Here's the Why Behind India's Shedding of Money

In the United States, 40% of transactions involve cash. Thatâ??s a larger share of economic activity than debit cards (25%) and credit cards (17%), yet hardly indispensible.

Now imagine an economy, not quite as large but still massive, in which cash is used in 90% of transactions. Further, in this economy, 86% of the cash in circulation exists in the form of two banknotes, the 500 (roughly $7.5 USD) and 1000 (roughly $15 USD) bills.