Cash Is King. Yes…cash is king, but not in India. The Prime Minister scrapped 500 and 1000 rupee notes, effective, November 8th 2016. This move was aimed to break the back of corruption and terrorism in India, fueled by black money. India is a country where over 90% of transactions are made in cash. Citizens in India simply love cash. With the Government scrapping 500 and 1000 rupee notes, more than 86% of currency by value, has been removed from circulation in India. Replacing this currency with new 2000 rupee notes and 500 rupee notes, will take some time. You and other citizens of our country, have no choice, but to go cashless.
Find going cashless difficult…Goa the smallest state in India, highly popular for tourism, aims to go cashless from December 31st 2016. If a whole state can go cashless….why can’t you? Want to know more on financial inclusion? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
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Goa will be the first state in India, to go cashless, from December 31st 2016. What’s special about cashless in Goa? You will be able to buy perishable items like meat, vegetables, fruits, fish…just by pressing a button on your mobile phone. Just press *99# on your mobile phone. You don’t even need a smart phone to do this. Dial this number and follow the instructions, to transfer money to all these vendors. You can even transfer money to vendors who don’t have swipe machines.
All vendors who register with banks, receive an MMID (Mobile Money Identifier) code. This is a seven digit random number. Let’s say you want to buy vegetables from a vendor. You dial *99# and punch in details of your account. You enter the amount to be transferred to the vendor and then you enter the MMID code of the vendor, whom you want to pay for the vegetables.
You can travel all over the state, with no purse/wallet in your pocket. Guess…pickpocketers will be quite disappointed with you. The Prime Minister, has a dream to make India, cashless. Goa could give wings to this dream.
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Goa is a small state, in which almost all citizens who reside there, have a bank account. For a state to go cashless, each of its citizens, needs to have a bank account. This is the bare minimum to go cashless and Goa fulfils this requirement. Goa has a population of 15 lakhs. This small state has 17 lakh mobile phone connections and 22 lakh bank accounts. These are ideal conditions for a state to go cashless.
The Government in Goa is educating small vendors, on the benefits of going cashless. This is being done in places like Mapusa and Panaji. There are no minimum limits for transactions and no fees charged. Vendors can receive, even a single rupee in payment, through the cashless mode and no fees need to be paid for the transaction. Goa is a state where almost all people love to purchase items, using debit and credit cards. No wonder Goa loves being cashless.
Goa is a state, where each person residing there, has a bank account and a mobile phone. This is the best set-up to go cashless. Goa is a tourist state which is visited by foreigners from different countries. Foreigners from Western countries, are well familiar with cashless transactions. People in Goa learn from them and are at home, going cashless.
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Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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