The panelists asked diverse questions from my technical background. Indian Currency shall get respect at the international market. There is an empathy deficit. Now even a small tea-stall on the road side provides you this facility. Banning high-value currency will rein in criminal activities like terrorism etc.
India has one of the highest cash to gross domestic product ratios in the world. Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to reduce dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. Demonetization of currency means discontinuity of the particular currency from circulation and replacing it with a new currency. The customers can use them everywhere. Success needs perseverance as there is no shortcut to it.
As this was the first time a test series for Mechanical optional was introduced, I found it very helpful useful and helped me in identifying the areas which needed improvement. It bans the use of unaccounted money for criminal and terrorist activities. The country began this transformation with a cashless economy when the government took the comprehensive step of demonetization of old currency notes of Rs 500 and Rs 1000 on November 08, 2016. Infrastructure facilities at grass root level. Evasion of taxes will get reduce ,it create good economy and all illegals crime will not become zero but it will definitely get reduced. Cashless economy is a very easy way of transferring cash and India has also been using this method and transferring their cash in a proper way.
It will abridge the gap between the haves and the have-nots. Rather it will prove beneficial with growth of the Indian economy rising to 7. Due to lack of cash, people are facing severe situation in small towns and villages. There is only 18% internet penetration; inclusive internet and connectivity for all index rank us 47th in the world. It will result in improved transparency and so greater efficiency in welfare programmes. Now we can proudly say India will soon became one of the developed nation among the world if we keep doing such. The government raised this step to end the parallel economy being run by black money and fake currency, which was mainly used for the funding of criminals and terrorists.
Conclusion But in the end, this step has proved to be crucial in starting a cashless economy in India. The biggest problem with without having an adequate supply of new notes ready to take their place is that fact that than almost any other country on earth. Digital literacy programmes should be encouraged. Nobody in the world expect 100% cashless life, but limit the cash for smaller denomination transactions like less than 500 or maximum 1000. This can be especially problematic if you are travelling abroad or in smaller towns or villages with lack of banking infrastructure or other payment options. This mission started on November 8, 2016 when the government made a revolutionary initiative, suddenly devalued the old notes of 500 rupees and 1000 rupees. So, are the channels and politicians are crying for the remaining 10-20% who want more than 1 lakh a month 4×24000 weekly limit.
Payments can be easily traced and collected, and corruption will automatically drop, so people will no longer have to pay to collect what is rightfully theirs. It is the duty of the educated youth to give information about the latest technology that is related to cashless and to train the common man. India is a country that has one foot in the future and the other in the stone age — almost literally. The specialty here is that they have distinguished team of ex civil servants and they have complete panels of five members each. This will help the income tax department to track individuals with high denominations currency. It will curb the menace of black money to some extent. Rather than being a 50 day transition, as the Indian government projected, it is looking as if it will take.
This means that the Rs 10 you spent on candy or chips, or that regular cup of coffee office is likely to take a hit since you will be short of loose change and smaller currency notes. The Engineering subject classes were a quick refresher and provided a brief overview of the entire Civil Engineering from the perspective of the Interview. These essays written in a simple language will help the students choose any one as per their requirements. The mock interview was designed such that it prepared me for actual interview and helped me calm my nervousness on D-day. Interview Guidance Program - I can say they provided the best simulated environment for interviews with 5 panel members with diverse backgrounds, retired civil servants to technical experts, hence wide range of questions in same interview. The government of India aimed this move to reduce the threat of black or counterfeit money which was largely used in funding criminals and terrorists as part of a parallel economy. The cashless economy has paved the way for greater transparency, ease and convenience in monetary transactions.
The government can get income tax return for the income on which tax has not been paid. However, still there are various challenges to be addressed if we want to make India cashless in true sense. Essay on Cashless India 1 100 words The Indian government suddenly announced the devaluation of the old currency of 500 rupees and 1000 rupees on November 8, 2016, and for this reason there was a crack in the whole country. It provided both sectional and full tests. The increase in the span of the income tax was one of the biggest advantages.