NEW DELHI: Amid a seething verbal confrontation on demonetisation, the government today said in Lok Sabha that it needed a decrease in the utilization of currency in the economy, which ought to be substituted with digital money .
Reacting to a question on computerized installment frameworks, Finance Minister Arun Jaitley said the legislature needed the physical cash to descend and be substituted by digital money. While physical money ought to decay, business and trade ought to flourish.
He said out of 80 crore charge cards, 40 crore were effectively utilized at ATMs. Electronic wallets and advanced exchange of assets was the future innovation which the legislature is empowering and has requested that different state governments contribute.
Mr Jaitley likewise said a committed store under investor instruction and mindfulness reserve was set up for growing acknowledgment, framework and directing mindfulness crusade among individuals for a money less society.
Cashless society would mean less interest in taking care of money, straightforwardness in installments and keep an eye on fake coin, he said.