Stop using cash, try paying only digitally for at least a month, says PM

livemint.com:

Narendra Modi urged Indians living in the country to stop relying on cash for transactions and instead pay digitally, a habit the government has been seeking to inculcate in citizens as part of its digital economy efforts. In the 107th edition of his public outreach programme ‘Maan ki Baat’, Modi urged citizens to make payments only through the digital mode for at least a month. “Decide for yourself that for one month you will make payments only through UPI (Unified Payments Interface) or any digital medium, and not through cash," he said.

“The success of the digital revolution in India has made this absolutely possible." UPI transactions are gradually becoming more widespread across the country, and cash in circulation is finally seeing a decline. Less currency in circulation has multiple benefits: less leakage of deposits, positive impact on monetary transmission, and higher savings in seigniorage costs, which is the difference between the value of a currency note or coin and the cost of producing it. In October, as the festive season leading up to Diwali began, India registered more than 11 billion UPI transactions worth Rs17.16 lakh crore, according to the National Payments Corporation of India.

Overall, business worth over Rs4 lakh crore were conducted during the festive season amid tremendous enthusiasm among people to buy ‘Made in India’ products, the Prime Minister said. “Just as the very success of ‘Swachh Bharat Abhiyan’ is becoming its inspiration, the success of ‘Vocal For Local’ is opening the doors to a ‘Developed India, Prosperous India’. This campaign of ‘Vocal For Local’ strengthens the economy of the entire country," he said.