Cabinet Secretary has indicated that the Government is mulling the scheme for enforcement of digital payments rather than paying in cash. Doing so means ushering in the era of cashless transactions. This mood of transaction has been adopted by western countries long ago but in our country till today payments are made in cash.
It is usually recognized that payments made through cards and digital devise is a clear indication that the transactions are fair and sound. In order to make it a success, the Government is already in liaison with the premier banks whose cooperation is important in making cashless transactions a success. The audience was informed that at present only 20 percent of people had adopted the card transaction system and the Government intends to raise it to 50 per cent in a couple of years. The Cabinet Secretary held a video conference with the Secretaries of all Union Ministries and Chief Secretaries of the States in this behalf and briefed them on the broad outlines of the scheme.
We are of opinion that shift to cashless transactions is a progressive step and a necessity of the modern life style. However, cooperation from the banks and also the public would be a welcome development to make cashless transaction scheme a success. This will be another major reform which PM Modi will be bringing in the financial climate of the country after demonetization campaign.
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