The Narendra Modi led government Demonetized highest value currency notes of Rs 1,000 and Rs 500 in November 2016. India primarily being a Cash Economy of which 50% is the parallel Black Money Economy, suffered during demonetization as their was total chaos on the availability of cash. Citizens had to rely on their Debit Cards or Credit Cards to transact at Point of Sale [POS].
We have obtained data from RBI and presenting the same here. We are only considering the Point of Sale Transactions for this study as this is actual transaction on Sale of Goods / Services. The following Chart
Read more300% Spike in Cashless Transactions During Rs 500 / 1000 Demonetisation Drive of 2016
