The Central government has taken a big stride in improving cashless transactions across the country in a big way. The central government has released up to Rs 5 lakh per district based on population and directed state governments to utilize the amount as seed money to start the campaign activity.
More funds will be sanctioned once state governments send population figures district wise. The center is contemplating to 10 per head for the campaign of cashless transactions. The success of the recent Demonetization will depend on the promotion of cashless transactions.
Cashless transactions will mean that the entire economy will become accounted and thereby no scope for Black Money for future. It has to be seen how far it becomes success in the country which has big levels of illiteracy and poverty.