Vicky Nanjappa

Journalism for Vertebrates®

How demonetisation helped India

Demonetisation led to the government promoting a cashless economy and this proved to be a boon during the lockdown as people were able to make digital payments from their homes

New Delhi, Jan 02: The Supreme Court today gave its stamp of approval on a 2016 decision of the government which had announced demonetisation. The court upheld the decision in which the government had said in November 2016 that the Rs 500 and Rs 1,000 notes would no longer be legal tender.

While the Opposition had criticised the decision by stating that the economy would suffer, the fact is that there were multiple benefits due to this decision. While Opposition parties continued to criticise the decision, the Narendra Modi government stood firm and ruled out rolling back the decision. Instead the government continued to promote cashless economy by way of digital payments and this ensured more transparency which also led to a check on black money.

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