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inhabitant in 2014. In countries such as If you’ve fretted and fumed over
the UK and the US, non-cash retail standing in a queue to withdraw that
transactions per inhabitant added up to crisp new pink note, think about the
355 and 403 respectively. people who worked round the clock to
ensure that you didn’t go back
Cash remains the most readily available
and widely used form of payment in disappointed from a branch or an ATM
India notes the report. In 2012, for kiosk.
instance, 87% of all transactions in Hundreds of thousands of bank
India were cash-based. Cash also fuels employees have been working for more
India’s huge informal economy, which than 12 hours every day for the last two
constitutes 23% of official GDP, weeks to ensure that the system
according to one estimate. becomes smooth and hundreds of
In view of most countries going the millions of Indians get access to
cashless way, India’s extreme currency notes.
dependence on cash and a parallel Several thousands of other
economy of black money, intermediaries including ATM
demonetisation was a revolutionary operators, people who service these
step to go cashless and become an machines, security guards and others
‘efficient economy’. continue to help in bringing to life this
transformative change.
The real heroes of demonetisation
Social workers, NGOs and even some As a society, we have shown our
corporates also sprang into action to resilience in this major transformation
supply water and other essentials to the that is underway in the Indian
people standing in long queues outside economy. No riots have occurred, even
banks and ATMs. as ordinary people stand in long queues
outside banks and stand-alone ATMs.
This only reflects our ability as a nation
