2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Arvind Panagariya Committee
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Bibek Debroy Committee
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Amitabh Kant Committee
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V. K. Saraswat Committee
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Detailed explanation-1: -Amitabh Kant Committee has been constituted by the government to make India a cashless economy by pushing cashless transaction.
Detailed explanation-2: -The government’s demonetization initiative taken in 2016 paved the way for a cashless economy in India. Soon after, when the world was grappling with the pandemic, the government launched Unified Payment Interfaces (UPI) and rapidly established e-payment startups.
Detailed explanation-3: -The RBI classifies every mode of cashless fund transfer using cards or mobile phones as ‘prepaid payment instrument’. They can be issued as smart cards, magnetic stripe cards, Net accounts, Net wallets, mobile accounts, mobile wallets or paper vouchers.
Detailed explanation-4: -With this in mind, the initial forms of cashless payments developed in the second half of the 12th century. These were introduced by Genoese merchants at the “Champagne Fairs”, which were of major importance for European trade in the 12th and 13th centuries.