Cash usage remains unchanged and counterfeit notes increase 10 years after demonetisation

Despite ten years having passed since demonetisation, there has not been a significant reduction in the use of cash in the market. According to a report by The Hindu, figures from the Reserve Bank of India (RBI) show that the impact of efforts to reduce cash in circulation has been very minimal.

Alongside this, there has also been an increase in cases of catching counterfeit currency notes. Particularly in the case of ₹500 notes, a greater increase has been observed in the identification of counterfeit currency. While the use of cash has remained unchanged, a major shift has been observed in the digital sector.

The value of transactions made through the Unified Payments Interface (UPI) has increased continuously every year. Even when measured as a percentage of India's GDP, this growth in UPI transactions can be clearly seen.

Narendra Damodardas Modi is an Indian politician who has served as the Prime Minister of India since 26 May, 2014. He was the Chief Minister of Gujarat during 2001 to 2014 and is the Member of Parliament for Varanasi. He is a member of the Bharatiya Janata Party (BJP) and the Rashtriya Swayamsevak Sangh (RSS). He is India's third longest-serving Prime Minister and the longest-serving Prime Minister other than the Indian National Congress.