Following Prime Minister Modi’s demonetization scheme, Goa is on the road to becoming India’s first cashless state. Starting from Dec. 31, people of this small coastal state will be able to engage in transactions without cash. Dialing *99# and then following the given instructions, buyers will be able to directly debit money on the purchases to the seller’s account.
The government has initiated a drive to educate people on how to operate the cashless transactions, which will start from Monday at Mapusa and Panaji, in Goa.
On Nov. 25, Defence Minister Manohar Parrikar had proclaimed this news at a rally in Sankhali, Goa. “Time has come to go towards a cashless society. We should cooperate with the government. Cashless society will be achieved in Goa first. We will fulfil the Prime Minister’s request in this regard,” the minister had said.
On Nov. 8, the Government of India imposed demonetization of ₹500 and ₹1000 notes of the Gandhi series. The move was a bid to unearth black money and stop the circulation of fake currency. The implementation of the demonetization has led to a lot of hardships for the common man with the new notes not available on time or in enough quantities. With a restriction on cash withdrawal and not enough cash in circulation there was a general chaos all around. New notes still have to find their way to the banks and ATMs and recalibration of teller machines to fit the new note sizes is yet not over
Goa going cashless maybe the beginning of a new fiscal era in Indian economy. Hopefully, very soon digital banking and online transactions will be the new norm. The government hopes that most states will follow this example and support PM Modi’s demonetization scheme.