India unveils plan to boost cashless economy, tackle tax fraud

India has unveiled plans to cut transaction costs for electronic payments, to spur retailers and consumers to use less cash, as part of Prime Minister Narendra Modi's drive to pull more people into the formal economy and boost public revenue. India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 percent, almost four times that of markets such as Brazil, Mexico and South Africa, global payments company MasterCard estimates.

India unveils plan to boost cashless economy, tackle tax fraud source: http://finance.yahoo.com/news/india-unveils-plan-boost-cashless-103748600.html