Dept of Commerce, AMU in association with ICAI organises seminar on ?Cashless Economy: Opportunities and Challenges?
Aligarh, April 29: The Department of Commerce, Aligarh Muslim University in association with The Institute of Chartered Accountants of India (Committee for Capacity Building of Members in Practice of ICAI and Aligarh Branch of ICAI) today organised a National Seminar on ?Cashless Economy: Opportunities and Challenges,? in which the AMU Vice Chancellor, Lt General Zameer Uddin Shah (Veteran) presided over the function.
On the occasion, the Vice Chancellor said that cashless economy, though a new development in Indian perspective bears a lot of promise in rejuvenating the slowdown in the economic system as it has improved market conditions by strengthening bank?s finances.
He pointed out that the masses have been used to cash system, which is why there were not ready for a cashless economy. ?But, now we have to change to cashless economy as the advantages are tremendous,? said General Shah.
The Vice Chancellor further said that cashless economy will empower people with full control of their money through e-transactions and encourage judicious use of money and discourage hasty spending.
Professor Furqan Qamar, Secretary General, Association of Indian Universities (AIU) said that the topic of the seminar is of great relevance in the present times of digitisation and deliberations of today?s programme will open new facets and dimensions.
Professor Qamar pointed out that there is nothing new about the idea of cashless economy as many countries having been working on this idea for the past 50 years.
He elaborated that the narrative for the underlying adoption of cashless payments in developing countries is that of financial inclusion as mobile phones are a widespread and thus, with a little push, more people would escape the tyranny of the cash and join the financial system heaven.
Pointing out to the success of Singapore as a cashless economy, where 60 percent of transactions are cashless and also the success of other countries moving towards a cashless economy; Professor Qamar stated that this concept is becoming a success because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically.
Professor Arindam Gupta, Academic and Joint Registrar, Indian Accounting Association began his lecture by pointing out that it is hoped that the deliberations in the seminar will highlight the core issues of a cashless economy like its scope and feasibility particularly with reference to India.
He added that the Government?s sudden announcement to demonetise Rs 500 and Rs 1,000 notes in circulation, though welcomed by many across the country, left people in the lurch and in a state of confusion. ?The narrative of the demonetisation move had been projected as a war to root out the menace of black money, corruption and counterfeit currency,? said Professor Gupta adding that there is no doubt that a cashless economy will stop the flow of black money but there was a need a cautious implementation of the move, which didn?t happen.
C A Mukesh Singh Khushwah, Chairman, Committee for Capacity Building of Members in Practice (CCBMP), The Institute of Chartered Accountants of India said that even though it is important to move to a cashless economy but at the same time, it is necessary to understand the intentions behind this move. He said that we should ponder on why the Government issued 67 notifications in 50 days after November 8, 2016.
While delivering the welcome address, Professor Nawab Ali Khan, Dean, Faculty of Commerce and Convener of the programme said that it is a matter of immense pleasure that AMU Vice Chancellor, General Shah has given us a chance to organise this National level seminar, the idea of which stemmed from the Government?s move to transform India into a digitally empowered society and knowledge based economy.
C A Avan Kumat Singh, Chairman, Aligarh Branch of CIRC of ICIA proposed the vote of thanks.
On the occasion, a souvenir of the Seminar was also released by the Vice Chancellor, the Chief Guest and the Guests of Honour.
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Aligarh Muslim University
Related PicturesAMU VC addressing during the NAtional Seminar on Cashless Economy at Deptt of Commerce
guests, teachers and students present during the NAtional Seminar on Cashless Economy at Deptt of Commerce
Souvenir Releasing ceremony during the NAtional Seminar on Cashless Economy at Deptt of Commerce