IMF Wants India To Wage War On Cash & Push For A Cashless Society

• IMF Wants India To Wage War On Cash & Push For A Cashless Society
  by http://greatgameindia.com/
  In the face of strong public opposition the International Monetary Fund (IMF) published a working paper offering governments suggestions on how to move toward a cashless society. In its recent report The Macroeconomics of De-Cashing, the IMF proposed to abolish cash and recommended to adopt measures in order to restrict its use.
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  The paper defines ‘De-cashing’ as “the gradual phasing out of currency from circulation and its replacement with convertible deposits.” Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors.
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  In order to achieve its goal the paper proposes certain steps that include “abolishing large denomination bills, imposing ceilings on cash transactions, introducing declaration requirements on the carriage of cash in and out of the country, reporting requirements for cash payments exceeding a specified amount, and even taxing cash transactions.”
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  In an interview with Sputnik Germany, former head of the Federal Association of German Industry (BDI) Hans-Olaf Henkel said that this “could lead to terrible consequences.“
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  “The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more,” the economist told Sputnik Germany.
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  One of the main reasons behind this proposal is the desire of financial institutions to force people to keep their money in banks. As explained in our exclusive report on the global War on Cash: Target India,
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  read more.

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