Efforts towards a cashless Indian economy

Sources said the Central Vigilance Commission (CVC) circulated a new bank manual aiming to address frauds in cyber and online banking which is set to be in place by April 1.

Meanwhile, Paytm announced it has entered into a partnership with religious places to allow devotees to make cashless donations.

Both moves seek to augment the government's efforts at making India cashless.

Union Finance Minister Arun Jaitley on Thursday announced a slew of measures that would promote digital transactions.

Hinting that cash transactions will be costlier, Jaitley disclosed multiple incentives (discounts on fuel, highway toll, railway tickets etc.) for people who choose to make their payments digitally.

The government has maintained its stance on the demonetization policy, stressing that their decision will eradicate black money.

At a press conference, the Finance Minister said, "Before November 8, we were using excessive amount of cash and very limited digital transaction. There is a cost of transacting in cash, excessive cash can lead to malpractices."