ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

India goes digital to tackle 'black money'

Government pushes mobile payments in its crusade against untaxed transactions

 (placeholder image)
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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more