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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).
Published - November 08, 2026 05:08 am IST
Source: The Hindu · T.C.A. Sharad Raghavan
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