Confusing between ‘LESS CASH’ and ‘CASHLESS’
M G Warrier

This refers to Amit Varma’s article “Three reasons why a cashless society would be a disaster”* (By Invitation, Times of India, December 18, 2016). The writer has done fairly good research to padd up his arguments against what he fears as an emerging cashless India. So much so, he has dug up several quotes from young Mohandas Karamchand Gandhi (pre-1910) to prove that howsoever great the people may become in later life, it is possible that they might have made some absurd observations in their 30’s! Don’t ask me the relevance of this proof to the disaster (Cashless India) he is talking about, in this well-written piece. Unintended damage is, of course to ‘Brand GANDHI’, as the observations by the 21st Century version of that brand-name are becoming ‘viral’ as WhatsApp jokes instantaneously.
Let us be clear about the foundation on which the feared ‘disaster’ is built. It is conversion of India into a ‘CASHLESS SOCIETY’. So far, the talk is only about using ‘LESS CASH’. Even remotely, it will be tough to attribute the motive of making India ‘CASHLESS’, as printing of currency is in full swing even when I am keying in this response.
Privacy angle
Here, the writer is more clear about his intentions. He doesn’t want his financial transactions to leave a digital trail. This is a matter of opinion. And, perhaps, Amit Varma is making a valid point, which needs to be looked into. The problem could be real for those who are handling ‘unaccounted’ resources including money and for those who do their transactions through illegal channels to remain outside financial supervisory system and tax net.
A realistic view may have to be taken on this issue.
Cost angle
Every transaction, cash or cashless, has a cost and costs and benefits will find an equilibrium, in a market economy.
Political donations
This issue needs to be addressed independent of legal tender character of high value currency.

 *Please use the link provided at the top to read the article.
Blog Post No: W2480/18122016


Popular posts from this blog



The King of Ragas: Sankarabharanam