On 8th November, 2016 when PM Modi announced the demonetization of Rs. 500 and Rs. 1,000 currency notes, it was termed as a bold and strong move to combat the problems of black money, corruption, anti-terror funding etc.
However, it has also served as a “blessing in disguise” for the Indian economy as this has paved the path for it to become a cashless economy.
The government is not leaving any stone unturned in promoting the digitization of financial transactions and now it has come up with a new bill, as per which the salary of the employees will be paid either through cheque or directly in their bank accounts but not by cash.
The cabinet has passed this bill and after it gets passed by the President of India, it will become a law.
The states will have the power to decide which establishments or institutions will be brought under this law. This can be called one more step taken by the government in the direction of making India a cashless economy.
Do let us know what you think of this decision of the government in the comments section below.
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