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Cashless banking best solution for black money problem: Modi

Pitching for greater cashless banking transactions, Prime Minister Narendra Modi on Friday said this can be the best solution for the problem of black money, even as he asked banks to look for ways to discourage people from investing huge amounts in gold.

Modi also asked banks to become socially more responsible and provide support to ‘swachhata’ entrepreneurs or those setting up cleanliness and waste management ventures.

He said banks in India should compete for achieving maximum cashless transactions, as this would be the “best solution” to the problem of black money.

“Of many solutions to tame black money, cashless transaction is one of the very important solutions. This is a very big opportunity and we should promote this. People should inculcate the habit of cashless transaction,” he said.

Black money has been a major political issue in the recent past, including in the Lok Sabha polls in which Modi led BJP and its allies to a landslide victory.

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