Jammu and Kashmir National Conference Leader, Ajeet Bhagat, Advocates for Cashless Economy

KISHTWAR, February 13, 2024: Ajeet Bhagat, senior leader and spokesperson of the Jammu and Kashmir National Conference, has urged the government to transition towards a digital system, eliminating the need for cash transactions in the public domain. Bhagat, emphasizing the benefits of a cashless economy, highlighted the advantages that have facilitated the widespread acceptance of digital transactions in India.Bhagat underscored that one of the significant advantages of digital transactions is the transparency and accountability they bring to the monetary system. By digitizing transactions, banks can easily identify customers and monitor the flow of money, reducing instances of financial fraud, tax evasion, and counterfeit money in the economy.The senior leader emphasized that the process of cashless systems ensures convenient and hassle-free payments anytime and anywhere. Whether it’s sending money to family members in another city or initiating transactions, the ease of digital platforms like NEFT or IMPS contributes to a more efficient financial landscape.Furthermore, Bhagat highlighted the role of digital transactions in reducing cash-related crimes. He pointed out that one of the government’s motives behind demonetization was to curb the use of counterfeit money, and digital transactions play a crucial role in achieving this objective. Additionally, the shift towards digital systems aids in curbing black money practices that can negatively impact the country’s economic growth.Ajeet Bhagat asserted that the establishment of a transparent and robust digital system significantly reduces the chances of black money flow and illegal transactions. He also commended government initiatives to regulate digital payments, emphasizing that these efforts have streamlined international transactions for residents both within and outside the country.As Ajeet Bhagat advocates for a cashless economy, his call aligns with the evolving financial landscape in India, where digital transactions are becoming increasingly prevalent and contributing to the nation’s economic development.