India to be a cashless society, says Prime Minister
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India's leader Narendra Modi has spoken of his plan to make India a cashless society. He recently banned the old 500 and 1,000 rupee banknotes. They can no longer be used in India. Mr Modi said the move was to stop banknotes being used to fund terrorism, and to stop fake money. The ban means 80 per cent of India's currency has been withdrawn from use. A lot of business has come to a standstill. It is very unpopular among most Indians.
Mr Modi went a step further on Sunday and called for a cashless society. He told small merchants it was their chance to enter the digital world. He said: "Learn how to run your business without cash." He asked people to learn how to use bank accounts, apps, and Internet banking. Mr Modi said: "A cashless economy is secure. It is clean." He added: "All the youth of India can do it very quickly, and within a month, the world can see a modern India."
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