Shame on him. Typically leftist, communist idiot, using wrong figures. This guy has no clue, has never lived in those nations where he is giving figure of. In US, we pay even 1 dollar coffee at McDonald's. Same in Japan, Switzerland, germany, and Singapore. So his figures are blatantly wrong, and utterly misleading. Most disgusting write up ever to come out of in BS. But then these days nothing better can be expected of the Bengali-Keralite COmmunist peddlars and writers.
Re: Wrong figures by a leftist writer of this BS write-up
by on Jan 08, 2017 11:03 AM
That is, pay even 1 dollar equivalent bills by Credit Card / Debit card. Even the workers who come to clean your homes, except cheques, and most bring a small POS device with them. Totally false propoganda by an ignoramuse. The guy is clueless of the real cost of cash handling in the entire value chain of the economy.
Author seems to lack basic understanding of economics and financial matters. Equates "cash" with money and completely ignores the value a transaction cost brings to the transaction. If it is just a cost with no value, there are obviously inefficiencies. If not, it is part of a legit economic cycle. Cash has its own costs by the way - ATM fees, salaries of tellers who dispense it at banks, transportation costs etc etc.
No body knows correctly about cashless. It is benefiting the business class and others. Innocent and common man will suffer. No one correctly knows about cashless. Lot of charges they are putting on cashless and credit and debit cards. First GOVT has to make their mind to help the public. Then only cashless will be usefull
For me paying through card does not cost anything extra. If the retailer or online sales portal pays for these transactions, its their cost, not mine. Even if I use cash for such spendings, the cost to me would be the same. Moreover I use HDFC Credit Card, which also provides me with reward points. Last I used reward points accumulated for over a year of spending to part pay for a pair of Levis, using myGFTR insta vouchers.
1. Americans use cash for 45 per cent of transactions by volume. 2. Germans use cash for 80 per cent by volume. 3.Japan uses cash for an amazing 82 per cent of transactions by value and over 90 per cent by volume. BUT INDIANS USE IT FOR EVADING TAX, FOR ILLEGAL ACTIVITIES, AND FOR DEPOSITING IN 'ZERO' BALANCE ACCOUNTS.
What % of population in US, Germany & Japan pay taxes ?. I hope it is more than what in Indian pay. Here most of the lawyers, small / medium & large traders either do not pay tax or pay very little. So when people do not pay tax why compare ourselves with these countries to give negative image for going cashless. When Atal-ji spoke about Golden Quadrilateral highway project many opposed it and said who will pay money to use the road. But now most us prefer to use those roads.
Re: Why compare with these countries ?
by Surendar Prakasam on Jan 08, 2017 11:04 AM
Yes, you are right, then we should not compare those countries when talking about cashless transactions. Why then babus are comparing and telling that India has very low income tax rates when compared to other countries. Yes, because except those roads other roads are worse or nearly unusable for long commute. You have to admit that it is government body's (not mentioned Modi ji, but the actual system) inefficiency and corrupt mind that is harming normal people like me. I am a 100% tax paying citizen because i am salaried, what the government gives me in return?
Roads - I pay toll for that
Hospital - I go to private hospital, if i go to government hospital, i will die before taken care (again problem with people mind working there)
School - Government schools really doesn't work.
Job - Employment Offices are still trying to employ people registered 20 years before.
Now by going cashless you will attract more money into the government just to tax much more. I support it or not, i have to accept whatever is being done by the government, only then life will continue, because i know all cries always goes in deaf ears be it BJP or Congress or who so ever. All these are articles only focused for money.
Re: Cashless society is fine
by Surendar Prakasam on Jan 08, 2017 11:05 AM
Exactly right. Just because we are using millions and millions of smart phones we cannot go cashless
