In this 21st century, we have already entered into the era of post modernity and post industrialism.

Todays World is witnessing the unprecedented and unforeseen changes in every walk of life, thereby presenting a scenario of chaotic and bizarre changes. Changes in different sectors of society ranging from economy, society, politics, family and culture are so multi-directional that at the surface level, it becomes very difficult to decipher a meaningful and coherent picture from this jungle of changes. Sometimes this scenario leads one to perceive World as a dehumanizing society. But such despair is unwarranted, for it is so more because of its lack of proper management and proper knowledge about it. In fact the present day post-industrial civilization of the world calls for a drastic paradigm-shift and a new insight to bring out a meaningful and articulate picture of todays World. The present paper is an effort in this direction. Most people think of a cashless society as something that is way off in the distant future. Unfortunately, that is simply not the case. The truth is that a cashless society is much closer than most people would ever dare to imagine. To a large degree, the transition to a cashless society is being done voluntarily. Today, only 7 per cent of all transactions in the United States are done with cash, and most of those transactions involve very small amounts of money. Just think about it for a moment. Where do you still use cash these days? If you buy a burger or if you purchase something at a flea market you will still use cash, but for any mid-size or large transaction the vast majority of people out there will use another form of payment. Our financial system is dramatically changing, and cash is rapidly becoming a thing of the past. We live in a digital world, and national governments and big banks are both encouraging the move away from paper currency and coins. But what would a cashless society mean for our future? Are there any dangers to such a system? Those are very important questions, but most of the time both sides of the issue are not presented in a balanced way in the mainstream media. Instead, most mainstream news articles tend to trash cash and talk about how wonderful digital currency is. The rules of global trade forbid countries from artificially boosting exports and curbing imports by manipulating the exchange rates of their currencies. But for many reasons, policymakers have been wary (more wary than presidential candidates, anyway) of pressing cases against abuses. That reluctance may be coming to an end, however, as the global recession slouches on and the shadow of chronic unemployment looms over industrialized economies. What explains that traditional reluctance to pursue currency abuses? For one thing, more is typically at stake

in bilateral relations than commerce. For another, some groups in the losing countries benefit from currency manipulationCountry As exporters unfair advantage translates into lower prices for consumers and higher profits for retailers in Country B. Besides, economists argue, currency manipulation may determine which industries flourish, but it should not have much effect on the total number of unemployed in the long run. Last but not least, policymakers sympathize with some motives for currency manipulationin particular, for building nest eggs of foreign currency to protect against economic (and military) shocks and for providing income for future generations when non-renewable resources are depleted.

However, the politics and economics of what is appropriately dubbed currency aggression have been changing. Jobs do not seem to come back as quickly in the wake of economic downturnsand when they do come back; they leave a trail of economic and social dislocation. As the biggest nonaggression, the United States is plainly suffering. I estimate that in 2011, currency aggression cost Americans more than two million jobs. The more civilized, refined, analytical and scientific, that man became, the more refined, sophisticated, systematic and symbolic, became the form of currency. All that a primitive man needed was a hunting knife to satisfy his varied wants. Now that tool has progressed and evolved into the modern-day credit card, with which a man can buy anything he needs. The process of evolution continues into the future with currency changing as the times change. The present world economic scenario strongly requires the development of alternate modes of currency as a medium of exchange which can match the fast paced, computerized economy. The future is thus in the use of handheld, electronic 'Cash Pads' which will replace paper currency for many day-to-day transactions. Carefully developed electronic pads can control the happenings of fake currency, any many other type of fraud. It will also have the properties of better durability and dependability than paper cash. It can become true legal tender with almost no chances of black income. Practically every type of financial corruption can be avoided. Through this system, a monitoring body can have full control on the flow of currency (i.e., every deal can be accounted for). Electronic currency will certainly prove to be a scientific & technically competent mode of exchange. THE ELECTRONIC CURRENCY PAD: Electronic currency system can be operated through electronic currency pad to be issued to every citizen of the country. Electronic currency pad will be a small handy electronic instrument. This will have besides "on button", buttons from A to Z, Buttons from

0 to 9, payment button, bank payment button, receipt button, bank receipt button, search button and balance button with simple calculation buttons. These pads will have password operating system. Each pad will be assigned a unique code number for identification. These pads will also have screen, speaker, input-output sockets and a cord. ELECTRONIC CURRENCY PAD Electronic Currency will function on the principle that every deal/ transaction affects two sides, i.e., one is receipt other is payment (one is receiver another is 'giver', payment maker). This means that when one person is receiving from another, it implies that that another related person is paying.

This is how the transaction will take place. Electronic Currency Pads will be fed, through Internet by banks, into their memory transaction codes issued exclusively for that particular pad along with all transaction codes issued to any electronic currency pad with in that country. These transaction codes will be computer generated which will come to be known only at the time of transaction. In this system, every financial transaction will be accounted and reconciled leaving no scope for unaccounted money i.e. black money

ReferencesWebsite http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf Theeconomiccollapseblog.com/archives/a-cashless-society-may-be-closer-than-mostpeople-would-ever-dare-to-imagine Books BUTTON, Keith (2011), Virtual Currencies, Real Potential, American Banker, 1 November. CASTRONOVA, Edward (2002), On virtual economies, CESifo Working Paper Series, No 752 CHAPMAN, Stephen of currency, ZDNet, CHU, Ping issues, November. (2011), Bitcoin: 15 June. currency: regulation and taxation A guide to the future

(2008), Virtual