Five years ago today, on November 8, Prime Minister Narendra Modi announced demonetisation through television. He had said that all Rs 500, Rs 1,000 notes will not be valid after midnight. This announcement was made at 8 pm. The basic objective of this demonetisation was to curb black money. To get out the hidden money from the Income Tax Department. All economic agents were given limited time to deposit their existing notes in banks and replace them with new ones. This put enormous pressure on the banking system. Long lines formed outside ATMs and banks. Everyone looked upset. If there was a marriage in someone’s house, then someone needed money for treatment. The common man had to suffer a lot during demonetisation. Yesterday, 5 years have been completed since demonetisation. Whether the purpose for which demonetisation was done has been fulfilled.
Digital payment got a boost
Demonetisation encouraged digital payments. Most of the people are taking advantage of the facility of digital payment. One effect of this has also been seen that the transparency in financial transactions has been seen after demonetisation. Second- After demonetisation, most of the people of the country, especially the people of rural areas, were connected with the banks. The financial help received from the government was directly deposited in their account. Due to this, the transparency of transactions increased further. Apart from this, many benefits of demonetisation were counted in the SBI report. The report said that mobile and internet banking transactions have increased more than 74 times in the past several years.
Also read: On 5 years of demonetisation, Priyanka Gandhi asked these 5 questions to the Modi government, read the full news
There was also a decrease in funding to terrorists.
The report claimed that post-demonetisation, more than 34 crore non-frills accounts were opened in public sector banks, 18.2 per cent in regional rural banks and three per cent in private banks. There was transparency in financial transactions between banks and people. Demonetisation also saw a reduction in criminal activities. The names of many people who funded the terrorists also came to the fore. There has been a decrease in the use of narcotics such as alcohol and tobacco products.
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