siliconindia | | January 20178IN MY OPINIONCashKaro.com is India's No.1 Cashback and Coupons website. The company aims to help its members save on their regular online purchases at leading Indian and International Brands. CashKaro.com is funded by angel investors like honorable Ratan Tata and Venture Capital firm, Kalaari Capital.By Rohan Bhargava, Co-founder, CashKaro.comemonetization has created the need for an alternative to cash. This gives an opportunity for India to become a cashless economy. Transferring funds through cashless methods would essentially entail the use of plastic money i.e. credit/debit cards, mobile wallets, net banking and more. This shift towards a cashless economy is desirable for the economy for various reasons. This include:Curbing Black Money: It's easier to keep a trail of transactions when money is exchanged online. If all activities are routed through banks, the problem of black money can be reduced to a great extent if not eliminated as Government will have access to all available banking information. Counterfeiting of notes, black economy/parallel economy and tax evasion are some of the illicit activities of the economy that a cashless economy can curb. Electronic payments can easily be tracked and no transactions will thus go unnoticed. Further, if the Government does notice fraudulent financial behavior, it can block or freeze accounts stopping the activity in its tracks. Drop in Production Cost of Bank Notes: As of 2014, the cost of cash operations in India was Rs.21,000 crore annually (2014 study by Tufts University, The Cost Of Cash In India). A cashless industry will drastically decrease the said cost of producing notes and coins. Wastage on account of torn or damaged notes will also be curbed. The government will save trillions of rupees once currency operations are reduced and this will add to the current GDP. DCASHLESS INDUSTRY CAN REVAMP INDIAN ECONOMY. HERE'S HOW!12
< Page 7 | Page 9 >