Demonetisation @ one: 14 ways India benefited from this decision

What have been the benefits of this big decision which has received both accolades and brick brats.

A year has gone by since the decision on demonetisation was made. Prime Minister Narendra Modi announced on November 8 2016 in an address to the nation that the Rs 500 and 1,000 notes would no longer be legal tender.

What have been the benefits of this big decision which has received both accolades and brick brats. The Prime Minister's Office has provided some data to show the benefits of this decision which is probably one of the biggest since independence.

Benami assets worth Rs 1,626 crore seized

More than 4.7 lakh additional suspicious transactions were reported by banks

Increase in tax compliance

The number of new tax payers shot up.

Thwarting corruption

Digital payments received a significant boost.

Blow to terrorism

Incidents of stone pelting in Kashmir came down by 75 per cent.

2.24 lakh shell companies struck off

Demonetisation dealt a blow to shell companies.

Cleansing India’s financial system

A company with negative opening balance as on Nov 8 2016 deposited and withdrew Rs 2,484 crore post demonetisation.

Digital payments up

Rs 7.57 crore was the transaction in terms of volume.

Tax compliance up

33 per cent of the total cash in the country was deposited.

Digital payments received boost

More than 13 lakh POS machines were added in 1 year.

Increased mobile wallet transactions

Demonetisation paved the way for increased digital payments.

Loans got cheaper

Real estate prices declined significantly.

Multiple benefits

Three multiple benefits of demonetisation.

Debit card transactions up

The use of debit cards shot up considerably.

Better jobs for the poor

Payments of wages Act was amended.

OneIndia News