Latest News

  • Home
  • National
  • The cost of cash: Going cashless could save Indian economy crores
The cost of cash: Going cashless could save Indian economy crores
Tuesday, November 29, 2016 IST
The cost of cash: Going cashless could save Indian economy crores

Indeed, even before Delhiites were compelled to invest hours queuing up for the ATM, acquiring money was an expensive recommendation. In 2014, the general population of Delhi burned through six million hours and more than nine crore rupees just to get physical money, as indicated by a study distributed by Institute for Business in Global Context at Tufts University.

"The cost of getting trade out Delhi is around 10-15% higher [than it was in 2014]", says Raghavendra Srivastava of Impetus Research, the statistical surveying organization that took a shot at the study. Whatever remains of India invests around 33% the energy and cash spent by the inhabitants in the capital.

The study, Cost of Cash in India, was a piece of a progression of reports that looked to comprehend the expenses connected with physical trade out economies around the globe. For India, the aggregate cost to the economy was over Rs. 200 billion, while for United States, it was over Rs. 12 trillion.

"We have considered the cost of trade out more than 70 nations around the globe and India scores among the most noteworthy as far as the expenses to the shoppers," says Bhaskar Chakravorti, senior partner dignitary at IBGC and co-creator of the study.

There are different segments to this cost of money. The cost to shoppers incorporates ATM expenses and in addition the open door cost of the time spent gathering money. The cost to organizations incorporates the cash spent in taking care of, securing and transporting the money. The cost to banks and other budgetary establishments is because of working and looking after ATM. At long last, the cost to government is because of the inevitable duty income and in addition the cost of printing cash.

In India, money is especially exorbitant in light of the fact that it is so normal. The estimation of notes and coins available for use as a rate of GDP in India is more than 12 percent, while it is under 4 percent in both Brazil and South Africa, as indicated by Chakravorti.

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 61K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 8K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 7K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
Andhra's 3-Capital Plan One Step Closer To Reality, Gets Governor's Nod

Andhra Pradesh The new tri-capital plan of the YS Jagan Mohan Reddy government involves setting up executive, legislative and judicial capitals at Vishakhapatnam,...

Recently posted. 422 views . 1 min read
 

 Article
Women’s Day gift: Period pain relief roll-on developed at IIT-Delhi

During a semester examination in September last year, two students of Indian Institute of Technology(IIT) Delhi came face to face with the agony girls through durin...

Recently posted. 536 views . 4 min read
 

 Article
Amazon every year asks employees to quit, gives them Rs 3 lakh if they do because it wants loyalty

Amazon as a company is known for its innovative products and out-of-the-world projects. The company has not only pioneered smart devices such as smart speakers an...

Recently posted. 597 views . 3 min read
 

 Video
surgical Strike



Recently posted . 1K views
 

 Reviews
Top CBSE schools in Noida



Recently posted . 1K views . 88 min read
 

 Article
Mumbai ahead of Washington, Toronto in super-rich populace list; home to 1340 ultra HNIs

Mumbai: India's money related capital Mumbai has positioned 21st in the 'City Wealth Index' list arranged by Real home organization Knight Frank followi...

Recently posted. 854 views . 8 min read
 

 Article
Algo trading: The boon and bane of finance

Months ahead of NSE’s planned IPO, Chitra Ramkrishna shook the financial world by abruptly quitting as the MD & CEO of India’s largest bour...

Recently posted. 545 views . 29 min read
 

 
 
 

   Prashnavali

  Thought of the Day

You will never have this day again. So make it count!
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top