The Indian Government has released a White Paper on How to Curb Black Money in the Economy. One of the measure the Finance ministry has taken is rapid adoption of Plastic Money - Credit and Debit Cards to Curb Cash Transactions which is hard to monitor and can be totally unaccounted money.
The White Paper says,
Payments by debit and credit cards through Indian e-service intermediaries like 'RuPay' can further bring down the costs of using such cards, improve their acceptability, and thereby encourage payments in these modes and reduce the cash economy
Use of banking channels and credit / debit cards should be encouraged.... Payments by debit / credit cards through e-service intermediaries will simplify and encourage payments in these modes and reduce the cash economy.
Hopefully, India will follow Korea in incentivising the use of Credit and Debit Cards.
