of old Rs 500
and Rs 1,000 notes has led to long queues outside banks and ATMs
in the past three weeks. On the evening of November 8, 2016, when Prime Minister Narendra Modi
announced that old currency notes would cease to be legal tender from midnight, he mentioned black money and terror funding as the primary reasons for this move.
In the past week, the government and PM have moved to another target for demonetisation
-- taking India to a cashless
future. In his last address to the nation on radio, Mann Ki Baat
, the PM emphasised on the need to reduce cash transactions. While acknowledging that going cashless
was not feasible in the near future, he said a less-cash society was possible.
Ever since this address, the government has been trying to push various banking alternatives for those with mobile phones to replace the need for cash. Last evening the Prime Minister
himself tweeted to help people learn how they could transact using their mobile phones as wallets or using PoS machines to make payments.