CASHLESSNESS

India is Digitalizing Everything From Cash to Citizen Identification

Last November (2016), as part of a controversial master plan to make India a cashless and digitized society, the Prime minister Narendra Modi announced that Rs500 and Rs1,000 notes were to be demonetized, which effectively stripped the value of 86 percent of the country’s circulating cash.
The move could curb corruption and “black money” in India as well introduce a more robust, effective tax system.
The decision has significant ramifications not only for India, but for the rest of the world as well.
The move will prove an interesting experiment to observe for other countries looking to go cashless, such as Sweden, which has seen a 40 percent reduction in cash and coin in circulation.