Cashless Economy has become a matter of debate, Since PM Modi has made sensational announcement that Rs of 500/- and 1000/- would stop to be the legal tender from 9th of Nov. A cashless economy is about the flow of cash within an economy is non-existent and all transactions have to be through electronic channels."
India is a country where people use a lot of cash in everyday life. As per RBI, 87% transactions are in cash in India. This loophole helps corrupted people. There are many reasons which may compel a country to adopt cashless economy. This step may help to curb the black money, corruption, fake money and terror financing. This step con be proved boon for economic growth, Digital payments indirectly reduce expenditure in manufacturing currency notes and its transportation. Cost of handling cash is high; it is in the favor of economies to go cashless
Various experts say a step toward cashless economy can be a master stroke for the Indian economy. This step of Govt. will help to monitor all the transactions of the country. We must be cooperative with the actions which is taken to make our economy "cashless"
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