Reserve Bank of India to promote use of cashless payment system

by Dave

trying to bring more transactions under the purview of the taxman

In India cash still continues to be the predominant payment mode. This can be gauged from the fact that value of bank notes and coins in circulation as a percentage of narrow money is very high at 60.07 percent for the year 2009-10 as compared to 18.51 percent in South Africa, 18.83 percent in China and 39.14 percent in Mexico.