6 Years Of Demonetisation: After demonetization, the percentage of digital transactions increased from 11.26% in FY2016 to 80.4% in FY22. Additionally, there has been a 71.84% increase in cash circulation.
Six Years Of Demonetisation-
November 8 is remembered as an important day in the history of the country’s economic growth. The year 2016: Prime Minister Narendra Modi suddenly announced the ban on the 500 and 1000 rupee notes around eight in the evening. There was a state of utter turmoil for a very long time. Numerous issues befell people.
Six Years Of Demonetisation: At 8:00 p.m., demonetization was announced. India was previously completely unaware of it. The value of the Rs. 500 and Rs. 1,000 was fully invalidated in under four hours, starting at noon. Its goals were to eradicate black money, stop the circulation of fake currency, and establish a “less cash” economy. The nation’s atmosphere had altered. Outside banks, there were long lines.
The government informed Parliament in February 2019 that demonetization had helped to recover Rs 1.3 lakh crore in black money. Fake Rs. 500 notes increased by 101.93 percent, and fake Rs. 2,000 notes increased by 54 percent.
Increase in digital transactions
Following the demonetization of currency, the share of digital transactions climbed from 11.26% in FY16 to 80.4% in FY22 and is predicted to reach 88.% in FY2027. UPI transactions also reached a record high in October of Rs. 12.11 lakh crore.
Increase in cash circulation
From Rs 17.7 lakh crore on November 4, 2016, the amount of cash held by the people increased to a new high of Rs 30.88 lakh crore as of October 21 this year. That is, since the country’s implementation of demonetization, the amount of currency in circulation has climbed by 71.84 percent. Even with digital payments, people are still utilizing cash more often, according to RBI data. Only Rs 9.11 lakh crore in currency remained in the nation after demonetization until November 25, 2016.
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