New Delhi, 21st Nov2016 : In a research report, NewsPatrolling.com and GlamourTreat.com have uncovered the largely hidden benefits of currency demonetization, which may accrue in the near future. These are in addition to the commonly talked about benefits related to reducing black money, controlling corruption, and eliminating fake currency notes used by terrorist organizations.
A giant leap towards cashless economy: The demonetization move by the NDA government is turning out to be an intense training exercise for people to make use of digital transaction channels such as net-banking, credit & debit cards, and mobile wallets. Willingly or unwillingly, an increasing number of people have started using digital transaction channels. The current situation is allowing people to actually experience the ease and safety of digital transactions. Even when the cash situation improves, many such people might continue using digital banking platforms. A cashless economy automatically red`uces corruption and improves State and Central revenues, which would be a great benefit for the country.
Household savings energized: Currency demonetization has helped bring back much of the household savings into the banking system. Rather than lying idle in various households, it can now be used productively for the country’s economic growth. Money is like blood, and it needs to keep circulating. Unused money is detrimental for the economy, irrespective of whether it is stashed away as black money or lying idle in households.
Social interactions get a new boost: Conversations that were earlier limited to online social media platforms, have now spilled over to the real world. Everyone is talking about currency demonetization, and people are calling long-lost friends, relatives and associates to help them out. Even for day-to-day needs, grocery stores, vegetable sellers, restaurants, and other vendors are coming forward to help people by providing them credit. There is more cohesion visible among people now, as compared to the days of the past.
Nation-building activated: Currency demonetization has provided a common ground to every Indian. Those in favor are experiencing a sense of Esprit de corps, which denotes a strong shared team spirit, mutual solidarity and fellowship, sense of duty, and devotion to a cause among the members of the group. After cricket and Bollywood, currency demonetization is working as a uniting force, especially for people in favor of the government’s decision.
Gaining traction among world countries: The government’s decision is helping create the right impressions on a global scale. In a single move, the government has made clear its intentions targeted at the country’s development. This is expected to increase Foreign Direct Investment (FDI) and strengthen bilateral ties with like-minded countries.