Indian Ministers Suggest Tax on Cash Withdrawals Above Rs 50,000; Digital Payments the Future?
To discourage the Indian nation of cash transactions and push the country toward digital payments, high level ministers has suggested a ban on cash transactions and a tax on cash withdrawals above Rs 50,000 (approx $735). On February 1, India’s Union Budget will be heard and it is hoped that the recommendations suggested by the committee led by N Chandrababu Naidu, Chief Minister of Andhra Pradesh, to the Indian Prime Minister Narendra Modi, will be incorporated into the budget. In a report from The Times of India, it states that these suggestions include a subsidy of up to Rs 1,000 for....
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As India and its citizens continue to feel the aftermath of the unexpected and unprecedented demonetization event – the ban of Rs 500 and Rs 1,000 notes, two of India’s biggest bank notes – Finance Minister Arun Jaitley has pointed a silver lining – “less cash transactions and an increase in digital currency.” Speaking today, Indian finance Minister Arun Jaitley has opined that India will no longer see traditional cash numbers after the sweeping ban to render 86% of all cash in circulation obsolete, overnight, in early November. Instead, he sees the country moving toward a digital economy.....
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On January 1, 2017, a newly proposed regulation to limit the circulation of cash will be activated in Spain. The proposal will effectively limit all cash payments to 1,000 euros, in a nationwide attempt to fight against money laundering and fraud. By nature, cash is anonymous. Such characteristic of cash has allowed it to develop into the preferred store of value for criminals and illicit traders. Thus, governments like the Spanish authorities are hoping to put an end to cash and attempt to replace current monetary systems with a digital network that is easier to manipulate. Currently,....