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Demonetisation Did Not Make A Big Impact On Cash Transactions?
By: Tupaki Desk | 3 Jan 2023 2:11 PM GMT
The old currency notes became invalid all of a sudden in India after the shocking demonetisation idea was taken by the Indian government in 2016. The idea became controversial as Prime Minister Narendra Modi announced the scheme instead of the Reserve Bank of India(RBI).
The opposition parties still target the union government that it was a failed decision and common people faced severe issues in getting money from their accounts. They had to wait in long queues to withdraw money. A limit was imposed initially to withdraw the money.
The Supreme Court also supported the decision and said that it is within the jurisdiction of the RBI act and the Centre has the power to cancel the currency notes. The Bharatiya Janata Party is happy with the decision and the saffron party leaders are hailing the verdict of the Apex Court.
However, the data shows that cash transactions are high after the demonetisation. Compared to the pre-demonetisation period, cash transactions have not decreased after the decision. This is shocking data for sure.
Usually many say that online transactions and UPI payments increased after cash was restricted. But the data says that cash transactions have not decreased in the nation after the demonetisation idea was taken.
The data says that only 20 percent of cash transactions have decreased. Between 2021 and 2022 20 percent of transactions fell, But between 2015-16 around 88 percent of the money was used in cash transactions. The transactions are expected to fall further.
As online transactions became popular we can understand that cash transactions saw a dip. With the growing usage of smartphones and transactions, cash transactions are expected to fall even further.
The opposition parties still target the union government that it was a failed decision and common people faced severe issues in getting money from their accounts. They had to wait in long queues to withdraw money. A limit was imposed initially to withdraw the money.
The Supreme Court also supported the decision and said that it is within the jurisdiction of the RBI act and the Centre has the power to cancel the currency notes. The Bharatiya Janata Party is happy with the decision and the saffron party leaders are hailing the verdict of the Apex Court.
However, the data shows that cash transactions are high after the demonetisation. Compared to the pre-demonetisation period, cash transactions have not decreased after the decision. This is shocking data for sure.
Usually many say that online transactions and UPI payments increased after cash was restricted. But the data says that cash transactions have not decreased in the nation after the demonetisation idea was taken.
The data says that only 20 percent of cash transactions have decreased. Between 2021 and 2022 20 percent of transactions fell, But between 2015-16 around 88 percent of the money was used in cash transactions. The transactions are expected to fall further.
As online transactions became popular we can understand that cash transactions saw a dip. With the growing usage of smartphones and transactions, cash transactions are expected to fall even further.
