Demonetisation, advantage for the young: Anil Pharande, Promoter & Builder

The younger generation has a totally different approach to many concepts that the previous generation believed in

Sheela Mamidenna

Digitization is the future - but until now, it had been the Indian government itself that stood against the future by encouraging cash payments and levying heavy charges on digital marketplaces. Invariably, the merchant discounts rate (the fee that is supposed to be paid to the banks) was passed onto the end customer. However, under the current Modi establishment, things have begun looking brighter. Speaking about the advantages that the change has brought about, Anil Pharande, Chairman, Pharande Spaces, a leading construction and development firm in Pune, speaking to the press said, the younger generation sees many favourable points in demonetisation and therefore welcomes it.

Though the announcement of demonetisation of high-value currency notes came as a shock to the masses, it seems that people have not only understood the reason behind the move but are also offering full support to this change. Many find this to be a welcome move at this point in time for our economy.

Pharande also believes that the younger generation has a totally different approach to many concepts that the previous generation believed in. Referring to hoarding of assets, black money and tax evasion, Pharande said that the present generation is by and large rejecting them.  He said that the younger generation is more in favor of spending and putting their income back into the flow, rather than keeping it aside for emergencies. They believe in using credit cards and similar financial tools that don't involve hoarding. The principled younger earners of India today prefer to be transparent taxpayers rather than find ways to evade tax and hide their income. They know and appreciate that that their tax contributes towards the betterment of the nation and assisting the lesser-privileged. This is a highly responsible generation.
Secondly, this highly tech-savvy generation knows all about digital payments. A twenty-five-year-old of today is more predisposed and equipped to making digital payments than people from the previous generation. They are more comfortable with mobile wallets than with carrying cash. The rapid penetration of smartphone technology and online payment gateways has also helped build trust, while offering convenience.
Thirdly - and most importantly - this is a generation that stands firmly against any form of corruption. It’s not just about making your own lifestyle comfortable anymore but growing with the nation. They fully support the recent demonetisation move’s primary intention to weed out and expose corruption in India.
According to Pharande the present generation believes:

  • Demonetisation will equip authorities with the tools to track down individuals and organisation who hold unaccounted cash and evade tax. With the high-value currency note ban, all cash hoarders now are forced to put their cash back in the economy and make it accounted for. The younger generation is a staunch supporter of such a level playing field, and vehemently opposes all forms of inequality
  • Black money has always been the prime funding for all kinds of illegal activities like gambling, drug use and trafficking, terrorism and inflated market pricing. This generation’s stand against such activities is very much on record
  • Demonetisation will curb tax evasion and now everyone, howsoever rich or resourceful, will have to pay their taxes in full. It will not be just the middle class that will be contributing to tax-funded projects like infrastructure development, education, hospitals, schools and other such moves towards making a better and equal society. A big thumbs up from the younger generation.

As India moves more and more towards digital currency because of demonetisation, the ensuing boost to online commerce will also encourage all kinds of startups that the young Indian are working or investing in. Moreover, people with lawful and accounted-for money will have nothing to fear – and the younger generation is all about living their lives free of fear - and free to explore life’s endless possibilities.

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Sheela Mamidenna - Jan 24, 2017 12:00 IST