Cashless India - For Whose Benefit?
Do you know..
1) Debit Cards charge between 0.5% to 1% to the retailer Or money receiver for every transaction.
2) Credit Cards charge between 1.5%-2.5% to the retailer of the money receiver for every transaction
3) PayTM/Freecharge/ Jio Money and other E-wallets charger 2.5% -3.5% when you want to transfer your e-wallet money into your bank a/c
RBI data shows every month around 2.25 lakh crore (Anually Rs 25 -30 lakh crores) is withdrawn from ATM's across India. And it is estimated that along with bank withdrawals a total of Rs 75 lakh crore is withdrawn ( both banks and ATMs) on a yearly basis All this is accounted/tax payed money which is withdrawn from banks..Currently just 3% of transactions are in electronic mode..
If this 75 lakh crore is converted to a #cashless economy look at how much the companies will earn..(75 lakh crores * 2% average) Rs 1.5 lakh crore per year .. NO KIDDING!
This is the biggest Open Scam. Direct Benefit for Corporates like Reliance, PayTM, Banks etc of Rs 1.5 lakh crore per year..
Which makes me wonder was Demonetization done to end black money or was it done to benefit Corporates? more
1) Debit Cards charge between 0.5% to 1% to the retailer Or money receiver for every transaction.
2) Credit Cards charge between 1.5%-2.5% to the retailer of the money receiver for every transaction
3) PayTM/Freecharge/ Jio Money and other E-wallets charger 2.5% -3.5% when you want to transfer your e-wallet money into your bank a/c
RBI data shows every month around 2.25 lakh crore (Anually Rs 25 -30 lakh crores) is withdrawn from ATM's across India. And it is estimated that along with bank withdrawals a total of Rs 75 lakh crore is withdrawn ( both banks and ATMs) on a yearly basis All this is accounted/tax payed money which is withdrawn from banks..Currently just 3% of transactions are in electronic mode..
If this 75 lakh crore is converted to a #cashless economy look at how much the companies will earn..(75 lakh crores * 2% average) Rs 1.5 lakh crore per year .. NO KIDDING!
This is the biggest Open Scam. Direct Benefit for Corporates like Reliance, PayTM, Banks etc of Rs 1.5 lakh crore per year..
Which makes me wonder was Demonetization done to end black money or was it done to benefit Corporates? more
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I agree with this point. The main winners will be the banks and independent savings will be a thing of the past. Black money was allowed to go on because of the corruption inherent in the system here. The law abiding citizen should not be made to pay the price of the greedy hoarders of black money like Politicians and Big Businessmen etc. Sure a 'reset' of the monetary system like the Demonetization is absolutely necessary but to make India a 'cashless society' is simply playing into the hands of Banks and Large Corporations which is highly restrictive of individual freedom. A citizen has the right to save in their homes just as much as they have the right to save in a bank. These rights should not be violated by Governments. This particular Government may be trustworthy but how do we know what future Governments might do? Too much control by Governments of the law abiding citizen has never been a good thing and removes a persons freedom. more
Dec 06
Government may limit charges on debit card payment less than 0.25%. Actually they charge and payback by reward points. Intimate charges are very less. more
Dec 05
Carry of Limitless Cash Transactions/Payments multiplied the Black Money Storage in Land , Fixed Assets , Movable Assets , Shares , locked up Gold etc., etc., with an adverse proportion of the real turnover . Cashless Transactions by means of Bank Transfers , Cards & Drafts will never allow such Built up of Multiple Black Money in any Form please . more
Dec 05
Om As per your opinion for prevention of black money and going cashless or digital we are making corporates like paytm etc richer by 1.5 lakh crore.Black money is money evading tax and totally in hand but out of this 1.5 lakh crore the corporates have running costs and liability to pay tax on their profits.So there is no anomaly in demonetization and going cashless. more
Dec 05
Those possess and transact through Account & those moderate never carry carry currency above even hundreds with Jeens/tight dress. They use ATMS . Those afraid of carrying above thousand , also use ATM Cards . Though Taxed , their Money even in travel , is very Safe and Secure . Currency, though Free and at No Cost , is the BASICALLY A SOURCE OF CORRUPTION & USE FOR BUILDING BLACK MONEY IN VARIOUS FORMS WHICH EVEN THE GOVERNMENTS CANNOT IDENTIFY OR LOCATE OR DRILL-OUT in the Corrupted Organs , Businessmen and Officers . This is nothing but allowing only Concentration of illicit and illegitimate Wealth that indeed should have gone for addressing the general public to subserve the common good as contemplated in Article 39 C . Though we pay , Safety , Security , Citizen Social Responsibility , common good all will be covered with a petty charge of individual . more
Dec 05
