FM Stresses the need for use of more Accounted Money and Discourage of use of Unaccounted Money: Focuses on use of Plastic Money such as Credit Card, Rupay Card and Cheques in lieu of Hard Currency

The Union Finance Minister Shri Arun Jaitley said that there is need to take steps to encourage people to use more and more accounted money and discourage the use of unaccounted currency. In this regard, the Finance Minister said that with the progress in the growth of economy, more and more people should be incentivized to use plastic money such as credit cards, Rupay cards and cheques or any other negotiable instrument. They should be discouraged to use hard currency or unaccounted money, he added. The Finance Minister, Shri Jaitley was speaking at the Foundation Day function of Security Printing and Minting Corporation of India Limited (SPMCIL) here today. The Finance Minister said that most developing countries such as U.K, U.S.A etc have a highest denomination of currency in form of 50 pound and 100 dollar currency notes respectively. He said that this helps in discouraging hoarding and use of unaccounted wealth. The Finance Minister Shri Jaitley further said that as a result of financial inclusion, more and more households are now connected to banks and RuPay cards have been issued to people even to those below the poverty line. He said that there is now need to launch a campaign to create an awareness among them for using more and more RuPay cards which can be a game changer as far as India is concerned. The Finance Minister said that celebration of occasions like Foundation Day give an opportunity to analyse the performance of its employees and the organization as a whole as well as to decide the road map for future.