The end of cash: The cost of a cashless society

India has withdrawn 86% of its paper money in a bid to eradicate tax evasion, but a world that follows suit may not be very democratic, writes John Hearne.

Cash is a hard habit to break. Last November, India’s prime minister, Narendra Modi, introduced a surprise ban on the country’s largest currency bills, 500 and 1,000 rupee notes, worth €7.15 and €14.30, respectively.

Modi was elected on an anti-corruption platform, and this shock measure was intended to counter a range of illegal activities, including counterfeiting, corruption, terrorism, and primarily tax dodging, which is rife in India.