Towards increased cashless transactions

On 8th November 2016, the Government of India took a historic decision that was aimed at uprooting the menace of corruption and black money.

In 21st century India, there is no place for corruption. Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class.

The decision taken by the Government of India on 500 and 1000 Rupee offers a unique opportunity for small traders, who have a central role in the economic transformation of India. Today, our trading community has a historic chance to upgrade themselves and embrace more technology, which will bring greater prosperity.

I had talked about this in reasonable detail during the ‘Mann Ki Baat’ programme on 27th November.

When I had made the announcement on 8th November, I was aware that the people of India will face inconvenience but I had requested the people of India to bear this short term pain for long term gain. I am happy to see that the people of India are bearing temporary difficulties for the long term gain of the nation.

Over the last few days, I have had opportunities to travel to rural as well as urban Uttar Pradesh, Karnataka, Goa and Punjab. Wherever I went, I asked the people- should corruption and black money be eliminated? Should the poor, neo-middle and middle class get their due? The answer I got everywhere was a resounding yes!

Over the last three weeks, I have made a strong appeal for increased cashless transactions. Large volumes of liquid cash are a big source of corruption and black money.

Today we live in an era of mobile banking and mobile wallets. Ordering food, buying and selling furniture, ordering a taxi…all of this and lot more is possible through your mobiles. Technology has brought speed and convenience in our lives.

I am sure most of you are using cards and e-wallets regularly but I thought I must share with you ways through which increased cashless transactions are possible:

I urge all of you, particularly my young friends to lead the change and inspire others to turn towards cashless transactions. This will set the strong foundations of an India where there is no place for corruption and black money!