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India goes digital to tackle 'black money'

Government pushes mobile payments in its crusade against untaxed transactions

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India's Prime Minister Narendra Modi looks on before launching a digital payment app linked with a nationwide biometric database during the "DigiDhan" fair, in New Delhi on Dec. 30, 2016.   © Reuters

NEW DELHI --  If you're in India and spending more than a few thousand dollars in cash, be prepared to pay a steep penalty for your actions.

In March, the government of Prime Minister Narendra Modi capped cash transactions at 200,000 rupees ($3,102), tightening an initial cap of 300,000 rupees announced in February. The move is aimed at tackling "black money," or untaxed wealth, and promoting digital payments.

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