Digital transitions: Towards a transparent, corruption free and cashless economy


The demonetisation drive by our PM has make it essential to go for digital transactions and shift towards the cashless, transparent and corruption free economy. This article provides various digital transactions options and their benefits.

Introduction

Development administration deals with the government policies related to the welfare and well-being of the people and their effective implementation to achieve the predetermined developmental goals. Due to corruption and black money, these goals cannot be achieved. Black money creates inflation and keeps most of the cash out of system. The demonetisation drive by our PM has unearthed a lot of black money. Some has come into the banks and other hidden money has become worthless equal to zero. For better transparency of the transactions, our government is urging towards a cashless/ less cash economy. For the encouragement of digital transitions th Government of India has started "Lucky Grahak Yojana" and "Lucky merchant Yojana" for a period of 100 days starting from 25th December 2016 to 31st March 2017.

The various benefits given by government do not reach to the beneficiaries due to corruption and middlemen in the systems. If the digital technology is applied in the field of development and welfare administration, the cash can be directly transferred into the beneficiaries account. This will eliminate the corrupt practices and the full amount will come into the account.

Objectives

The scheme has the following objectives:
  1. To explore the various digital interface available for making payment and receiving payments.

  2. To encourage the people to go in for cashless economy.

  3. To eliminate the malpractices and middlemen while paying benefits to people.

  4. For better transparency of the transactions and ensure that the dues has reached to the needy.

  5. To stop corruption and black money generation.

Various methods of digital transfer

  1. Internet banking-There are two types of fund transfer: a. NEFT(National Electronic Fund Transfer) and b. RTGS(Real Time Gross settlement)

  2. Debit cards- You can do cashless transaction for paying your bills, making your purchases. Bill payment at various outlets through PoS machine and withdrawing and transferring money can be done easily.

  3. Credit cards- You can do cashless transaction for paying your bills, making your purchases.

  4. Paytm- You can pay your bills, can purchase online, can recharge your mobile, small payments can be made to shopkeepers, merchants etc.

  5. BHIM (Bharat Interface for Money) Apps- This requires simple basic mobile only for making transactions.

  6. SBI buddy- Funds can be transferred by using this facility

  7. ATM transfer- Funds can be transferred by using this facility

  8. Mobile banking- Funds can be transferred by using this facility. For this your mobile should be registered with bank.

  9. E- wallets- Funds can be transfer to e wallet and can be used to purchase/payments

  10. .
  11. Aadhar enabled payment system- Link your account with your Aadhar number. Provide your bank name and aadhar number to micro atm or bank. Choose the type of transaction, scan your finger prints & the transaction will be complete.

Policies Review

Various governmental policies, programmes and plans will be reviewed for their effective implementation. What are the present methods and mode of fund transfer and wages payments? How the various digital modes can be used for better transparency and effectiveness? Concerned and relevant mode of digital payment will be encouraged and adopted.

Proposed benefits

The drive will provide many benefits to the beneficiaries and the government. Digital transaction will facilitate towards the cashless,transparent and corruption economy. The problem of cash crunch will be solved by adopting the mode of various digital transactions. The complete grant will reach to the account. Beneficiaries will get their dues without any deduction or commission. Corruption and black money will be out from the governance. So more fund will be available to execute the programmes and policies. Pay and pension will reach to the beneficiaries account without commission and middlemen.


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Comments

Author: Venkiteswaran20 Feb 2017 Member Level: Diamond   Points : 2

A very relevant article especially to India in the aftermath of currency withdrawal in November,2016.

Digital transactions help tax compliance as detection and accounting is easier for the monitoring agencies. It is also good for more ethical trade and commerce. The article gives a lot of awareness this matter.

Author: K Mohan26 Jul 2017 Member Level: Platinum   Points : 2

I too agree with the author that after the awareness and usage of digital transactions across the country, the corruption has reduced drastically and the ease of doing transactions with government departments increased with friendly way of approach. For example, earlier we had to run around the MRO office for any kind of certificate like caste certificate, birth certificate, income certificate and residential certificate etc. The officers and the staff there used to take much time and the work would be done only after greasing the palm. Now the applications for any certificates are accepted by E-Seva centers and the certificates are issued in original at the center itself after prescribed time and date. This kind of corruption free activities could be possible by taking into the help of cash less transactions through digital mode.



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