Modi’s rise to power in India was greeted by Globalists and Global Big Business The Manmohan Singh Government lead as it was by another doyen of Globalism was deemed to be too slow and cautious in steering India towards the Globalist direction
A cashless society based on debt has always been one of the Globalists Wet Dream While neither Modi nor his partymen ever mentioned a cashless society some steps they have taken are quietly taking India towards that direction In fact given the cash business based small businessmen’s support for Modi any talk of a cashless society would be politically foolish
Yet Modi has been taking steps which are moving India slowly but surely towards if not a cashless society at least towards a society which uses much less cash then 2014(when Modi came to power)
All of the Modi Govt ‘s moves are done under using the excuse of anti black money and anti terror financing moves
In June this year a Indian journalist Mihir Sharma wrote “Black money” is one of India’s biggest scourges.Efforts to bring it into the open have struggled. Ironically, though, they may be setting up India to leapfrog past other, far more advanced economies into a future without any cash at all.
The Supreme Court of India on 4 July 2011, ordered the appointment of a Special Investigating Team (SIT) headed by former SC judge BP Jeevan Reddy to act as a watch dog and monitor investigations dealing with the black money. This body would report to the SC directly and no other agency will be involved in this.
In June 2016 the SIT headed by Justice M B Shah (retd) , submitted its fifth report to the Supreme Court on methods to curb black money in the economy. Like the previous ones, it was full of worthy suggestions. What grabbed headlines, though, were its recommendations that cash transactions of over Rs. 300,000 (about $4,500) be banned and that nobody should be permitted to hold more than Rs. 1.5 million in cash. SIT recommended a total ban on cash transactions above Rs 3 lakh and ” an Act be framed to declare such transactions as illegal and punishable under law.” Source Times of India
In July 2016 Raghuram Rajan gave India a parting gift so to speak in the form of the Unified payment interface (UPI) on Monday. UPI, which is expected to make e-commerce transactions easier, will also facilitate micropayments and person-to-person payments.
But the real reason which makes India a prime candidate to be the worlds gist cashless country is the widespread use of the smart phone and internet telephony in India
Added to all this is the new and unique biometric database Aadhar According to Infosys cofounder Aadhar in charge and globalist Nandan Nilekani
QUOTE Smartphones are growing dramatically and are expected to reach a penetration of 700 million by 2020. Over 1 billion Indian residents now have Aadhaar, an online biometric identity. The government promoting financial inclusion through the Jhan Dhan Yojana has led to over 200 million new bank accounts being opened.One can visualise a future where every adult Indian has an Aadhaar number, a smartphone and a bank account.
The final two layers of the “India Stack” have great relevance to the future of banking. The Unified Payment Interface (UPI) layer, a product built by the National Payment Corporation of India (NPCI), a non-profit company collectively owned by banks and set up in 2009, will revolutionise payments and accelerate the move towards a “cashless” economy. So “pushing” or “pulling” money from a smartphone will be as easy as sending or receiving an email.
The move to a “cashless” economy will be accelerated by the Aadhaar-enabled biometric smartphones. So credential checking in banking will move from “proprietary” approaches (debit card and PIN) to “open” approaches (mobile phone and Aadhaar authentication).
As data becomes the new currency, financial institutions will be willing to forego transaction fees to get rich digital information on their customers. The elimination of these fees will further accelerate the move to a cashless economy as merchant payments will also become digital. END QUOTE Source The coming revolution in Indian banking
The Government of India has actually formed a committee to speed up the Cashless Society New committee swipes towards cashless society
The Globalists current Useful Idiot Modi is actually calling for making India a Cashless Society in his radio program-me Mann ki Baat
Indias Central Bank, The Reserve Bank of India (then lead by Globalist RaghuRam Rajan) has actually put out this circular in June 2016
But for all of Nilekanis vision and the Govt support the globalists know there will be massive popular opposition to a cashless system unless the public are shown the cons and problems of a traditional cash economy
They need to highlight the evils of a cash based economy and the problems that can be caused when a “patriotic” government takes steps like demonetization to fight “black money ” and the problem of fake notes
The demonetization of 500 and 1000 Rs notes which together accounted for almost 86 percent of all transactions could be a step to prepare the Indian masses for their great cashless future