Economy News

4 Years of Demonetization – A Report

On November 8th 2016 prime minister Narendra Modi banned rupees of 500 and 1000 and now its 4 long years.

After that, we can see there is a big jump in the digital payments and digital transactions.

The RBI said that there was a decline in the counterfeit notes detected in the banking system.

After the demonetization the citizens were given 50-days to deposit old notes in banks and post-offices.

The value of banknotes increased that point  47.49 per cent.

Data suggest that the counterfeit notes detected in the banking system witnessed a sharp decline since the demonetization.

The counterfeit notes become half of what it was.

By the end of March 2020,  the share of Rs 500 and Rs 2,000 banknotes together accounted for 83.4 per cent of the total value of the notes.

There was a  sharp increase in the share of Rs 500 banknotes.

The biggest change in currency market trend after the demonetisation was seen in Digital Payment as everybody uses all the digital apps.

All the people who are between 18-40 uses Paytm, gpay, PhonePe because it is very much easy and handy.

The digital payments volume rose up to five times since the demonetization happened.

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