In India, people can withdraw cash maximum ₹24,000. This limit will likely not be removed. The limit may change over time, but Indians will never be allowed unlimited cash withdrawals from their a/c.
If Indians are allowed unlimited cash withdrawals, then black money will return in a few years. The government's demonitization effort will go waste. So the limits will never be removed.
Indians should
- Withdraw maximum cash permitted every week.
- Open bank a/cs for every family member e.g. children because the limit is for each bank a/c.
- Pay by check/card/mobile wallet where ever possible.
- Use cash where electronic payment is not possible or inconvenient.
- Learn crypto-currency like Bitcoin because these cannot be tracked or restricted by governments.
A move towards cashless society is preferred by governments because
- It leads to more taxes. Cash transactions are easier to hide.
- It reduces imports of gold/silver. (Gold/Silver are usually purchased in cash). This makes the local currency stronger.
- Small crimes are reduced because less cash is being circulated.
- If more currency in in bank deposits the government can steal more from citizens via inflation.
- The government can confiscate the wealth of its citizens anytime easily.
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