One of the aim behind demonetization, enhancing digital payments has been achieved by the pandemic. Experts say What the government failed to achieve through its Demonetisation, has been achieved by the pandemic. Cash transactions dropped by 50% in the last 12 months, according to a survey. The survey says the fear of the viral infection through currency or cash dispensing ATMs forces more people to take up digital payments.

INR 9 Lakh transferred fraudulently by an app download on fathers' phone

"Although demonetisation brought digital payments into the mainstream in the country, the GST rolled out 8 months later enabled it further, but it has really been the COVID-19 pandemic that has accelerated it. With people becoming fearful of contracting the virus through cash or ATMs, many more started making their payments digitally, even when buying basic essentials during the countrywide lockdown," says the press release from the survey team. Between various other reasons such as rooting out 'black money', ending corruption and terrorism, the government also listed promoting cashless transactions as DeMo's objectives. 

PhonePe's big statement regarding UPI transaction, transaction will not fail

A survey conducted to understand citizens’ purchasing habits with and without a cash receipt, and the purpose of that transaction with over 45,000 responses covering more than 300 districts of India covering 51% of respondents from tier 1, 34% from tier 2, and 15% from tier 3, 4 and rural districts. The survey informed," 'If you look at the last 12 months, on a regular basis, what percent of your monthly purchases on average were without a receipt?', 14,738 citizens responded. Of which, 48% said “5-25%”, 34% said “25-50%”, 14 said “50-100%”, while 4% said “can’t say” ". Comparing with similar survey results of 2019, 14% of citizens in 2020 reported saying, “50-100 percent” of their monthly purchases on average were without a receipt, from 27% in 2019. This shows that there has been a 50% reduction in the number of citizens who do the majority of their monthly purchases without a receipt in 2020, informs the survey. 

Cyber Cell arrested three more for selling DCS worth Rs 2 crore