Demonetization to increase digital payments
Demonetization to increase digital payments, flow liquidity and Loan Scheme.
8 November 2016, Prime minister of India Sh. Modi had announced about the demonetization on National TV. The entire world had shocked & surprised with that daring announcement of Indian PM.
After the announcement of PM. Shri Narendra Bhai Damodar Das Modi, People had denied accepting Rs. 500 & 1000 from immediate effect. People are in the queue to get & submit cash because according to the announcement, all two big denominations would be invalid after 12 midnight.
Everyone knows that the black money was moving simultaneously in the Indian economy and day by day its ratio was being increased. Maximum business class people were happy to do business in cash to save taxes and such mentality was growing black money in the market.
Now after demonetization, lots of positive changes will occur & according to sources approx 40 to 65 percent new taxes payers will be joined the system & black money will regularize forcefully with the penalty. It brings lots of money into our system.
In Financial Year 2016-17, the tax revenue will be comparatively higher than previous years and govt. will have excess money for different schemes, loans & investment. It boots up our economy & growth. Which are the needs of our country to complete projects and increase jobs?
Now India has the loan of World Bank is $104 billion & according to external debt data released by Ministry of Finance in 2015-16, the total debt was $485.6 billion and because of that loan, we have to pay lots of money as interest.
Demonetization will increase the liquidity in the banking system & because of liquidity banks will able to distribute lots of loans under the Mudra scheme. It will help in digital India movement, generates jobs and economical growth of the country.
Demonetization has increased the digital payment drastically and most of the known companies has launched its own digital payment app along Govt of India “BHIM” app. It will help you to transfer money instantly and you don’t require any credit or debit card.