KW: This is a major change to how India functions. There is the probability that unexplained Indian cash will be taxed at 50% (See below).This move will mean that if India can go cashless then so can every other society meaning the global financial elites will know every transaction and ‘real (black) market’ transactions die
More than 90% of consumer purchases in India are transacted in cash, Credit Suisse estimates
Source: Modi calls for India to move toward a cashless society | Asia Times
http://www.atimes.com/article/unexplained-indian-cash-deposits-attract-50-tax/