Discussion Demonetisation of old Rs. 500 and Rs. 1000 currency notes

[iDJ]

Realising that demonetisation was failing, Finance Minister Jaitley immediately shifted its goal to creating a “cashless economy”. When about 80 per cent of the country’s economy is “informal”, this is ridiculous. Even the most advanced economies use a considerable amount of cash.
A monumental failure

I got looted in the name of cashless economy. At first government earlier didn't issue Aadhar cards in my states due to NRC for which my funds got stuck in paytm. I had to pay extra money to shops for doing transaction using Paytm. Forget about Paytm till date most normal cards doesn't accept any cards.

 

[Speedmax13]

I got looted in the name of cashless economy That's very sad Bro that you got Looted As for to March 2018, Currency in circulation is almost at pre-demonentisation levels at 99.17 percent. It has taken fifteen months for the currency in circulation to get back to the levels of November 04, 2016 Total currency in circulation is at Rs 17,82 lakh crore as of February 23,2018 according to the latest Reserve Bank of India data. This is about 99.17 per cent of pre-note ban levels of Rs 17.97 lakh crore on November 04’ 16.

since January’18, currency in circulation has picked up sharply by around Rs 89,000 crore, while growth in various types of digital transactions has slowed down.

Currency in circulation almost at pre-demonetisation levels

 

[Viki]

Though the data presented seems the results of demonetization, but fact is different! Everyone having a smartphone today (thanks? to Ambani). Almost everyone knows the benefits of using cashless transactions (cashback, discount). For me, I was using digital/cards method since very long.

True , you just need to improve the infrastructure and bank offers to make cashless economy , you never need demonetization for cashless.

 

[Viki]

Cashless??? really???

In little over two years after the demonetisation drive by Prime Minister Narendra Modi, cash in circulation has crossed the Rs 20-lakh crore mark for the first time.

According to data released by the Reserve Bank of India (RBI), the total cash in circulation, as of November 16, stood at Rs 20.15 lakh crore, the currency in circulation just before the note ban was Rs 17.97 lakh crore.

Cash in circulation crosses Rs 20-lakh crore mark

 

[Ashok L]

Yes paying unnecessary charges and taxes for digital payments. Many shops not accepting digital payments as they have to shed some share for digital transactions....
In Chennai, you will mostly hear "swipe machine failure" or "no network" in many shops accepting digital payments though they work fine....

Long live Modi ji

 

[Viki]

Yes paying unnecessary charges and taxes for digital payments. Many shops not accepting digital payments as they have to shed some share for digital transactions....
In Chennai, you will mostly hear "swipe machine failure" or "no network" in many shops accepting digital payments though they work fine....

Long live Modi ji

Exactly, you have encourage people to opt for it. You cannot force.

 

[Viki]

Another important part from above mentioned article,

The central bank, which was earlier disclosing the monthly data on digital transactions, has stopped doing so since February. As on February 2018, the monthly digital payments stood at Rs 115.5 lakh crore.

Interestingly, at that time when the RBI stopped publishing the monthly ‘Electronic Payment Systems - Representative Data’, digital payments were showing a slowdown in growth and even contracted at times. In February, digital transactions
declined by 12.5% on a sequential basis.

 

[A^00P]

Though the data presented seems the results of demonetization, but fact is different! Everyone having a smartphone today (thanks? to Ambani). Almost everyone knows the benefits of using cashless transactions (cashback, discount). For me, I was using digital/cards method since very long.

that may be case with technically smart person like you but still one can carryout such transactions locally like buying grocery with vegetable vendor

or in villages ..... cash is still king

 

[Viki]

Currency in circulation , Graph prepared based on RBI data

The dip (2017) is due to demonetization , but it catches up

So where is the cashless???

 

[Viki]

Under Manmohan , the currency circulation increased at average rate of 10%
Under Modi , the currency circulation increased at average rate of 14% even after demonetization.

Cashless really!?



Data source : RBI