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1 min read . Updated: 09 Nov 2022, 09:48 AM IST
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Kotak Mahindra Bank chief executive Uday Kotak on the sixth anniversary of demonetisation.

Six years of demonetisation: According to Kotak CEO, the positives includes growth of digital economy, tax revenues including GST, less cash transactions, etc.

‘India a changed nation post demonetisation!’ said Kotak Mahindra Bank chief executive Uday Kotak on the sixth anniversary of demonetisation. He said that there were challenges due to demonetisation, however, the country also has positive effects of it.

According to Kotak CEO, the positives of demonetisation includes growth of digital economy, tax revenues including GST, less cash transactions, etc.

“Nov.8 completes 6 years of demonetisation.There were challenges. We can see positives: growth of digital economy, tax revenues including GST, less cash. And the birth of digital bank a/c Kotak 811 for ALL Indians, with no min balance. India a changed nation post demonetisation!” Uday Kotak tweeted.

Nov.8 completes 6 years of demonetisation.There were challenges. We can see positives: growth of digital economy, tax revenues including GST, less cash. And the birth of digital bank a/c Kotak 811 for ALL Indians,with no min.balance.

India a changed nation post demonetisation!

— Uday Kotak (@udaykotak) November 9, 2022

On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old 1,000 and 500 banknotes. The key objectives of the decision were to promote digital payments and curb black money, besides eliminating terror funding.

However, a survey has revealed that digital transactions continue to rise in the economy and yet there is a 44% rise in cash transaction, especially in real estate deals. 

Meanwhile, the opposition parties slammed the BJP-led Centre for its decision taken on this day in 2016 to scrap high-value currency notes, and described it as an “economic genocide”, a “criminal act” and an “organised loot”.

Former Congress chief Rahul Gandhi also hit out at Modi over the decision, saying it was a deliberate move by “PayPM” to ensure that two or three of his billionaire friends monopolise India’s economy, as per PTI reports. 

“6 years of ‘Organised Loot and Legalised Plunder’. Tribute to those 150 people who lost their lives due to #Demonetisation disaster. As we observe 6 years of this epic failure, it is important to remind the PM about the ill-conceived calamity which he thrust upon the nation,” Kharge tweeted. 

(With PTI inputs)

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