On November 8, 2016, while all the people of the country were sitting at home after work, Prime Minister Narendra Modi declared that the ban on the use of old 500 and 1000 rupee notes by the people of the country without any prior notice was invalid.
After this announcement the people of the country waited in the banks for several days to change the money they had. Prime Minister Narendra Modi has launched an unprecedented devaluation campaign to eradicate black money in India and build a digital economy.
I have to say that even after 5 full years of declaring currency devaluation, the dominance of money in India has not been shaken.
Depreciation
In India, the old 500 rupee and 1000 rupee notes have been declared invalid and the amount of cash available to the public continues to rise, even as the five-year period draws to a close in the next few days.
Money is the King
Money is still the main way in the payment sector in India. As on October 8, 2024, 28.30 lakh crore rupees, or 57.48 per cent of the total money transfer in India, is paid for or sold.
28.30 lakh crore is a historic peak.
211 percent more
On November 4, 2016, out of a total of 17.97 lakh rupees, 10.33 lakh crore rupees were transferred in cash. This has increased by 211 percent in the intervening period.
Similarly, during the Deepavali festival of 2020, i.e. October 23, 2020, 15,582 crore rupees were transferred in a single day.
Corona and Lockdown ..
In the last 5 years, it was only in 2020 that the amount of digital money went down drastically and more people went into cash. The first major reason for this is the announced lockdown due to corona.
People’s confidence
At the same time, digital payment services are expanding across India and all parties are increasingly making payments digitally. Yet people who have faith in money have not yet come to digital payment.
Money Laundering Failure ..?
At the same time, the Income Tax Department gets crores of rupees every time it raids. It is obvious that the super rich have more money than the common people. Did Modi’s anti-money laundering campaign, which aims to eradicate black money and create a digital economy, fail? What is your response, people?
Circulation of 500 rupee counterfeit notes increases by 31% .. People stay alert ..!
The Modi-led central government in 2016 banned the old 500 and 1000 rupee notes in a bid to eradicate counterfeit notes in India.
Instead, the Central Government and the Reserve Bank jointly introduced the new 500 rupee and 2000 rupee and several rupee notes with various security features.
But in just 4 years, the circulation of counterfeit notes in India has started to rise again.
500 rupee counterfeit note
The Reserve Bank of India (RBI) has said that the circulation of counterfeit notes in India has increased by 31 per cent, though it has been reduced by 29.7 per cent in the past one year due to heavy restrictions.
New banknotes
The Central Government and the Reserve Bank of India have introduced all new rupee notes ranging from Rs. 10 to Rs.
Security banknotes
But this has come as a shock to the central government, which has announced that the newly issued 500 rupee notes have been manufactured with many protections that cannot be printed on the counterfeit market.
30,054 counterfeit notes
In this situation, the circulation of new 500 rupee counterfeit notes has increased in the last one year alone. The number of counterfeit 500 rupee notes seized during the financial year 2019-20 has increased from 30,054 to 39,453 in the financial year 2020-21.
Indian counterfeit notes
In 2019 alone, the National Crime Records Bureau (NCRB) seized 287,404 counterfeit notes. This is 11 percent more when you compared to the previous year. Its total value alone is 25.3 crore rupees.
500 rupee notes dominate
In addition, 68.4 per cent of the total rupee notes in circulation in India are only 500 rupees and 85.7 per cent when 2000 rupees are added. In this situation, people have to be vigilant as counterfeit banknotes have increased among the 500 rupee notes in high use in the country.
