Cash Less Corruption Free Society – Demonetization of Currency

Cash Less Corruption Free Society – Demonetization of Currency

5/5 - (1 vote)

In my earlier articles also I have been impressing upon the need for a Cash Less Society to weed out Corruption from India. The GOI needs strong will Power to go in for Demonetization of Currency as Money Supply has grown to a dangerous level and if not checked – it can be disastrous for the Indian Economy in the long run.

Demonetization of Currency (Last carried out by Late Sh. Morarji Desai, the then Prime Minister of India in 1977-78)  along with Cash transaction Less Society will yield the following benefits :
  • Expenditure on Printing and Minting of Currency will be reduced to negligible whereas GOI is spending huge budget for import of paper, ink, and technology for Security Printing Press in India.
  • Counterfeit Currency is a big challenge for any economy as it increases the money supply without any addition to Gross Domestic Product or National Income and fuels inflation. The government has to make huge expenditure on detection and confiscation (by law enforcing agencies like Police, CBI and Economic Offences Wing (EOW) of the State Governments) of the Counterfeit Currency.By demonetizing Currency  – we will not only be able to check infiltration of fake currency but the Black Money will also come out and can be ploughed back in the Indian Economic System.
  • Only after we demonetize currency – we can arrive at the True Figure of Money Supply in India the biggest source of inflation. As we are not aware of the True figures of the money supply – all our efforts, economic policies yield no results as we are neither able to judge the strength of the Indian Rupee (INR) nor able to frame reliable Fiscal Policy as Black Money in the shape of Cash is also multiplying.

How can we achieve it in India – when we are struggling with Poverty, Unemployment, Uncontrolled Inflation, Shelter, Education, Health, Social Security and our Leaders are not finding ways and means come out of the vicious circles of the economy?

Vicious Circles

India is not devoid of Leaders like Indira Gandhi, who had the courage to nationalize the Banking Industry in India in 1969 and the second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery to the Priority Sector as Private Banks used to look after the interests of Capitalists and ignored the masses and the downtrodden. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Now question is – whether it does not hold good even today. What is the role of the Banks – to regulate the flow of surplus credit – from individuals, regions, sectors to deficient individuals, regions, and sectors so that there is no economic imbalance within the society.
  • Anyhow – I am a bit distracted from my motive “How can we achieve it in India” as you will appreciate that Economics is a Complex Subject and it will remain Complex even for the future generations as Human Necessities will go on changing with the passage of time. “Luxury” of today may become “Necessity” of the Future.
  • When India can achieve the feat of “Mobile in Every Hand” why can’t we achieve that every Indian has a Bank Account from the date of birth itself linked to the Unique Identification Number or Aadhar Number to be issued along with the Birth Certificate.
  • Every Indian’s  UCIC (Proposed by Reserve Bank of India) w.e.f. 01-04-13 needs to be linked with UID and for all financial transactions inter transfer of funds between the UID’s can be a reality through Mobile/ATM networking.
  • Once we achieve the dream of “Cash Less Society”; as hard, easy, fake and unaccounted cash is the generator of all evils economic offenses including terrorism and main hurdle in the economic growth of a country ; we can think of the Basics to improve economic condition of a Nation like India.
  • Basics , I mean, is utilization of Resources in any shape – Vast Land for developing Agriculture, Underground resources for Infrastructure, Water Resources . India is not deficient in raw sources but we lack the capability to manage resources which are in plenty. What to talk of natural resources – we are not even able to utilize our Vast Manpower resources – which if channelized can create Wonders in Industrialization, Agriculture and above all Self Dependence to demonstrate to the world that India is still a Golden Sparrow.
  waindia

