Will cash be king again?

Would #Cash Be King Again?
Recently, several incidents suggest that cash usage might see a resurgence in the #IndianEconomy. Let's explore a few scenarios:
- #Tax Notices to Small Vendors: You've probably heard about the #Panipuri vendor receiving a tax notice after authorities tracked his income via online payments. This isn't an isolated case. A friend recently mentioned his regular #saloon increased charges by 18%, citing GST compliance after receiving a notice. To avoid this 'additional' 18% charge, the vendor suggested making the payment in Cash!
- Changes in the #TaxRegime: Rumors suggest the old tax regime could be phased out in the upcoming budget. One of the most used/abused components in the Old tax regime is #HRA. In the past few years, the government has tightened the screw around this component like PAN matching! In the absence of HRA benefits in the new regime, landlords may prefer to rent in cash, and tenants won't mind paying if they get some discounts.

Many more examples, hint at a trend where high tax rates and stringent compliance might drive people toward cash transactions.

Would common folks switch back to Cash?
- Digital Convenience: Digital payments offer unparalleled convenience, and many users are reluctant to revert to cash. Yet, the prospect of cash discounts can sway consumer behavior.
- Cash Discounts: History shows that consumers are quick to shift loyalty when incentivized, as seen with cashbacks helping new UPI players gain market share.

If cash circulation increases, it may prompt many to dust off their debit cards and revisit ATMs—something they haven't done in ages.

Do you think people will prioritize the convenience of digital payments, or will they switch to cash if it means saving money?