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Cashless transactions: How will it affect the farmers

Discontinuing the Rs 500 and 1000 denomination notes is not going put any financial pressure on the farmers and people living in rural areas despite the major transactions happen in the mode of cash there. Eventually, the step will take them into the banking system.

In order to put a check on the fake currencies, corruption and black money, Prime Minister Narendra Modi, yesterday announced to withdrawal of circulating higher denomination currency notes - Rs 500 and 1000 - from the midnight of November 8 and 9.