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Indeed, Demonetization, inspite of some of the drawbacks in the way it was implemented has been successful in making more people into cashless economy. Many people, especially older ones used debit cards for the first time.
I have used one of the Mobile Wallets to pay to local vegetable groceries, Autowallahs, book stationers etc, and the best advantage of being cashless is that one does not have to worry about change of Rs.1, 5, 10 etc.
Moreover, one can directly get amount transfered to their bank accounts. RBI has to print lesser notes thus checking inflation, and Government’s debt too reduces.
Still, a lot of people have switched back to cash for smaller transactions, and this has to be somehow addressed.
But this is not bad as such, because even in Western countries, especially UK, US etc, smaller transcations are in cash.
Yet, it is good if larger transactions are done electronically to check misuse of funds, especially in Government sponsored schemes, Defence and Infrastructure payments, as you have mentioned.
Black money too gets reduced.Overall, a big plus for India, but Government needs to be vigilant, because those used to big amounts of black money will try to defame Government and mislead people in different ways.
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Money is a leading direction at all!
True, agree with what you say.
Money is all that you say it is. If only folks could figure out how to take it out of this world when they leave! Not to say that many have not tried to take it with them. It makes me wonder. Money is so powerful in this world. But you can’t take it into the next world? So … ??? What has the power in the next world? If it’s not money, what could it be? It’s a thought.
Also … if we can live without money in the next world, then why couldn’t we figure out how to live without money in this world too? It’s another thought.
Appreciate your thoughts. Agree that one cannot eat money not take it with him to the other world as you have correctly put. It is a facility which humans created to fulfill a required but ended up being slaves to the same in one way or the other. In this world even if we would want the system is such that we cannot live without money. It is sad but it is a fact too.
Thanks for sharing this. Your article is as my economy text book which I read and study during my Pre-U period.
I love all these story and information, it helps me refresh my reading memory on economic topics from the basic.
I love to collect coins, especially the old one if possible, the latest one doesn’t have good design as the old one, and the “old” feeling, to me. Hehe!
Thank you for liking the article and good to hear that it made you remember your good old days as a student. As we grow we take up new things and generally tend to forget the old due to high load of information. What I feel is these sort of articles act to refresh our mind and makes it rewind in time.
Good to know you are a coin collector. Try to collect as many as you can of different countries as you do not know which one will go out of circulation and become rare at what time. At that time you may be if you are lucky sitting on a gold mine. Best wishes and regards.
Money is essential for us to be able to buy our necessities, house and cars.
It is amazing that in those days, those things are being bartered in lieu of the non-existent yet paper bills and coins.
It is more amazing also that now, even with the use of a plastic card called credit card one can purchase through store even the most expensive things.
But with these credit cards a lot of people are now buried in debt to these credit cards because they didn’t know how to handle it well.
Agree with you money management and knowledge to handle different instruments that serve as money or money’s worth forms an important part of teaching people how to handle different forms of money. True many people have been ruined by credit cards as they have got used to taking and using more and more without repaying the same. People who are not financially disciplined are better off without such instruments. It also turns into addiction like people becoming shopaholic.
These people spend everything on the addon card while the person in whose name the primary name is there will endup footing the bill which he is neither aware nor may be having the resources to pay back for what has been done. Cash also has its share of problems as having too much of cash in the house will provide chance of the money being burgled. Each one is having its advantages and disadvantages it depends on how well an individual is aware and manages these instruments. Thank for your inputs.
money is money even if changed we value what it could really bring us its not really vital what it looks like, also if the money will not bring anything then we would not care abuot it, really thanks for your post nice to remember that and the money values also, but sure humanity is more importana i do not want to sound money addict or so, with that said i have to say that it looks your work is from the heart as the title reflect it, thanks again for let us read it and sharing
Appreciate your point of view and thanks for the short review and appreciation. Money over the period of time has had an interesting journey. I have been able to cover only a few aspects of the same. What I have observed in my life is that if an individual is competent and is able to get gainfully employed and has the requisite qualifications. Money tends to chase such people. One more interesting observation which I made over a number of years is money tends to attract more money like a magnet.
I agree with you that humanity is more important as if humans were not there and civilizations progressed, the concept of money itself would not have existed. Anything in moderation is good so is money. If one knows to how to use different instruments which are used as money then that person will know how to earn, manage and save money well and prosper in life. We can see this from the lives of many successful businessmen and other celebrities too.