In future digital transaction is going to affect government and banks income. Where Government is thinking for cashless society. They have to be more alert Because when people understand the system, than they become more friendly with the internet. And Internet made this world too small. So business and knowledge boundaries will expand. And transaction & sharing would be worldwide.
No doubt, Government income is going to increase as we have started now. Issue is simple if Government made the taxes simplest form, than people do pay willingly. Otherwise Government has to think again. Because of digitization in future there will be very low income for Banks and Government. Government and banks generate income from transaction, but there would be less transaction to see. Due of digitization whole world would be at laptop and mobile. And when we talk about currency, than we have wider range of Currencies. So everybody prefer there own currency to pay. So mostly people would have different wallets in different countries. Already these currency has started taken the share of transaction in India.
I have already made issue to Government of India with Grievance No.PMOPG/E/2016/0410236 dt. 31st October, 2016. I have received Office Memorandum on 2nd December, 2016 from Ministry of Finance, Department of Economic Affairs ( Economic Division). And this matter being handled by the C&C Division.. This issue with the approval of Senior Economic Adviser.
We don’t want disclose about these currency till the Government doesn’t decide and bring the resolution.
To run smoothly Government need funds regularly. This fact could affect future money.
Rishi Pal Sharma