Has the demonetisation been more of a failure than a success, already?

Has the demonetisation been more of a failure than a success, already? by @anish_george97

Answer by Anish George:

Demonetisation not a failure

Why?

Only 6–10% of black money is in cash. Just to eliminate this cash, government can't opt for demonetization. But our government did.

But, wait!

This pic perfectly describes the current situation!

Post demonetisation stats:

  • Daily e-wallet transactions has increased from 17 lakhs to 63 lakhs. ( 271% increase)
  • Digital payments at state – owned petrol pumps has doubled from 20% to 40%
  • Online Rail ticket booking will fetch an insurance worth Rs. 10 lakhs free!! (Some temporary measures to lure Indians towards digital payments)
  • Transactions through Rupay cards has increased by 316%.
  • Rs. 2 lakh crore was declared by a family post demonetisation. (Bigger than coal block and 2g scam, thrice the amount of IDS) One more person declared 13k crore. (India had a defence bugdet of 2.58 lakh crore.)

In a nutshell, demonetisation will be one of the reason, not to curb black money but to establish India to a world of digital payments.

Let us use this opportunity.

Go digital!!!!

Edit:

  • Temporary increase due to cash crunch. But why temporary? It starts from you.
  • 32% population lives in urban areas, which means these people have access to opt for digital payments. So why don't they? There maybe more/less who don't know to use digital options, but we can educate them right? 32% is not a less number. Slowly we can move to rural areas.
  • Digital economy will boost transparency.
  • Stringent laws has to be implemented to tackle corruption as well as black money Right?
  • Some may think I'm Modi fan, yes, I'm a fan of his work. Unlike other leaders he is onto to doing something good for our country.
  • Lastly, everything looks good on paper. Implementation is far from our reach for now. But together we can give a thrust to make India digital.

Source: Knappily, TOI

Has the demonetisation been more of a failure than a success, already?

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