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Transaction costs are likely to be reduced.

Extra payment on account of non-availability of change isĪvoided resulting in payment of what is actually due to be paid.

Risk ofĬarrying currency notes and loss of hard earned money can be avoided.

Cash need not be carried to avail goods and services.

The advantages to citizens of a country in a Cashless Economy The advantages to citizens of a country in a Cashless Economy are: National Electronic Funds Transfer (NEFT) and Real Time Gross settlement (RTGS) in India. Transactions are made through electronic channels such as direct debit, credit and debit cards,Įlectronic clearing, and payment systems such as Immediate Payment Service (IMPS), Government of India is encouraging people to move towards a Cashless Economy.Ĭashless Economy can be achieved when the use of cash within the economy is gradually reduced and all The result of a collaborative effort of various Indian RailwaysĮntities and CRIS, Ministry of Railways, Government of India.

Railways Accounts Department, developed with an objective to enableĪ single window access to information and services being provided by System as optimized shall meet the objectives of AIMS and satisfy informational Sep?2016 and constantly evolved and optimized based on interactions andĮxperience sharing with Zonal Railways. IPAS developed by CRIS has to be extended to all remaining Zonal Railways by In due course, AIMS shall also facilitateĪccrual based commercial accounting and performance costing based outcomeīudgeting under Accounting Reforms project. Which not only meet requirement of Government accounting but also integratesĮ-recon and ARPAN in its architecture. To have in place state-of-the-art IT enabled resource Accounting System, Of financial transactions under AIMS is key to timely financial reportingĪnd informed decision making in Indian Railways.