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Even if 15-20% of transactions are cashless, it will be an achievement: Santosh Kumar Gangwar

He said cashless transactions will be an effective way to attain transparency, even if one-fifth of transactions were to take place sans cash.

By: PTI | New Delhi | Published: December 18, 2016 9:41 am
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Union Minister Santosh Kumar Gangwar has said the government never talked of going 100 per cent cashless, but even if the country achieves 15-20 per cent success in going cashless it will be a big achievement. He said cashless transactions will be an effective way to attain transparency, even if one-fifth of transactions were to take place sans cash.

Seeking to address those who have raised concerns on demonetisation, the Minister of State for Finance told PTI, “There is facility of cashless transactions in many countries. It’s happening there. We have never said we will go 100 per cent cashless. But even if we achieve 15-20 per cent success in going cashless it will be a big achievement because it’s transparent and effective.”

Asked his reaction on arguments put forth by some economists that demonetisation will adversely impact the economy, he said these are their “personal opinions”.

“I don’t speak on some economists’ views. I speak for the government. And this decision has been taken by the government to fight corruption and black money,” he said.

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  1. K
    Kannan
    Dec 18, 2016 at 5:43 am
    True, i can see people ordinary or rich having cash in hand more than what is required. I withdrew from account only once still paying through debit cards except for payments less than rs 200/-. I wish the govt succeeds in its efforts for bringing all transactions throhgh normal banking and having less cash in purchaeses for below say Rs 200 or rs 300. Instead of attacking govt. Cong should introsppect as to why banking has not penetrated deep in villages - i mean banking habits. Cas economy runs parrelel to economy and spoils all efforts and the growth shown is not real so far. You may see wonders once you bring all moneies through banking system.
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    1. Anand Ch
      Dec 18, 2016 at 6:12 am
      Employees and educated always go for card transactions. It is the rural areas which needs to be tapped.
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      1. Raman Govindan
        Dec 18, 2016 at 5:03 am
        rt.!
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        1. Sat Samaras
          Dec 18, 2016 at 4:43 am
          True, freak show of control freaks. That system has bankrupted many families abroad. There is nothing like feeling the cash in hand while spending, it allows us exert caution.
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          1. S
            Soman
            Dec 18, 2016 at 5:25 am
            I wish the government succeeds in the end. This is not the total fight. Much depends on what follows. I hope this is not a Punjab / UP poll related stunt. lt;br/gt;But 15% switch to cashless is a low target. The iron can be beaten when it is hot. Given the constraint of infrastructure, rural areas may not go cashless. But urban economy and all high value spend all over must be cashless.
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