Dinesh Kamath's Editorial 'E-transactions – another great move by Modi government' that was published in Newsband

E-transactions – another great move by Modi government

Modi government has proposed to incentivise electronic transactions in preference to cash dealings so as to curb black money. This government’s new proposal takes a more holistic approach to the cash economy, and as such is more likely to work.

Cash transactions and black money are directly linked, since a cash trail is nearly impossible to track. As such, electronic transactions and the ease of audit they afford should make the government’s job much easier in terms of curbing illegal transactions. This government seems to be taking a systematic view in working towards minimising cash-based transactions. Initiative is laudable and is likely to give some positive results.

The media is also finally saying something good of the BJP Government. They were meek as sheep when the Congress seemed to be looting the country with scam after mega scam and policy paralysis but when the BJP government would make even a spelling mistake, they would ask the government to step down due to incompetency.

E-transactions is in fact a good initiative from the government towards reducing cash-based transactions. By making it mandatory to do all transactions electronically, there are a number of benefits which can be envisioned. In the immediate future, considering there would be a good monitoring of these transactions, there can be a huge reduction in the corruption cases being reported and also the people in minority will have an option to voice out their opinion, as they can have the e-statement as a proof of their transaction. Thereby, a better system with increased transparency can be observed.

This is a laudable step taken by the government as this move will help a lot in curbing black money. Transactions taking place in cash form are not easily traceable and thus black money can easily be created, circulated and preserved. Also, the government's move to go away with the e-payment charges is also incentivising. It will encourage more people to take up e-payment way and will discourage cash transactions.

This move by the government shall prove very effective in the coming time. Also, due to this act, all the black will slowly and steadily come out and more issue corruption related issues will be solved. Also, this will reduce the use of paper and thus the numerical value will redirect to the required issues.

The thrust given on making e-payment compulsory was long due. This marks a beginning, towards the end of black money regime. The various schemes and 'yojanas' laid out are in sync with each other. Assurance of insurance is given to Indians on a premium of Rs 12/- Rs 330/- per annum, it is a hallmark step towards financial inclusion in country. In addition to this, Jan Dhan and e-payment together as a whole, focuses on building a sustainable and healthy economy for the country. This is indeed a great attempt to make India, 'sone ki chidiya', once again.

While all these initiatives to be supported, scamsters always find a way out and do apparent legitimate transactions. We need stricter laws as well as no sympathy to those who break the laws. They should be blacklisted and whenever they need anything from the Government they should not be entertained.