Cashless banking best way to handle black money: Modi

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narendra_modiOf many solutions to tame black money, cashless banking transactions can be the best solution, says Prime Minister Narendra Modi.

Pitching for greater cashless banking transactions, the Prime Minister asked banks to look for ways to discourage people from investing huge amounts in gold.

“Banks should compete for achieving maximum cashless transactions.  We should promote cashless banking transactions to bring control on the black money,” he said at an event to mark 60 years of banking major ICICI in Mumbai.

The  Supreme Court-monitored Special Investigation Team has  recently recommended far-reaching changes to combat black money including a radical proposal to limit cash holding by individuals.

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