Responding to a question on digital payments system, Finance Minister Arun Jaitley today said in Lok Sabha that the government wanted a reduction in the use of physical currency in the economy and that be substituted with digital money.
He also said amid the raging debate on demonetisation that, while physical currency should decline, business and commerce should prosper.
Jaitley also said a dedicated fund under depositor education and awareness fund was in place for expanding acceptance, infrastructure and conducting awareness campaign among people for a cash-less society.
Out of 80 crore debit cards, 40 crore were actively used at ATMs, he added. Electronic wallets and digital transfer of funds was the future technology which the government is encouraging and has asked various state governments to contribute.
Cashless society would mean less investment in handling cash, transparency in payments and check on fake currency, he said.
Sourced from agencies, Featured image courtesy: abplive.in
