Cash and monetary policy

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One of the shifting objectives adduced for the 2016 demonetisation is to reduce the cash-to-GDP (gross domestic product) ratio of the economy. Instead of cash the use of digital means to perform the transactions function of money is to be encouraged, as unlike the anonymity of cash these transactions leave a trace which the authorities can monitor.

This it is claimed would reduce illegal transactions which are largely based on cash because of its anonymity. But, what of the costs to all those who want to make legal cash transactions? The anonymity of cash in this context is part of the ...

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