Home Madrid Economy Letter to BS: Don’t Blame Cash for All the Evils of Our Financial System

Letter to BS: Don’t Blame Cash for All the Evils of Our Financial System


It is Ajit Balakrishnan’s “Stop Making Money Bad” (January 3). The author deserves praise for destroying a myth and playing “devil’s advocate” for money. Cash is the most convenient and anonymous financial instrument. The current rhetoric against cash in India stems from a dubious belief that it is the root cause of black money, corruption, tax evasion, all of which lead to money laundering. It is not cash that gives rise to all of these seemingly illegal practices, but it is the democratic system dominated by 24/7 elections that forces businesses and businesses to generate money. black money to grease the cogs of democracy through the political machinery. In India, the fundamental goal of promoting a cashless or ‘cash less’ society is to force citizens to leave behind traces or footprints which can be used to hunt tax evaders. and allow choice according to the propensity and whims of politics. administration.

It is common knowledge that large-scale tax evasion in India comes more from large corporations and corporations than from individuals. If so, why should we restrict the freedoms of innocent individuals and force them to forgo cash, thereby enriching fintech companies and these other middlemen? After all, paying electronically is by no means free as it is claimed. Look at the losses of large fintech companies and electronic payment platforms in India. The solution lies in educating society.

Ganga Narayan Rath Hyderabad

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