The Pros And Cons Of Demonetization

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

In recent years, the death penalty is still existing in everywhere although there is less number of convicted offenders than the old time. Some people think that death penalty is the way to constrain people to do not offend or violate the legislation while some have an argument that this punishment should be abolished. In this essay, I will compare two articles. “Why Japanese support the death penalty? “ by Shanhe Jiang, Rebecca Pilot, and Toyoji Saito (2010)(article 1) and “ Does it matter if the Death Penalty is Arbitrarily Administered ? ” by Stephen Nathanson (2009)(article2).

With over one-third of the nation’s money being fake, it became a real issue. When there is fake money in the economy, it drains the value of the US dollar. It drains the value because, the more bills that are out there, the less value there is to the ones in people’s wallets, which tears apart the nation’s economy. ("U.S Secret Service in History," n.d.) Even today the US still takes counterfeiting very serious, a single charge of carry fraudulent money can add up to 250,000 dollars in fines, and possibly 20 years in prison (Followill, n.d). Fake money still affects us today, and should be taken very seriously.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

Demonetization refers to an economic policy where a certain currency unit ceases to be recognized or used as a form of legal tender. In other words, a currency unit still loses its legal tender status as a new one comes into circulation.

Plastic money is in vogue in today's economy. Paying for what you buy through your credit card is fashionable and convenient. But credit cards are growingly becoming a matter of immense concern thanks to the problem of card debt. The problem of credit card debt arises when consumers buy something swapping their card but are unable to repay the money to the card company within the stipulated time period.

In today’s economy, cash or a credit card is needed to meet the basic human needs. It is an apparent fact that we need cash or credit cards to purchase items such as food, clothing, and to buy gas. Also, when you are out shopping and discover that you have used all the cash in your possession, it is then that you realize that the advantage of having a credit card. Furthermore, with cash, you are restricted to the amount in your wallet or purse; however, a credit card allows you to pay for your purchase at a later date. Both cash and credit cards can be useful when you manage them wisely. While cash and credit cards are similar in that they both are readily accessible, used for goods and services at the time of purchase, they are dissimilar because of theft, high- interest rates, identity theft.

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.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

In an attempt to reduce black money, Prime minister Narendra Modi has withdrawn two major currency denominations – Rs 1000 and Rs 500 notes. This change has resulted in a boost in digital means of transactions. At the same time there are a lot more ramifications for the larger public.

The Indian Economy post Economic Reforms of 1991 has witnessed drastic growth and development coupled with higher international integration at the global platform. Among various other emerging markets, India promises higher investment returns, which can be further attributed to many factors. The economy of India is seventh-largest in the world in terms of nominal GDP and third-largest in terms of purchasing power parity(PPP). With the latest announcement of Demonitisation on 8th November 2016, a new pathway towards a cashless economy has been laid down before India. Looking upto economies like that of Sweden, which leads the race of becoming a cashless economy, number of challenges lie ahead of India which may hinder its cashless dream. Thus there is need to identify these challenges and recaliberate policies targeting them.

Country does not get its normal legitimate revenues due to evasion of taxes. As huge amount of money is hidden, many vital statistics needed for macro planning the country 's welfare measures and programmers are distorted. The money needed for many welfare measures are not available for the productive economy. When black money is generated outside the country by Indian nationals or taken away from India to foreign centres, the foreign exchange reserves get affected. The black money returns to our country through routes via different countries, and different entities that ultimately the real origin cannot be traced, and the money then gets washed and enters as normal legal money.