With the surprising decision by Prime minister modi last month on Demonitization created the chaos for cash at every bank and post office. Every person from a common man to giant firms are facing problems due to lack of availability of cash. The decision is no doubt a effective move but the problems associated with it are also of much worry. The lack of cash in the market is increasing awareness for cashless transactions. Cashless transactions is nothing but digital or electronic transfer of your capital with the help of netbanking, credit card, debit card. etc. The main benefit of there transactions is that it brings transparency in the transactions which will prevent black money with the people.
Some countries who have adopted the cashless society are among the least corrupt countries in the world. Taking the example of Sweden which is ranked 3rd in the world among the least corrupt countries , it not only able to reduce the corruption rate but also reduced the crime rate. There are many other of countries like Denmark, Australia, Canada, Norway, etc where cashless transaction are limited and thus the corruption rate also.
For a country like India which sustains around 1.30 billion population where literacy level being so low mainly in the rural people. it is a huge and difficult step but it is not impossible. If seeing the positive aspect of the demonitization, cashless transactions increased around 150 percent. According to Forbes, the use of oxigen wallet (a online payment platform) increased by 167 percent. The benefit of this cashless economy is not only the transparency in the transactions but also the increasing awareness among the people. Black money and corruption are the serious problem of India. With the efforts of narendra modi government, people are definitely facing a short term problem but in the long run it is the good move. Only one another thing that is important in this move is to increase awareness among illiterate people by educating them and co-operation of all rest of India.