The government has scrapped existing Rs500 and Rs1,000 currency notes from midnight Tuesday (8 December). The move, which is aimed at targeting black money, will also encourage and accelerate the move to a cashless economy. Now that cash is no longer king, how do you manage your everyday and every-once-in-a-while transactions.
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There are three types of cards available to use—credit , debit, and pre-paid — for any and all transactions. All debit cards are issued by banks and are linked to a bank account. Credit cards are issued by banks and other entities approved by the reserve Bank of India. Prepaid cards are issued by the banks and non-banks against their value paid in advance. Prepaid cards issued by the banks can also be used to withdraw cash from an ATM, purchase of goods and services from a point of sale machine (the swipe machine used for card transactions), or online purchases.
We are also promoting online payments and cashless movement supported by DIgital India, campaign. Online payments always ensure accountable and accelerate nation’s economic growth. Visit https://smsbits.in/pricing
