Cashless Indi A New Beginning Essay

The United States Mint was created by Congress in 1792, tasked with creating and circulating official coinage. The Mint had the authority to convert any precious metals, like gold or silver, into standard coinage for anyone 's account with no charge. President George Washington and Secretary of Treasury Alexander Hamilton asked Congress to pass the Coinage Act of 1792, which established the dollar as the basic unit of money for the United States. The word “dollar” is prounounced from the German word “thaler”, which means “coin”. Because of the lack of silver and gold mines in the United States, currency from other countries was allowed to be used to buy and sell goods and services until 1857, when silver and gold mines started to generate sufficient metal. In 1863, the National Banking Act was signed by President Abraham Lincoln, making the dollar the sole currency of the United States.

India’s economy is booming! With large decreases in poverty, increases in literacy and GDP, India is continuing to make its way out of the third world and into the first. India is predicted to surpass even China in growth by 2050. A competitive private capital market has instilled Indians with a low cost high quality mentality and has resulted in some of the highest return rates for any country. India has been averaging 6% growth compared to China’s 9.5% with half the investments. India capital efficiency is one of its strongest economic benefits.

India’s economy is the fourth largest GDP in terms of purchasing power parity (Gupta and Gupta, 2008:68).

The only difference between the U.S. and those countries is that they have made the progressive step to stop producing pennies. Their system is now as follows: Pennies can still be spent, but as no more production exists to balance out wear, tear, and loss, the population of pennies will gradually decrease until they become something of the equivalent of the U.S. 2 dollar bill. Values between 5 cent intervals are rounded up or down, and neither consumers nor vendors need to worry about overpaying/underearning, as the amounts rounded up and down balance each other out in the long run (.02 saved one transaction becomes .03 spent the next, and so on). Credit card transactions still go down to the cent, but as digital currency is handled by computers, it doesn’t pose any inconvenience to

In the book, “Behind the Beautiful Forevers”, by Katherine Boo, for the jobs the people of India completed, they obtained a currency called rupees. One rupee itself is fifteenth of a thousand to one U.S. dollar. The people in India, especially those in poverty, are not getting paid enough for their jobs. By just comparing the amount of currency in both India and the U.S., it is difficult for the citizens in the Mumbai under city in India to get a high enough paying job. Without the right enough rupees it is hard to get food, water, clothes, medicine, and other essentials needed to

The BRIC emerging economies are some of the most successful market liberalisers with India having particular prosperity in liberalising its inward capital flows and currency convertibility from 1991 to foreign investors. Post liberalisation India is regarded as one of the fastest growing economies with an annual growth rate of 6.86% compared to 4.07% pre liberalisation (World Bank, 2014). Economists such as Saikia (2012) regards this success down to India’s rise in investment. In the decade after reforms FDI inflows to India has grown by a staggering sixty fold increase to $6 billion (Kletzer, 2004) showing how the India economy has become a major destination for FDI and is reaping the economic benefits.

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

Although neither region experienced tremendous stability, the early states of China and modern-day India consistently followed their own styles of state-building practices. These powerful states in East and South Asia, respectively, used quite different methods of state-building, with their techniques greatly mirroring their different levels of desired interaction with outsiders. While the Chinese focused on state-building from within, the empires of modern-day India were more open to outsiders and their potential contributions to Indian society.

The opposition states that people will save money in a cashless society. The opposition states that people would have an added cost benefit by switching to a cashless society. Lombardo states that people “The ink, paper and even the designs… have associated costs with them..” and these costs will go away and not be replaced in a cashless society (10). This is an oversimplification fallacy because these are not the only costs associated with money. Furthermore, these costs do not automatically vanish with no cost successor. In fact there are costs to a cashless society, like the technology that is the replacement in the transaction. The opposition does not take into account that technology costs money to make and maintain because that will be the predecessor to cash. Society would be at the same expenditure because the maintaining of the new ways to pay would cost the same as using money. This leads to a neutrality in cost savings in which both sides are equal. Another reason the opposition gives is that other countries are heading toward a cashless society. The opposition insists “China has made more progress than the U.S in transitioning citizens to mobile wallets…” (LaMagna 7). This is a bandwagon statement because China and the United States are not the same, yet the author wants to put them in the same group. This bandwagon especially falls flat because China is

The unique caste system also known as a closed system that is used throughout the subcontinent parts of India allows for a person's status to be ascribed through birth. Being apart of a caste systems means that social status does not really change, you are stuck with that status for the rest of your life, meaning no social mobility. Caste systems are not based on economic factors in this system is influenced by religion and everybody tries to fulfill the caste duties following certain customs, rituals, and folkways. The system is stable and orderly grouping people into the four major groups, keeping people of there own kind into the same group. The class system is based on the principle of achievements and effort from a person. The class system

Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be

We take the position that digital currencies are a fad. As argument, we try to clarify the definition of currency in general and explain what a "digital currency" really mean. Than we examine the arguments for the digital currencies and at the end we present the evidences of perils of digital currency.

Picture this, you are purchasing your favorite drink and as you reach for your wallet, the only option you have for paying is electronically. That could become the case if we become a cashless society. You will see what a cashless society is and what it all entails. With disturbing someone’s privacy to the results of hijacking electronic accounts, cashless societies can have some advantages and disadvantages. As a list of countries that have already made the surface of topic when it comes to cashless societies, you will see how much of a difference cash is being used today as in years before. Cashless societies are creeping up upon people without them realizing it, but becoming aware of it could help people as they enter into the future.

With people not having to go to banks, creditors, or other places to pay their debts, the social aspect must be addressed. What will this do to us as a society? Is it possible for this to be detrimental to society on a whole? (Smith, 2009).

The person who carries more than 10 (old notes (whatever the denomination) shall be punished with fine of INR 10000 or five times of the face value of the amount which he possess, whichever is higher . Who so ever makes false declaration for depositing the old notes to the banks? Shall be imposed fine of INR 50,000 or five times of the actual deposited amount, whichever is higher . There has been a discussion of imposing imprisonment for the perpetrators who keeps the old notes and makes false declaration for depositing the old notes. If a company has committed above offence then, the responsible persons of the company will be liable to pay the penalty under this Act . However, the imprisonment proposal later got dropped. It is indeed a welcome move; because, already Indian prisons are overcrowding so, if these people also kept in the prison then, administration of the prison will suffer; these people may mingle with conventional criminals which may be resulted in high recidivism. Before passing of this Act, President has promulgated an ordinance which contained similar provisions.