How India can move to digital economy ?
Scope : On 8 November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.Of Rs 15.41 lakh crore (15.4 Trillion) demonetised currency notes of Rs 500 and Rs 1,000 denominations, only Rs 10,720 crore (100 Billion) did not reach to the banks or the RBI.This means only 0.7 per cent of demonetised currency notes were junked in the exercise. This showed how good idea executed poorly end up in disaster for poor people. Demontisation was done to bring back all black money and let people more to digital transactions but as mentioned above , black money objective didn't achieve and amount of digital transaction increased during during that period but decreased with time. Action items : Demonetize big currency notes like 1000 or 500 or 200. Only small currency notes should be in service ( 1 paise , 10 paise , 1 Rs , 10 Rs , 100 Rs Only ). Enough time like 3months to 6months must be given for p...