New Delhi: The Indian Government's core objective of carrying out -- demonetisation -- three years ago, has remained unfulfilled, with data showing an increase in the level of
hard currency in the system.
It was on November 8, 2016, that Prime Minister Narendra Modi initiated demonetisation, an action that took the country by surprise.
It was envisaged with an aim of eradicating black money and curbing dependence on the cash economy. However, the Reserve Bank of India's data showed that cash with the public as of October 25, 2019, stood at Rs 21,89,781 crore, a 15.2 per cent higher on a year on basis.
On a sequential basis, there was an increase of 5.2 per cent in the currency level with the public from March 31, 2019 till October 25, 2019. As the data showed the exercise has failed to accomplish the objective of a cashless society, DeMo has also been cited as one of the main factors for the slowdown which has gripped the country's economy.
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hard currency in the system.
It was on November 8, 2016, that Prime Minister Narendra Modi initiated demonetisation, an action that took the country by surprise.
It was envisaged with an aim of eradicating black money and curbing dependence on the cash economy. However, the Reserve Bank of India's data showed that cash with the public as of October 25, 2019, stood at Rs 21,89,781 crore, a 15.2 per cent higher on a year on basis.
On a sequential basis, there was an increase of 5.2 per cent in the currency level with the public from March 31, 2019 till October 25, 2019. As the data showed the exercise has failed to accomplish the objective of a cashless society, DeMo has also been cited as one of the main factors for the slowdown which has gripped the country's economy.
Read more
Despite Government attacks, cash is still king in India
