Is Budget 2017 the latest push for a cashless economy?
It was supposed to be an attack on black money, terrorist activities and counterfeit notes. However, the goalpost soon shifted to nudging India towards a digital economy. The budget seems to be taking this dream of a digital economy, which runs on ‘less cash,’ rather than ‘cashless’ transactions further. Arun Jaitley announced plans for ‘Aadhaar pay,’ an Aadhaar enabled payment system for people who do not have debit or credit cards, mobile phones or e-wallets. Cashless transactions have also been incentivized by removing duties on these.