The government has said it wants to substitute physical currency with digital money. In reply to supplementaries in the Lok Sabha, Finance Minister Arun Jaitley said, the government's effort is to see that the quantum of physical currency comes down, but trade and economy must expand. Jaitley said there are 80 crore debit cards of various kinds in circulation and 40 crore of them are being used at the ATMs actively. He said electronic wallets and digital transfer of funds are the future technology and government is encouraging it .He also sought cooperation of state governments in this regard.
News On AIR | November 28, 2016 8:52 AM
Govt to substitute physical currency with digital money