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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
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