Demonetisation has several motives in which making India a cashless economy was one of the major objectives. The process was in a way that all those people who were collecting their black money in the form of cash at their homes were to be caught and that money should go useless. The process was executed and got much success. Since the country is again not relying on the cashless economy the same corruption is again followed but with different notes this time. The people those were involved in corruption are still corrupted and the only difference is that the money they collected cannot be used now after demonetization.
This problem can surely be tackled if India can be made a cashless economy. This is because if all the transactions will be done online and in the form of online currency then surely there will be no issue of black money collection. All the taxes and revenues would be collected online which will certainly result in no issue of foul play on the side of the taxpayer. This would also increase the efficiency of the system by enhancing each profession and taking it to the different parts of the country. All those people who cannot go outside for earning and want to earn partly at their homes can easily involve themselves in the corporate world with the help of cashless payments. There are many payment gateways like Paytm, BHIM, google pay etc. which makes the transaction simpler for those who own an account in the bank but do not possess net banking. This concept of cashless economy is a very great concept as far as the comfort and ignorance of any kind of foul play is concerned.
Since it is prominently a remarkable alternative thus can be used widely in the nation. It can control corruption, can get people employment, can benefit the government for the collection of their taxes and revenues. In the case of the property registration, if the data is uploaded online and the payment is also done through online gateways then surely there will be easy tackling of the issues related to the property. It would lessen the burden on the authorities to search for the papers of the registration. Moreover, the cases that have been pending over the time can be sorted easily in the future and also there is no probability of any theft.
The only drawback that is seen so far is the fear of getting the website hacked. This can cause the loss of millions of rupees in just a second. Though this problem is not so common if cybersecurity is managed properly. But still to overcome this problem the companies like Infosys etc. are trying to bring the concept of blockchain technology which makes it almost impossible for the hacker to hack the correct IP address of the computer which actually contains all the information. It is a far better concept than the concept of cryptocurrencies and can cause miracles in the field of cybersecurity.
The education system should play a great role in the process. Because the primary education that is being given to the students should be improved. They should know more about technology rather than only their focus on basics. The students should be taught the methods of technology and cybersecurity at their school level too. They should be encouraged to follow their professional courses and should learn the basic knowledge of each payment network. Keeping this aside from the parents, the farmers and the grandparents should also learn how to handle payment networks and should learn the improved and advanced technology to take a great step towards Digital India. The main source of income for farmers is agriculture and they only rely on selling out of their crops at good rates. They should also be taught the different advantages of cashless economy and should be encouraged to use it in their daily lives. Every person should possess at least a smartphone and a bank account. They should learn the benefits of the economy.
Bringing the concept of cashless economy is a great step towards the economic development of the country. This would make the country a digital one. But implementing this concept is not as easy as it is thought to be. For this people should get proper education of the technology and changing the minds of the old generation is not an easy task because for them the older methods of payment and registration are the correct ones. The income tax which is not paid honestly by certain businessmen can be collected easily because the government will hold the records themselves. All the foul plays regarding money can be caught easily. Since there will be no cash available in the homes so there will be no chance of thefts at home and pocket snatching too.
The concept of cashless economy is really an advanced concept. This will improve the growth of the country. This along with advanced technology like blockchain can bring a drastic positive effect on the economy of the country.

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