- The shadow economy or parallel economy will reduce
- Percentage of transactions done in real estate business & jewellery business via black money will reduce
- Less import of Gold
- More transactions will be done through RTGS/NEFT & Cheques
- More transactions via swiping machines at shops
- Number of online transactions will greatly rise
- Transactions through Payment Applications like Paytm, Mobikwik, Freecharge will increase.
- Many currency hoarders will be identified
- Hawala business will reduce
- Land prices will reduce
- More fear of IT department will be there among corrupts
- More transparency in IT returns due to higher transactions via banks
- More use of technology in banking sector like UPI will now completely replace IMPS, etc.
- More involvement of banks in transactions due to lesser money in the market.
- Merger of banks may take place
- Increase in Banking Infrastructure
- More jobs in banking and financial sector
- Prices of various commodities will reduce
- People will have fear of keeping large amount of higher currency notes illegally
- The fake currency will be controlled due to enhanced security features in newly circulated Rs.500 & Rs.2000 notes
- Money used in terrorism and extortion will reduce
- Reduction in black money used in elections and campaigning
- More use of ATMs
- Temporary problems & panic among citizens due to currency crunch will be there.
This article was actually a comment on Bankexamstoday by a user - Future PO. This comment was written so well that we are converting it into an article.
I am really thankful to user Future PO. I am trying to contact you, in case you are reading this then mail me - raman@bankexamstoday.com
