Building on the success

Abstract

A long term-plan with cost implications and a stipulated timeline must be prepared to decide on the steps after demonetisation. The prime minister announced on November 8 that high denomination value notes of Rs 500 and Rs 1,000 would be demonetised with immediate effect. It is a unique experiment with no parallel in the world. The move has already started changing banking habits in the country and has been successful in ushering among the masses an urge to adopt digital banking. More recently, the government has announced a 13-member committee of chief ministers headed by Chandrababu Naidu, chief minister of Andhra Pradesh, to boost the digital payment system in the country. There have been different estimates of the impact of demonetisation on economic growth. Read more at: https://indianexpress.com/article/opinion/columns/demonetisation-cash-crunch-no-money-government-fail-digital-payment-4429084/