India's Prime Minister Narendra Modi has outlined his controversial plan to make India cashless society. Indians are already up in arms following his recent and sudden decision to ban old 500 and 1,000 rupee banknotes. They ceased to be legal tender in India from 9th of November, although old 500-rupee note was replaced by updated version. government claimed move was effort to stop banknotes being used to fund terrorism, as well as being crackdown on counterfeit money in India. ban means 80 per cent of country's currency has been withdrawn from circulation and business has been brought to virtual standstill. It is very unpopular among most Indians.
Mr Modi went step further on Sunday when he called for a cashless society. He said in televised speech: "I want to tell my small merchant brothers and sisters, this is chance for you to enter the digital world." He added: "Learn different ways you can use your bank accounts and Internet banking. Learn how to effectively use the apps of various banks on your phones. Learn how to run your business without cash. Learn about card payments and other electronic modes of payment…. cashless economy is secure. It is clean." He addressed India's more tech-savvy people by declaring that: "All the youth of India can do it very quickly, and within month, the world can see modern India.
