What is the purpose of cashless economy
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Going cashless not only eases one's life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase of economic growth. The expenditure incurred in printing and transportation of currency notes is reduced.
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Answer:By going cashless, all data regarding the source of income of people will be available with the government so a lot of transparency will be introduced into the system which will reduce tax evasion and increase the government revenues . Cashless economy minimises or eliminates the use of cash for transactions.
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