Ashok Goyal

Hi members, I am Ashok Goyal from Rajpura - Punjab, a town near Chandigarh. I am a retired Chief Manager from a Top Nationalized Bank in India with 35 years of experience. I am the CEO-cum-Founder of this site made for Young and Old, Technical and Non Technical members to spread their knowledge across the Globe. I am a Science Graduate with an M.A. in Economics and C.A.I.I.B. (Certified Associate Life Member of Indian Institute of Banking and Finance since 1980 and a Social Worker authoring many Blogs for the benefit of the Public in General. I Graduated from Patel Memorial National College, Rajpura - 140401 and secured a Master's Degree in Economics from Punjabi University, Patiala - 147001 Punjab, India. Expert in Legal and Money Matters, may it be Banking, Investments, and Insurance or Fraud investigations. My Hobby is to share Knowledge and alarm the younger generations about the practical implications of transacting online. I am available at many Social Networking Sites. I am health conscious and like reading deeply about anything related to health and nutrition. In the case of any violation of objectionable content, the images on my authored links or on this site, you can either report me directly or you can file a DMCA complaint about the removal of the content. I do not like spammers and never hesitate to report the abuse of my profile information. I am the owner of the WQAINDIA Brand hosting self-hosted Question Answers Site at Web Question Answers. In Jan 2016, I founded Samadhan Kender at Rajpura - which is now talk of the down. In January 2017, keeping in view the Identity Crisis in India I found that the Public was facing difficulties in their CIBIL Reports - I started my best ever venture at CIBIL Consultants to solve the CIBIL Problems of the Public online. CIBIL Consultants is having its client base in all 17 states in India. © Copyright - Ashok Goyal – ALL RIGHTS RESERVED: This is my original work and I do not like any content to be copied or posted anywhere on the web or elsewhere. All the articles available on my social profiles are exclusively owned by me. If you like my articles then you can visit my articles and provide the URL as a link, without any copyright infringement, on the website or blogs which are not having any adult content related to sex, violence, hate-redness, or religious fundamentalism as per Google or Facebook TOC. DISCLAIMER: The information on this site or elsewhere - under my Profile Name is for general information purposes only. The information provided by me is simply educative to the best of my knowledge and belief. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability about the information, products, and services being displayed on this website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising out of or in connection with the use of this website or my profile anywhere on the web. We welcome feedback, comments or healthy criticism on any article or content on this site or my own work anywhere on the web. I owe my success on the web to IndiaStudyChannel to Tony John, Webmaster at ISC. I am also a featured author at HubPages, Global Site for writers and Authors. This site is dedicated to my countrymen to sharpen their online skills to compete for the world. The public can also get their CIBIL Reports rectified professionally at very low prices – when big corporations are charging as much as Rs.25000 per person per Credit Report.

You may also like...

9 Responses

  1. ASHOK GOYAL says:

    Dear Readers, I wrote this article about 2 years ago recommending demonetization after granting general amnesty at http://indiaofmydreamsin2047.blogspot.in/2015/06/general-amnesty-india-of-my-dreams-let.html Now I am very happy that Prime Minister Narender Modi has implemented one of my suggestions but the whole government machinery needs to be pressed in service as mischievous elements will try to derail the purpose by ploughing back the black money through religious centres like temples, gurudwaras and masjids. The banks should be instructed to forget their deposit targets and concentrate only on achieving the purpose of demonetization. Alternatively the GOI can announce VDS scheme during the demonetization period so as to provide another chance to small entities, who could not declare under VDS due to fear psychosis.

  2. visit says:

    I simply want to mention I’m all new to blogs and actually liked this web page. Very likely I’m going to bookmark your site . You certainly come with superb writings. Many thanks for sharing with us your web site.

  3. Generally I don’t read post on blogs, but I wish to say that this write-up very pressured me to take a look at and do it! Your writing style has been surprised me. Thanks, quite nice post.

    Also visit my web page: (External Link removed by Admin)Plumber Ventura – Plumber Ojai.

    Note by Admin:
    1. External Links are not allowed on Web Question Answers except in Articles and that too not more than two links per 500 worded article at the discretion of the editors.

  4. seo says:

    Hello Web Admin, I noticed that your On-Page SEO is is missing a few factors, for one you do not use all three H tags in your post, also I notice that you are not using bold or italics properly in your SEO optimization. On-Page SEO means more now than ever since the new Google update: Panda. No longer are backlinks and simply pinging or sending out a RSS feed the key to getting Google PageRank or Alexa Rankings, You now NEED On-Page SEO. So what is good On-Page SEO?First your keyword must appear in the title.Then it must appear in the URL.You have to optimize your keyword and make sure that it has a nice keyword density of 3-5% in your article with relevant LSI (Latent Semantic Indexing). Then you should spread all H1,H2,H3 tags in your article.Your Keyword should appear in your first paragraph and in the last sentence of the page. You should have relevant usage of Bold and italics of your keyword.There should be one internal link to a page on your blog and you should have one image with an alt tag that has your keyword….wait there’s even more Now what if i told you there was a simple WordPress plugin that does all the On-Page SEO, and automatically for you? That’s right AUTOMATICALLY, just watch this 4minute video for more information at SEORankingLinks.com (External link removed by Admin).

    Note by Admin:
    1. External Links are not allowed on Web Question Answers except in Articles and that too not more than two links per 500 worded article at the discretion of the editors.
    2. Members, Guests and Commentators are requested not to post irrelevant comments as such comments not only tarnish the image of the author but also that of Web Question Answers.

  5. It’s perfect time to make some plans for the longer term and it’s time to be happy. I’ve learn this publish and if I may I desire to recommend you some interesting issues or suggestions. Maybe you can write subsequent articles referring to this article.I wish to learn more things about it!

  6. Hey there! Would you mind if I share your blog with my myspace group? There’s a lot of people that I think would really appreciate your content. Please let me know. Thanks

  7. This paragraph is really a nice one it helps new web users, who are wishing for blogging.

  8. It’s hard to come by experienced people in this particular subject, however, you seem like you know what you’re talking about! Thanks

  1. 31/01/2014

    […] 1.  Cash Less Corruption Free Society. […]