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With the Government aiming to drastically reduce cash transactions in the country with its recent move to demonetise currency notes of Rs.500 and Rs.1,000, and with the recent announcement by the Government to exempt central excise duty on Electronic Data Capture Machine (EDC) or Point of Sale (POS) machines, retailers big or small will now have to shift to accepting plastic money in their daily transactions.

The government has recently taken two transformational initiatives - demonitisation to promote a cashless society and GST to uniform the country's tax regime - which will affect a lot of people, a senior government official said.