Digital Currency is the Need of the Strategy for Curbing the Corruption in Indian Economy

Abstract: Corruption is a well-known issue for citizens of our country. It is a widespread problem, involving the abuse of public power, resources and influence for personal gain. Despite India's strong values and traditions, it struggles with this evil practice. The surprise moves by Honourable Prime Minister of India Shri Narendra Modi ji banning Rs 500 and Rs 1000 notes have caused a significant reaction among the public. While the decision has been praised for its efforts to combat corruption, corruption is deeply ingrained in the country's systems and structures at various levels. Information and Communication Technology (ICT) can play a role in anti-corruption efforts by increasing public oversight through reporting of corruption, promoting transparency and accountability and enabling the citizen participation interactions. Digital transactions and mobile money can assist in the fight against corruption by providing a traceable record of transactions. This increased transparency makes it more difficult for corrupt individuals to hide their actions and can deter corruption. Additionally, digital transactions can also make it easier to detect and investigate instances of corruption, as well as increase efficiency and reduce opportunities for corrupt practices in government and business transactions. Digital transactions keep money within the banking system, which is an obvious benefit for the economy and eliminates the possibility of a parallel, untraceable money market. When every transaction is accounted for, people are less likely to engage in corrupt activities. To truly end corruption, it is important for every transaction or income to be tracked. When individuals are required to connect their accounts to a digital wallet, all incoming and outgoing funds from their account can be traced, reducing the risk of fraud. A cashless economy, when well-implemented, can significantly reduce the level of corruption in a country. It creates a transparent system, where all transactions are recorded, and it is difficult for corrupt individuals to hide their actions. It also makes it easier to detect and investigate instances of corruption, as well as increase efficiency and reduce opportunities for corrupt practices in government and business transactions.

Keywords: Digital Currency, Curbing Corruption, Indian Economy