Demonetization: Today 9 years of demonetization are being completed. On 8 November 2016, at 8 pm, Prime Minister Narendra Modi addressed the nation. During this time, he had announced to ban the notes of Rs 500 and Rs 1000 with immediate effect.
After this, an atmosphere of chaos was created in the entire country. People were not able to understand what to do, there were long queues in front of banks and ATMs. Even though 9 years of demonetization are being completed today, its memories are still fresh in people’s minds. After this, RBI had issued new notes of Rs 2000 for the first time, but now these notes have been withdrawn in 2023, hence they are no longer valid.
99 percent amount returned to the system
The purpose of demonetization was to curb black money and also to curb fake notes. Besides, through this, terror funding was also to be banned. Even though 9 years of demonetization are being completed, almost most of the people still believe that black money has not come back completely and is still present in the system.
The fight against black money is still going on. According to the RBI report, out of the total notes worth Rs 15.44 lakh crore withdrawn from the system, notes worth Rs 15.31 lakh crore have returned to the banks. That means almost 99 percent of the money has returned to the system, but fake notes are still in circulation.
The era of digital payment begins
However, after demonetization the era of digitalization gained momentum. When cash became less, people started adopting the path of digital payment. Apps like Paytm, PhonePe, Google Pay came into use. The reach of these apps started increasing from cities to villages. The situation is that today about 14 crore transactions are taking place every day in the country through UPI, which is many times more than in the year 2016. This can be called one of the successes of demonetization.
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