Three years of bondage, know what the situation is today

New Delhi, November 8, 2019, Friday

Three years have passed since the notation. At eight o'clock this night, PM Modi announced the cancellation of 500 and 1000 currency notes. Know the effects of notation within three years

Digital payments are on the rise. After the ban, a new 2000 note was put into effect. Currently, it has stopped printing. Because the deposit of these notes has increased. This note is very useful for collecting black money.

After the blockade, however, questions were raised over the government's claim of holding black money. Because of the old notes that were in the currency of 500 and 1000, 99.30% of the notes were returned to the banks.

On the other hand, counterfeiting continues even after the new currency has come into currency. In 2017-18, around 18,000 cases of counterfeit notes were seized.

The toll on GDP from the blockade is yet to come. GDP, which reached 7.9 percent in 2015, is currently reduced to five percent. For which many are blaming the note.

Digital payments are on the rise. According to the Payment Council of India, cashless transactions have increased by 40 to 70 percent. The use of the unified payments interface for digital payments has increased. It has resulted in over 1 billion financial transactions in the month of October.

It was said that there would be a restriction on terrorist activities after the enactment of the ban, but three years later no such figures have come up that could be said to be true. However, there has been a decrease in fake movements.

PM Modi said that 1.30 lakh crore black money came against the blockade. Anonymous assets worth over Rs 50,000 crore were seized and more than 3 lakh bogus companies locked in. All of these benefits are due to the obligation. The tax rate has also doubled.

Economist Mohan Goswami, on the other hand, says people have been skeptical about putting money in banks after the blockade. In the past only 9 to 12 percent of the people used to deposit in the house, now about 26 percent of the cash is kept in the house.