Watch | Cashless means less cash not no cash, but some are slow in understanding this and so is media, says FM Jaitley at Vigyan Bhavan | See Pics

Finance Minister Arun Jaitley on Sunday launched Lucky Grahak Yojana in Delhi. NITI Aayog on December 15 had announced the launch of two schemes 'Lucky Grahak Yojana' and the 'Digi-Dhan Vyapari Yojana' to give cash rewards to consumers and merchants who utilise digital payment instruments for personal consumption expenditures.

The schemes are now operational with effect from December 25 for 100 days, till 14th April 2017 on Babasaheb Ambedkar Jayanti.

Both the schemes aim at giving impetus to Digital India or cashless economy after Prime Minister Narendra Modi announced demonetisation of higher denomination currency on November 8 in the country.

Focus has especially been kept on bringing the poor, lower middle class and small businesses into the digital payment fold.

Here are live updates from Arun Jaitley's speech at Vigyan Bhavan:

#If people had to buy property it was asked that how much will be paid in cash and how much by cheque. Such immoral practices prevailed.

#We communicated with many nations regarding information about Indians who have black money stashed overseas: FM Jaitley at Digi-Dhan Mela.

#Our bid to go cashless means less cash not no cash,but our political counterparts are slow in understanding this & so is some of the media.

#Aadhar based payment is for people who don't have cards or mobile phones, they only need thumb print for transactions.

#From a time when 1% population had mobile phones, in 20 years it has now come to more than 90% in India.

#As PM said there will be some problems in the start but when money comes into banking system the economy becomes strengthened.

#From counterfeit currency to terrorism everything is a result of heavy dependence on cash economy.

#I can assure with such initiatives we will have a better nation,a better and cleaner economy in future.