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  1. With cashless economy talks, govt is trying to achieve too much too soon: Adi Godrej

With cashless economy talks, govt is trying to achieve too much too soon: Adi Godrej

As per him, while it is good to shift to some other forms of payment, cash will continue be important”.

By: | New Delhi | Published: December 3, 2016 12:03 PM
All countries which have a lot of online transactions, use quite a lot of cash, he says. (Reuters) All countries which have a lot of online transactions, use quite a lot of cash, he says. (Reuters)

Praising the Centre’s demonetisation move, chairman of Godrej Group Adi Godrej has said that it would be a good for the country in the in the medium to long run, but talking about cashless economy is trying to achieve too much too soon”. He also said that all countries which have a lot of online transactions, use quite a lot of cash. Therefore., to get into cashless economy situation especially in rural India looks difficult.

As per him, while it is good to shift to some other forms of payment, cash will continue be important”. Speaking to the paper he also said that it was very important to make sufficient currency available at an early date.

Godrej in an interview to ‘The Indian Express’, also said that the withdrawal of high-valued notes would be good for the country in the medium to long term. Even while black money may be kept in some other forms, there is a significant amount getting out of circulation. There will be a considerable discouragement to generate further black money.

He added that when Goods and Services Tax is finally introduced, would also “tremendously cut” black money and added that there would be no scope for evading indirect taxes, which is is the major cause for black money. Even direct tax evasion is mostly because of indirect tax evasion, Godrej said. In the short term, he expected problems as the government did not properly estimate on how much business is transacted through cash.

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  1. C
    Citizen
    Dec 3, 2016 at 8:04 am
    There is nothing worng in aiming for the moon, at least you get to space. Nobody is uming 100% cashless, even if 40-50 % transactions go cashless it has served its purpose in kickstarting the process. I don't understand why this guy is so pessimistic. Better to sell Godrej shares, if you own some.
    Reply
    1. O
      Od sharma
      Dec 3, 2016 at 6:55 am
      very Mature statement
      Reply
      1. R
        Rakesh Kumar
        Dec 3, 2016 at 9:22 am
        If Govt. really wants to curb the black money and implement cashless society, Govt. should stop printing & circulation of higher denomination currencies and circulate only small denomination currencies up to Rs. 100. Circulating of higher denomination currencies shall further lead generating of the black money. Is anybody agreed! if not why?.
        Reply
        1. S
          Src
          Dec 3, 2016 at 7:53 am
          This ... is disappointed because of simple reason, He will be in losing business for the Godrej product like Lockers !! ... :)
          Reply
          1. X
            xyz
            Dec 3, 2016 at 3:31 pm
            Yes. The least costly soap is 5 rs. If you buy one then add 10 rs bank charges
            Reply
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