IC Markets

Indian Registers Spike in Digital Transactions

Digital TransactionsOn November 8, 2016, the Narendra Modi who is the Prime Minister of India and his BJP government introduced a demonetization drive that banned all the Rs 500 and Rs 1000 notes that were in the circular.

It has caused complete chaos for the entire country, and the whole population was reeling under tension. The main motto of the demonetization was to curb the black money inflow in the country. It is also aimed at making the economy cashless and encourages the digital payments.

There has been a significant rise in the digital payment operators in the country in early 2017 due to demonetization. The Reserve Bank of India, RBI has reported that card transactions have almost doubled since demonetization and has reached nearly three times the usual amount.

However, the Prime Minister of India and his Bharatiya Janata Party made some mistakes that caused a lot of inconvenience for the ordinary people and made their life miserable.

The Times of India

Narendra Modi implored upon his countrymen to remain patient, and within a time span of 12 months, they will be able to reap the benefits of the demonetization drive. Now that a year has passed there does not seem to be any positives for the common person from this drive. The digital transaction that once registered a spike in the early part of 2017 is now dropping back to its usual level.

In a report submitted by National Payment Corporation of India (NPCI) and RBI, a massive amount of 94.6 lakh crore digital transaction took place since November last year. The figure significantly jumped to 149.58 lakh crore in March this year and had been dropping ever since. There were 109.60 lakh crore digital transactions in April which further declined to 107.38 lakh crore in July and 99.28 lakh crore in October 2017.

Both Prime Minister and his government have been severely criticised by the opposition party, sections of media and by the ordinary people. It has been a complete failure on the part of the government which caused a lot of problems to the familiar people instead of doing any good.

The Chief Minister of West Bengal, Mamata Banerjee, made the following statement:

Demonetization is a big scam. Demonetization was not to combat black money. It was only to convert black money into white money for vested interests of the political party in power. Black money became ‘white fund’ for them and the country was plunged into darkness.

On November 8, 2017, some different political parties took to the street and labelled it as a Black Friday in the history of the country. The Congress Party President Rahul Gandhi said that the demonetization drive was nothing short of a disaster that played with the emotions and well being of the ordinary people. It was a thoughtless drive that was executed without any proper planning. The entire Narendra Modi government is to be blamed for the hardships caused to the everyday people.

Steven Rudford

Steven Rudford

Hello, my name is Steven Rudford. Welcome to Top10FX.net. Follow my website for the most trustworthy Forex broker reviews and last minute financial trading news.


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