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preetha_85
- Senior | Next Rank: 100 Posts
- Posts: 95
- Joined: Sun Jul 06, 2008 6:41 am
- Location: INDIA
- Thanked: 2 times
For hundreds of years, the monetary system of most countries has been based on the exchange of metal coins and printed pieces of paper.However because of recent developments in technology the international community
should consider replacing the entire system of coins and paper with a system of electronic accounts of credits and debits.
I totally agree with the author in that the current system of exchange of coins/notes needs to be replaced with a totally electronic system. In my discussion I would like to put forth points as to why I think it would be favourable that the system be totally replaced with an electronic version.
The government spends a considerable amount of tax payer money in just printing notes and minting coins, so much so that amount of money spent on minting lower denomination of coins is more than the value of the coin. This expense can be
considerably reduced if the electronic system is implememted. Many would argue that implementing an electronic system
would require substantial amount of money for setting up the required infrastructure. However that is not the case since most of the infrastructure is already set up. The no.of shops/companies that do not use the electronic form of payment
are by far very few in number. Also in todays world almost every individual possess credit cards and every one of them would vouch for its convenience.
Moreover if this system is in place one need not fear robbery since nobody will be carrying large amounts of cash. This would automatically bring down the crime rate, since most robbers are intrested only in cash and not other
precious valuables. The problem of printing of fake notes by anti social elements will also be eliminated.
Furthermore with an electronic system in place,every transaction that takes place will be recorded. This being the case the government agencies will have access to all this information which might be of great use.For example law enforcement agencies will be able to keep track of money transactions of criminals
and terrorists when high amounts of money are being transferred into their accounts.
In conclusion I would like to reiterate that switching to the electronic system will prove extremely beneficial to the country and society at large.
should consider replacing the entire system of coins and paper with a system of electronic accounts of credits and debits.
I totally agree with the author in that the current system of exchange of coins/notes needs to be replaced with a totally electronic system. In my discussion I would like to put forth points as to why I think it would be favourable that the system be totally replaced with an electronic version.
The government spends a considerable amount of tax payer money in just printing notes and minting coins, so much so that amount of money spent on minting lower denomination of coins is more than the value of the coin. This expense can be
considerably reduced if the electronic system is implememted. Many would argue that implementing an electronic system
would require substantial amount of money for setting up the required infrastructure. However that is not the case since most of the infrastructure is already set up. The no.of shops/companies that do not use the electronic form of payment
are by far very few in number. Also in todays world almost every individual possess credit cards and every one of them would vouch for its convenience.
Moreover if this system is in place one need not fear robbery since nobody will be carrying large amounts of cash. This would automatically bring down the crime rate, since most robbers are intrested only in cash and not other
precious valuables. The problem of printing of fake notes by anti social elements will also be eliminated.
Furthermore with an electronic system in place,every transaction that takes place will be recorded. This being the case the government agencies will have access to all this information which might be of great use.For example law enforcement agencies will be able to keep track of money transactions of criminals
and terrorists when high amounts of money are being transferred into their accounts.
In conclusion I would like to reiterate that switching to the electronic system will prove extremely beneficial to the country and society at large.
