Demonetisation made India lesser cash-based economy
Zee News
November 8, 2021 marked five years since the Indian government decided to cancel the Legal Tender Status of Rs 1000 and Rs 500 denomination currency notes with a larger purpose to move India from a Tax Non-compliant society to a compliant society.
New Delhi: Five years after the demonetisation, currency notes in circulation continue to rise albeit at a slower pace. Demonetisation has also made India a lesser cash-based economy, based on an RBI study.
At the end of financial year 2015-16, Rs. 16.41 lakh crore worth of notes were in circulation, registering an YoY growth of 14.51 percent over 2014-15. At this rate, notes in circulation would have been increased to Rs.32.62 lakh crore by end of 2020-21. However, it increased to much less, Rs.28.26 lakh crore by the end of 2021. (Also read --5 years of Demonetisation: Permanent increase in use of digital transactions, finds study)
November 8, 2021 marked five years since the Indian government decided to cancel the Legal Tender Status of Rs 1000 and Rs 500 denomination currency notes with a larger purpose to move India from a Tax Non-compliant society to a compliant society.
