The idea of e-currency has high relevance in this time. Amidst chaos and uncertainty over currency availability Government should explore new avenues to materialize the concept of a cashless economy. Though the intention of Narendra Modi to control black money is well-appreciated, it seems unprepared and Thuglaqian.
Availability of new two thousand rupee notes without any security features will create an oil to fire situation for a vulnerable economy. If the intention of Modi was to curb black money, he should have banned all the high denominations rather than printing and distributing currencies of two thousands. Even though Arun Jailtely boasts of his preparedness, situation theses days unravel the pathetic condition. Government had to issue more Swipe Card Machines to SMEs owners even in subsidized rates, Banks also have to waive the fee incurred for the device to an extent. If you look at the new currency, the sign is by the new RBI Governor Urjith Patel, former head of one key division of Reliance. If it was a prepared move Government had to anticipate the crisis and issue sufficient currencies of low denominations through ATMs and Banks. It is a genuine reasoning that the poor become the victim of new decision. Augmenting of restriction to issue currency is not because of security reasons but because of lack of availability. Floating of new counterfeit high denominations also cant be summarily rejected.
The idea of e-currency altogether looks Utopian for a country like India, however we have to press for it at any cost to get rid from the bad state of the economy majorly owe to black money. the Swipe Card Machine is not a rare seen, which can be effectively linked to the Jan Dhan accounts which in turn can enhance the effectiveness of transactions. Service of banking correspondent can be used to an extent to help people to do away from phishing and scamming. The current move of Government must be see in this direction especially when citizens are provided with Rupay card.
Even though the task of making people used to the e-devices is a Herculean task, considering the long-term growth and prosperity of the country, it has to be triggered. If we can achieve zen Jan-Dhan, if we are able to penetrate zen mobile, this also can be possible by calculated steps. All the money is accounted and transparent through the e-way, the cost incurred for banking, hassles, hoarding of money and various other technical and physical barriers can be effectively controlled. Technologies like block -chain with more advanced security features may provide better services to citizens. It is a fact that e-money makes more convenience and security both physical and financial to people.
I vouch for the idea and wait to see this dream in the immediate future !
