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  • Category: Miscellaneous

    Will switching onto cashless economy leads a country corruption free?

    Indian government started demonetization on the note to fight against corruption, black money and fake notes. But afterwards government talking about introducing 100% Cashless economy. Studies indicate that no where in the world 100% cashless economy is existing today. Only a few countries have attained 75% cashless economy at maximum. About ten countries in the world have attained such level. By introducing cashless economy will lead a country corruption free? Kenya is one of the country in the world where 75% of its transactions are cashless and it is a leading country in this phenomenon. But 2015 Corruption Perception is showing a ranking of 139 for Kenya out of 168 countries whereas with 98% cash economy India is ranking 76 out of 168 countries. So cashless economy may not ensure to make a country corruption free. What do you think folks?
  • #586713
    Never ever any ruler heading us thought about note ban or cash less economy. For the first time in 70 years after Independence, India is poised for a major make over with new currencies which is fool proof and also aiming at the cash less regime. No doubt other countries which are also following the cash less regime may not have formulated the right rules. But I am of the opinion that if the people from grass root level are educated and given the training and awareness over the usage of cash less transactions, surely everyone would turn for that. Carrying money in our purse has also become risky and there is every chance of pick pocket. And by doing transactions through mobile phone we are assured of the right amount being spent and having the tab over the balance available at the bank. In fact we are in touch with the bank on daily basis and even the new schemes of the bank would be known to us. But government should not impose tax on transactions.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #586742
    Cashless economy can't stop the bribe mindset. People will continue to take bribe. And then they will pay tax on that. People assume that those who take bribe try to avoid tax. They don't. In fact many who pay tax also take bribe. So this can be one way to look at this. Here the person who wants to take bribe, can use the account name of the child or the wife or even the sister or brother. And this way they can continue to make money. It is possible. And now with the aadhar payments. It would be harder for people to say no to paying bribe. Because anyone can now ask you for the money and lack of cash can't be an excuse. Lack of money in bank account can be an excuse but cash is now old part of having excuse of pretending to be broke.

  • #586743
    Cashless economy has nothing to do with corruption although it can bring a transparency for sure. In a country like us, its very difficult to attend even the cashless society, forget about the after effects. Most of the very latest business shops are not equipped with POS machine. Poor farmers you cannot dream of selling their vegetable by POS machine. I think its way too much for asking without a formal qualification and overnight changing of way of dealing. Now when we see news of huge amount of new notes caught from various traders, it again brings us back to the square one. I think its just given some middlemen to earn out of nowhere from the Banks. Our process is not accountable and that is the major reason that corruption happens in our country. In our system if a delay happens in any process, we put the liability on the applicant only and not the handler of the case. This creates a scope of corruption in any process. We need transparency in the system but hardly anybody progressing towards that as everybody is naked in the bathroom.
    Farid Akhtar
    ISC-Joined for fun but learn and earn.

  • #586749
    I think petty corruptions taking place at various places can be contained with cash less dealing. For example at government offices and even at the court room the gate keeper used to ask for tips after the hearing is over and now one can avoid tips citing shortage of cash. Even on the roads when the traffic police stops for traffic violations, either too we were settling them with instant cash to get rid of the situation, now even Hyderabad traffic police is advising the road users not to pay any money on the road and instead remit the challan through bank or e transfer.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #586770
    Cash is the major form of most of the corruption in India. I welcome the steps taken by the government to move into cashless economy and eradicate corruption from our country. People always figure out various way to fulfill their needs. Even after the announcement of note ban, we have seen long queues in jewellery shops to convert their black cash into gold. Many find new ways to convert their old cash into new one. There are lot of agents working on converting money for others. It becomes one of the biggest business in our country.
    In future, if there is no option of cash as a mode for corruption then they will obviously look for alternatives to fulfill their needs. Government officials may take things as bribe and politicians may ask for donations to their parties. Eradicating cash won't eradicate corruption. It should be eradicate from the minds of fellow Indians.

    Whatever happens life should move on...
    Thanks Karthik

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