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Excessive use of paper currency detrimental to society: FM

Excessive use of paper currency detrimental to society: FM

NEW DELHI: Finance Minister Arun Jaitley today said excessive use of paper currency is detrimental to society and hoped banking transaction charges will fall with the entry of new players.

Expressing satisfaction that digitisation is expanding at a much faster space than anticipated, Jaitley said transformation of post offices into a bank will be the next revolution.

In an apparent reference to criticism of demonetisation by opposition parties, Jaitley also said there would have been complaints even before cash or currency was invented and even if it gets eliminated tomorrow.

“In the context of demonetisation, the obvious attempt was that the extent of the paper currency must be replaced by digitised economy…This expansion is going to take place much faster than any commentators anticipated and the reasons are very obvious,” he said after launching Airtel Payments Bank here.

“People do realise that paper currency and excessive use of paper currency is to the larger detriment of any society. In fact, one of the great advantages of what has been going on is India’s move towards less cash economy,” he said. (AGENCIES)

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