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Will 'Cash' and 'Currency' disappear from circulation in India

Will physical money transactions disappear soon in future? The way the global trend is going, it might happen in our country too, said Mr Harikrishna Valmiki, who exhibited cash and currencies of over 100 countries at his office in Paradise in Secunderabad on Monday. The two-day exhibition will conclude on Tuesday.

Sweden has already moved to a cashless society. It is encouraged by law. A merchant can legally refuse to accept cash payments. The bank doesn't handle cash. Only 3 percent of cash transactions remain in Sweden. Denmark plans to get rid of paper money by 2030. France, Belgium, the UK and many such countries are going cashless. 97% of the population of some countries need to see money, he said

China is coming out of currency with an expiry date.

In this light of background I am exhibiting coins and currencies of 100 plus countries on the eve of 'World Heritage Day' tomorrow, informed Mr Harikishan.

I am exhibiting only those coins and currencies that have portrayed the importance of tourism, he said.

Harikishna, a travel consultant, has a collection of coins and currencies from over 200 countries. Some of his collections include an Indian one-rupee note printed in 1954. Rs 1000 note issued by reserve bank on 1st April 1954. The punch-marked coins of Magadha Mourya of the 4th century BC, which are 2500 years old, the world's first Pyramid coin, and polymer currencies of several countries are also exhibited.

My objective behind this exhibition was to showcase them before physical money becomes extinct. The way the government in India and elsewhere is pushing for digital currency, the circulation of the same will disappear sooner or later. Mobile payments, e-wallets, PayTm, GPay, plastic currency, tap-to-pay, and of course, debit and credit cards, alternative currencies like crypto etc.

Cash will be dying out, used only by a limited number of vendors and in general, by an ageing demographic.

No doubt these are the last days of coins. And I want to show them to as many as possible. In future, the generations will see coins only in museums and exhibitions like this, Mr Valmiki said.

Also, another objective of this exhibition is to create some kind of Financial Literacy among the people

The exhibition is open tomorrow at 206, Valmiki Tours and Travels, Secunderabad, in the building next to Dadus at Paradise.


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