Jamshedpur, Dec 2: The decision of Reserve Bank of India to introduce digital currency at retail level is a welcome step and the Confederation of All India Traders (CAIT) will soon launch a nationwide movement amongst trading community to adopt & accept the Digital Rupee as mode of payment in business, said Suresh Sonthalia, National Secretary of the CAIT. The Digital Rupee will change the payment landscape in trade & Commerce in India.
Sonthalia said that it will boost Indian economy from grass root level. Indian economy is consumption based. The retailer and consumer are king in the economy. Indian economy is huge but because of usage of cash currency at retail level, substantial volume of business goes unaccounted. With introduction of digital currency, every transaction will be recorded in books of Reserve Bank of India and government of India records. We will be able to boost of largest domestic economy of world. The exact size of retail market in our country will be authenticated with recorded transactions.
Digital currency will help in spread of acceptability of digital India. By getting actual volume of retail turnover, Reserve Bank of India as well as Government of India will be in a position to make trader and consumer friendly policies.
CAIT said that retail traders are unable to get loans from Banks, in absence of authenticated sales turnover data. With introduction of digital currency actual turnover of the retailer will be authenticated by digital transactions to get better loans from banks.
Trade leaders further said that Reserve Bank of India has to spend crores of rupees in printing and distribution of currency. With digital currency, there will be huge savings for Reserve Bank of India. Digital currency is also eco friendly. The paper used for printing of paper currency will be saved. Cutting of trees for paper will be reduced. Environment protection will be provided because of less use of chemical dyes.Digital currency will help in developing software industry. It will provide employment to lakhs of youths. Soon we will see digital India being implemented and accepted practically. The dream of Prime Minister will come true.
There will be lot of demand for IT products, software and others associated with digital industry. India is going to be youngest country in the world. The youth of country goes with technology. Government is taking people of India to digital technology. Huge market for digital products is in offing.
India is country of youths with innovative ideas. We will see immense rise in startups coming in markets. The employment seekers will become employment giver.