The biggest barriers to cashless adoption in cash-reliant Southeast Asia are infrastructure and bank fees.
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PayPal Holdings Inc called it a "master stroke" to make India a less cash-reliant economy.
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Without large bills, he explained, it's hard to imagine casinos continuing to be as cash-reliant as they are now.
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Marijuana companies may be in serious trouble, as their declining stock prices are putting the cash-reliant businesses in a bind.
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Modi's policy removed 86 percent of the currency in circulation, hitting consumption and capital investments, and shattered traditional cash-reliant supply chains.
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For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.
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Citing the blow to the cash-reliant economy, the IMF chopped a full percentage point off its fiscal 2016-17 growth outlook to 6.6 percent.
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When the Indian government demonitized 500 rupee and 1,000 rupee notes overnight in November 2016, Teer -- like many small, cash-reliant businesses and cottage industries -- was badly hit.
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The International Monetary Fund last week trimmed India's growth outlook for the fiscal year beginning in April to 7.2 percent from 7.6 percent previously, citing the blow to the cash-reliant economy.
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"The cash crunch ... is dampening growth in agricultural and other small-to-medium scale sectors, which are heavily cash-reliant," said Sri Paravaikkarasu, head of East of Suez Oil at energy consultants FGE.
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Prime Minister Narendra Modi's government surprised the country last November by scrapping high-value banknotes, wiping out about 86 percent of cash in circulation, which crimped consumer demand in a predominantly cash-reliant economy.
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While shortages of new bank notes are still being reported, and some companies' cash-reliant supply chains have been left in tatters, the government insists conditions will steadily improve by the end of the year.
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The International Monetary Fund (IMF) on Monday cut a full percentage point off India's GDP growth forecast, to 6.6 percent, in the fiscal year that ends in March 2017, citing the blow to the cash-reliant economy.
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