10 years since demonetisation: Cash usage unchanged, fake notes on the rise

Ten years after demonetisation, Reserve Bank of India (RBI) data show that the exercise has had little impact on reducing cash in circulation and that detection of counterfeit notes, particularly ₹500 notes, has also increased.

On the other hand, the value of transactions on the Unified Payments Interface (UPI) has grown steadily year after year, even when measured as a percentage of India’s Gross Domestic Product (GDP).