Page 71 - LECTURETTE TOPICS eBOOK

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• Digital payments increased by 56% from 71.27 crore transactions in
October 2016 to 111.45 crore transaction in May 2017. This growth
percentage is predicted to undergo a steep rise.

• Approximately, more than 1 crore workers added to EPF and ESIC system
post-demonetization.
• Bank accounts opened for about 50 lakh workers to get their wages
credited directly to their accounts. Not any sort of daily wages in lieu of
inked fingerprints anymore.
• The demonetization program has been assessed with regards to its
transient expenses and long-haul picks up. Here and now misfortunes
incorporate loss of welfare for the low-wage individuals and a decrease in
GDP development. On the long haul increase side, an extensive number
of advantages are distinguished which will show up with time.
• The spread of cashless transactions, development of the formal economy,
enlistment of new salary citizens, connecting or bookkeeping physical
resource speculation to PAN, purifying of the real estate development,
conscience about avoiding black income transactions, etc., are supposed
to be the major long-term gain. These require extra or strong arrangement
measures by the administration too.
• Increase in money related reserve funds: At present, over half of the family
unit investment funds are in physical investment funds like gold and land.
A huge part of these is in black money. Presently with the low reward in the
land and gold property, wise individuals may think of investing in budgetary
structures like bank stores, shared assets and so on.

Conclusion: Well, demonetization has been claimed as a complete fiasco by the
oppositions, and truly there are still quite uncertainties about the feasibility of long-
term benefits. But being honest taxpayers and humble citizens, we should have
some patience to witness the pitfalls and beneficiary effects in upcoming years.
Demonetization impacts are still in a very nascent phase.

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