CASH LESS or PAPERLESS INDIAN ECONOMY –The road ahead
Keywords:
.Abstract
Virtual and cashless payments are growing at breakneck speed right now in India. According to the figures released by RBI for FY 2015, more transactions were done through use of ATM, Debit Cards, Credit cards, Internet Banking and online wallets compared to traditional paper based transaction.It can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer and Real Time Gross Settlement in India. Now India had around 18 million credit card holders and 280 million debit card holders as of year 2014. Online and mobile wallets have seen meteoric rise in numbers over past couple of years, though their numbers are still relatively small. Mobile wallets are also expected to grow at a rate exceeding 40% over next five years and exceed 100 million users. This plastic money will help in curbing the menace of anonymous transactions, black money flow in cash, keep vigil over all transactions like drug trafficking and terrorist financing, bringing more activities under the tax net and so increase revenue collection and move towards possible tax reforms. Hence this paper is an attempt to analyse the key elements relating to cash less and paperless payments and the impact of cashless and paperless culture in Indian economy.
References
.
Published
Issue
Section
License
Copyright Notice
Submission of an article implies that the work described has not been published previously (except in the form of an abstract or as part of a published lecture or academic thesis), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, in English or in any other language, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.
Copyrights for articles published in World Scholars journals are retained by the authors, with first publication rights granted to the journal. The journal/publisher is not responsible for subsequent uses of the work. It is the author's responsibility to bring an infringement action if so desired by the author.
