From Cash to Cashless: Prime Minister Narendra Modi’s Sudden Move To Promote Digital Payment
As calls for going cashless grow louder in India, a key challenge being faced globally is to check the continuing rise in the total value of currency in circulation and their share in the overall GDP -- a trend particularly visible in the US, Switzerland and Euro area.
With Prime Minister Narendra Modi's sudden move to cancel the legal character of old Rs 500 and Rs 1,000 currency notes in the fight against black money and corruption, the focus is all the more high on digital payments as the way forward.
However, experts feel that continuing rise in the circulation of currencies in economic activities could well be a key impediment in the transformation to a cashless and digital economy. India's cash to GDP ratio, an indicator of the amount of cash used in the economy is around 12 to...