A year has gone by since the decision on demonetisation was made. Prime Minister Narendra Modi announced on November 8 2016 in an address to the nation that the Rs 500 and 1,000 notes would no longer be legal tender.
What have been the benefits of this big decision which has received both accolades and brick brats. The Prime Minister's Office has provided some data to show the benefits of this decision which is probably one of the biggest since independence.
Benami assets worth Rs 1,626 crore seized
More than 4.7 lakh additional suspicious transactions were reported by banks
Increase in tax compliance
The number of new tax payers shot up.
Thwarting corruption
Digital payments received a significant boost.
Blow to terrorism
Incidents of stone pelting in Kashmir came down by 75 per cent.
2.24 lakh shell companies struck off
Demonetisation dealt a blow to shell companies.
Cleansing India’s financial system
A company with negative opening balance as on Nov 8 2016 deposited and withdrew Rs 2,484 crore post demonetisation.
Digital payments up
Rs 7.57 crore was the transaction in terms of volume.
Tax compliance up
33 per cent of the total cash in the country was deposited.
Digital payments received boost
More than 13 lakh POS machines were added in 1 year.
Increased mobile wallet transactions
Demonetisation paved the way for increased digital payments.
Loans got cheaper
Real estate prices declined significantly.
Multiple benefits
Three multiple benefits of demonetisation.
Debit card transactions up
The use of debit cards shot up considerably.
Better jobs for the poor
Payments of wages Act was amended.
OneIndia News
