Is a cashless economy good?

Cashless economy brings in a lot of convenience for carrying out financial transactions. There is freedom to carry out transactions from anywhere at any point of time. Physical presence is not required for carrying out financial transactions. You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.

Cashless economy helps in curbing black money and corruption in schemes devised by Governments for the welfare of the society. The money will be directly transferred to the beneficiaries by removing the middlemen thereby removing the scope for corruption. Cashless economy also makes it easier to track expenses.

Further readings:

  1. Topic-Wise GS 3 Questions for UPSC Mains
  2. Bharat Interface for Money (BHIM): Notes for the UPSC Exam

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