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  • Category: Miscellaneous

    Can UPI alone make India Cashless Corruption Free Society?

    At the instance of the outgoing RBI Governor Raghurajan, NPCI (National Payment Corporation of India) was established with 29 participating banks and Unified Payment Interface or UPI has been made active to execute interbank, inter account transfer and making payments to merchants, retailers and service providers. UPI is likely to replace IMPS, NEFT and RTGS in near future and it appears that India will move towards cashless economy. But in my opinion the very dream of having cashless economy like Sweden can be achieved by resorting to lesser printing of currency, demonetization of existing currency. Government has on the other hand launched Rs.5000 rupee notes which will increase the cash holdings and will be counter effective to nullify the efforts of the outgoing RBI Governor who launched UPI to achieve the objective of cashless economy. Can UPI alone make India Cashless Corruption Free Society?
  • #577520
    In my opinion, UPI or any other such system will not be able to make India Cashless Corruption Free Society? Such measures will only lead to high tech corrupt practices. Even the existing systems are able to prove adequate to manage the things in case the corruption evaporates from our psyche.

    Corruption is figuratively genetically coded in our system. Money is power, and what is the use of holding a powerful position without being able to encash the same. All kinds of logics will be extended to allow cash transactions simultaneously. Even at present, the income tax laws provides for reporting of all high-value transactions.

    The technology gimmicks ultimately prove to be a computer game to legitimize the wrongdoing by producing clean data as evidence.

    Under the circumstances when even the lawmaker are not above board, why to live in Utopia or euphoria,

    Let us encourage each other in sharing knowledge.

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