Today after six years of demonetization India witnesses betterment with a huge scale digital payments on, still the cash has not yet gone.
On the demonatisation, a recent survey says around fifty percent of those who bought a property in the last seven years, could not avoid to pay a component in cash.
Demonetization of high value currency was intended for flushing out black money from circulation along with the motive to check the growth of the parallel economy in India.
Now after the 6 years, the Unified Payments Interface (UPI) and digital payments have been the mainline stream of Indian transaction with a large section of urban Indian households are seen using this mode of payment. This certainly is much more than they did before the year 2016, as per the survey which was done by a community social media platform.
The survey also reveals that almost 45 percent of the people surveyed, had to pay a component in cash while buying a property in the last seven years.
This shows that the verdict is still not too clear about whether this step has successfully delivered its goal, adds the study.
If people still have to pay or accept black money in real estate transactions, then the existence of black money in Indian market looks well established within. Still services are delivered without proper receipt while selling and buying products be it hardware, paints or a household item or office paraphernalia, giving and demanding the receipt is not yet a customary market practice.