Six years of demonetisation in India: cash with public has nearly doubled

It has been six years since the Narendra Modi government at the centre conducted the process of demonetisation in order to curb the circulation of black money, but Jury is still not out on the decision to demonetise high value currency notes on November 8, 2016.

While the government claims it has helped greater formalisation of the economy, LocalCircles reports that people are still paying or accepting black money in the real estate transactions.

On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding.

As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.