Counterfeit currency to terrorism is result of dependence on cash economy: Jaitley

Union Finance Minister Arun Jaitley on Sunday pitched for cashless economy and said heavy dependence on cash economy has encouraged counterfeit currency and terrorism.

"From counterfeit currency to terrorism, everything is a result of heavy dependence on cash economy," Jaitley said while speaking at the Digi-Dhan Mela at Vigyan Bhavan here.

The Finance Minister also hit out at the opposition for misunderstanding the meaning of 'cashless economy'.

"Our bid to go cashless means less cash, not no cash, but our political counterparts are slow in understanding this and so is some of the media," Jaitley asserted

Jaitley, who launched two schemes 'Lucky Grahak Yojana' and 'Digi Dhan Vyapari Yojana' to promote digital payments, said: "I can assure with such initiatives we will have a better and cleaner economy in future."

The Finance Minister further said that cash economy promotes immoral practices.

"If the people had to buy property, it was asked that how much will be paid in cash and how much by cheque. Such immoral practices prevailed," he added.