to stop duplication of the current banknotes allegedly used for funding terrorism, as well as enforce on black money in the country. The action was also explained as an effort to reduce corruption, smuggling and the use of drugs. Also, it is said this can eliminate instances of middlemen siphoning off the aid and exploiting the poor.

The Go Cashless campaign continues to be the loudest voice to promote the benefits of a cashless society. The government even waived off the transaction charges on a few payment methods such as Digital Wallets, USSD transfer, UPI, Net Banking, Mobile Banking, Credit/debit Card.

If all transactions are on record, it will be very easy for people to maintain the record of their expenditure. It will also help while filing income tax returns and, in the case of an audit, people will find it easy to illustrate their total spend money.

Budgeting your money also result in higher investing and help you organize your spending and savings. There’s a fewer chance of budgetary leaks and unaccounted spends calculating into your budget at the end of the month.

It is said that by the year 2020, nearly $500 billion worth of transactions in India will happen digitally, using online wallets and other digital-payment systems, 10 times of the current amount according to a report by Google India.

Indeed, none of the problems suffered would actually have happened if cashless transactions will be an accepted mode of payment at most business outlets. So to combat with such troubles in future, businesses should go cashless. Besides, a high penetration of the digital payment system is possible on the fact that the same amount of cash does not come back into circulation. If it happened, people are more likely to switch back to the former ease of using cash as it is a habit that they may find difficult to break.

Also, a point to note is that with more and more people resorting to online transactions there has been a spurt in cyber fraud after demonetization. We are not yet trained to keep our details confidential. Also, more scams are likely to depart from social platforms. Beware of this online scam as it's making its rounds nowadays. Your failure to report such crimes may put others at risk.

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