A few years ago, India’s retail and consumer spending was so sluggish that the Reserve Bank of India (RBI) said it was going to do something about it.
It launched its first electronic currency in December 2013.
Now, in a bid to revive growth and ease consumer pressure, the government is planning to launch a digital currency, known as a digital banknote, next month.
The first 500 notes will be manufactured by an entity called Bank of Baroda and sold on the Indian rupee’s black market.
The government wants to raise $1 trillion in digital currency by 2021.
“We are trying to find the best way of creating new currency that will have an interest in the Indian economy,” said Ajay Kalyan, a deputy chairman of the Board of Governors of the Reserve Board.
To get a better understanding of the issue, the Reserve Council, which oversees monetary policy, is considering creating a separate unit of banknotes called an e-currency.
But the RBI has told the Council that a separate e-currencies unit is necessary to help the government address the issue of inflation and the problem of hoarding of the currency.
India’s RBI has also launched a survey to determine how many new notes will exist.
The government wants the e-notes to be worth between 25 and 50 rupees, or about US$1 to $1.50.
The new currency, which will be used for transactions of goods and services, will also be available at banks and retail outlets.
Bank notes in circulation in the country are worth about 20 rupees each.
However, unlike a banknote issued by a bank, the e, or digital currency notes, won’t be backed by any government-backed asset, such as the government’s treasury or its bonds.
Instead, they will be backed with digital technology.
These new notes can be digitally transferred from one person to another and stored safely.
The e-note can also be stored at a bank or online.
It can be purchased with cash, which is already the currency of choice in India.
A digital bank is also being developed for use by banks and other financial institutions.
The RBI hopes to launch this system by 2021, when a pilot program is planned to provide electronic payments to customers.
While the government has been promoting digital payments for a long time, it is still trying to convince people to accept the currency for transactions.
The Reserve Bank has been offering a cashless payment solution to the public through its online portal for more than a year.
The Indian National Payment Corporation (INPC) has been making the payments to consumers for a few years now.
The new payment system, which allows for electronic payments, will allow people to send money to one another without having to use cash.
Indian consumers, meanwhile, have been getting used to the idea of using digital payments.
The Indian retail sector has seen a drop in transactions over the past few years.
The total amount of transactions in retail stores fell by 15.9% in the fiscal year ended March 31, 2016 from a year earlier, according to data from the government.
The number of transactions at online portals increased by 8.7% from the previous fiscal year.
This was partially offset by a drop-off in payments made in digital mode.
The digital payment option was available for about 6.5% of retail transactions last year, up from 7.6% in 2013, according the government data.
Digital payments are likely to help to boost the economy as well as ease inflation, the RBI said in a statement.
It also plans to expand the digital payment options to businesses.
The rupee has appreciated more than 60% against the US dollar over the last five years.
It has been one of the best performing currencies in the world over that time.
But there is a downside, as there is no central bank to help regulate it.
A country can use a currency to pay foreign creditors and investors, such a US dollar, Japan yen, euro, Chinese yuan, Singapore dollar, Indian rupees or Indian rupero.
There is also no central authority that regulates the currencies.
The currency is issued by individual states and is backed by their own government.
One of the reasons that the rupee was strong during the global financial crisis was the lack of oversight of central banks, according TOI.
As the rupees are a global currency, central banks around the world are required to keep track of it.
The Reserve Bank is also mandated to set interest rates, to prevent the currency from going up in value and to prevent it from going down.
The rupee is a global asset, so there is little room for the ruperos value to fluctuate.
India’s economy has been growing at an average annual rate of around 6.2% since 2013.
But inflation in the last two years has risen to 9.4%, according to the government statistics bureau. The real