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Friday, November 18, 2016

India to go cashless?
These days after the ill conceived demomitisation drive of the "Copy - Paste" Narendra Modi government, lot of stories are being spun to make India, a country where still more than 25 crore population struggles to get two square mills a day, Cashless -- a sort of Utopia, in the prevailing socioeconomic conditions.

The Modi brigade has suddenly becomes aficionados of "Plastic Money". 

However, it is to be remembered that in India more than 80% of the financial transactions are done through cash. The current "Tughlaq-ian" policy has suddenly brought this system to a standstill.

There is no 100% cashless economy in the world. Moreover among the 150 - plus, small and big countries, only a few Scandinavian and African countries,  apart from UK and Canada has gone for partial cashless; with Sweden topping the list.

However, Germany, a super power in Europe is one such place where the usage of cash is still very popular. Places like cafes and small restaurants actually refuse to accept cards.

It is no surprising that like in many earlier cases, the Narendra Modi brigade focuses, only that part of the whole story which suits their clandestine designs.

It is to be remembered that Debit Card companies normally charge 2% on any transaction, while in case of Credit Cards there are yearly fees, in additiom to the interest charged for exceeding the credit period.

So, the Modi government is trying to put additional financial burden on Indians; through advertisement blitzkrieg.

Additionally, this (demon)etisation drive has already dented the image of India, among the nations of the world, as many foreigners have started to think that Indians horde huge "Black Cash" in their homes, while in reality it is not more than 6-10% -- what a stark way to score self-goal...!!

Also, if the (demon)itisation is such a "HOLY" and wonderful step to cull "Black Money" in India, then why did a 2012 CBDT report advised the then government against the move and more importantly why did the BJP oppose the move in 2014..?
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