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Revealed : Why Ban on Cash Transactions Above Rs 3 Lakh

As you sip your morning tea, it’s time to taste something very interesting. “Cash is King”. Well…you already know this. What’s so special about this? In our country, citizens have taken this saying, to the next level. Our citizens love stuffing cash into their mattress. Less than 5% of payments in the country, are made electronically. Cash is used for everything. In fact a very popular US taxi service in our country, actually broke away from the practice of only accepting card payments. This taxi service now accepts payments in cash.
Time to dwell on another interesting fact. According to RBI data, the total number of debit cards in our country, was a whopping 63.6 crores, at the end of December 2015. We also have are very own, RuPay debit cards. Why do our citizens need debit cards? Our citizens call debit cards, ATM cards. Well…you can guess what they are used for….Withdraw cash and buy groceries. Buy gifts for friends…Pay the room rent…..well actually the owners love to receive the room rent in CASH. So can something be done to convert our country into a cashless economy? believes that the dream of developed India is possible, only when we achieve 100% financial literacy. 



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