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Monday, February 26, 2024

India after 6 years of demonetization

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6 years of demonetization have been completed, and in the meanwhile, digital transactions have increased at a rapid pace. Despite this, as per a survey conducted in 342 districts of the country, 76% of the people still pay for groceries, restaurant bills, and food delivery bills in cash. Along with this, following demonetization, the cash handling among the public has augmented by more than 1.5 times.

Most of the families made payments in cash for goods of daily requirement, during the last year, and during travelling too, around 1/4th of the families used cash to pay for their expenses. On the other hand, during the last year, the least number of families who used cash for transactions was when it came to gadget-shopping. At the same time, for buying assets like jewellery, cash is being opted for more.

After the announcement of demonetization being made on 8th November, 2016, cash handling among the public had reduced, but from June 2017, this witnessed a constant increase, and now, as compared to the times before demonetization was announced, cash handling among the public has increased by more than 75%.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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