Wednesday, 23 August, 2017
Update
   By Election Voting Percentage till 10 am: Panaji- 17.67%; Valpoi- 20.41%   Casinos can be replaced, not beaches: HC

Virtual dreams

09th January 2017, 06:14 Hrs

Niti Aayog CEO Amitabh Kant, at the recent Pravasi Bharatiya Divas in Bengaluru, claimed that by 2020 India will wave goodbye to debit cards, credit cards and even point-of-sale (POS) machines. He said that every Indian will be able to carry out a transaction using their thumb print. While all this sounds very futuristic and progressive, it remains to be seen whether it’s actually a dream that can see the light of day.  The demonetisation programme may give the government a boost, and has seen a lot of money come back into banks, thus strengthening the financial capabilities of the nation. But in rural areas, people are still suffering from the after-effects of this move, one that hasn’t yet been completed. To tell people who don’t even have bank accounts, or do not earn enough that they will not be able to deal with cash but instead have to conduct virtual transactions will scare them. All virtual transactions come at a cost. The government is not going to forego all levies on these transactions, a fact that was proven when it introduced charges on debit and credit transactions.   
If such a cashless economy was possible, wouldn’t one first world and technologically advanced country have attempted it by now? There’s your answer.  

Related news

No Go Tribunal

NGT jurisdiction change is devious; reasons should be made public Read more

IS recruits: Street gang members or zealots?

With terrorists striking yet again in Spain and in Finland, one cannot help but ask the question: Why would people want to follow the Islamic State? Read more

Top News

IT'S TODAY: VOTERS' DAY OUT

All stops pulled to ensure incident-free bypolls in Panaji, Valpoi constituencies Read more

Casinos can be replaced, not beaches: HC

The Bombay High Court at Goa will monitor the progress of the removal of the casino every week with a division bench of the High Court comprising of GS Patel and Nutan Sardesai being scathing in its observations on the grounding of the casino on the Mandovi breach. Read more

Dhoklam standoff takes toll on Chinese phone maker in Margao

Vijai directs civic body to revoke trade licence issued to Oppo Read more

By-polls at Panaji & Valpoi tomorrow, Counting on Aug 28 at ESG- Panaji

Six critical polling stations in Panaji, none in valpoi Read more

SC strikes down Triple talaq

Directs parliament to form laws Read more