What is the purpose of a cashless economy?

The purpose of a cashless economy is to control the movement of illegal money from circulation in the economy, better tracking of transactions and ease of carrying of financial transactions at any point of time from any place.You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.

Further readings:

  1. Topic-Wise GS 3 Questions for UPSC Mains
  2. Bharat Interface for Money (BHIM): Notes for the UPSC Exam

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