Ten years after India’s demonetisation initiative, data from the Reserve Bank of India (RBI) indicates a minimal effect on reducing the amount of cash in circulation.
Furthermore, the detection of counterfeit currency, especially ₹500 notes, has reportedly increased since the policy was enacted.
Conversely, transactions made through the Unified Payments Interface (UPI) have shown consistent growth annually. This growth remains significant even when assessed as a proportion of India’s Gross Domestic Product (GDP).
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Source: thehindu.com
