Guide: After the banknotes in India, banks and ATMs have long queues, but the supply of new banknotes is less than one-tenth of the demand, which has severely suppressed the Indian economy. Taking this opportunity, the Indian government has vigorously promoted electronic payment to replace the habit of cash transactions. 
The Bank of India on Tuesday (December 13) said that as of December 10, India's major financial institutions had completed the "waste recycling" of 12.44 trillion Indian rupees. On the 8th of last month, Indian Prime Minister Modi suddenly announced the abolition of large denominations of 500 and 1000 rupees to combat corruption, tax evasion and money laundering. However, due to insufficient preparation of new banknotes, a large number of Indian people have smashed neighboring bank outlets and ATMs in the past few days, and the Indian economy, which is dominated by cash transactions, has begun to be affected.
According to statistics, before Moody launched the “waste orderâ€, the total amount of 500 and 1000 rupees in circulation in India was about 15.44 trillion rupees, which means that the Indian central bank has already recycled nearly 80% of the old banknotes. Some analysts pointed out that the size of the old banknotes that will eventually be returned to the bank before the end of the year-end redemption period will be between 13 trillion and 13.5 trillion rupees, because some Indians whose sources of funds are unknown may choose to give up in order to avoid being targeted by the tax authorities. Redeem or otherwise dispose of cash in your hands.
Taking this opportunity, the Indian Finance Minister Jay Teili recently announced a package of policies to promote the popularity of electronic payments in India through discounts and reductions in credit card fees, replacing the cash transactions that the Indian people are used to. Jaitley said:
“Cash transactions have hidden and explicit economic costs. One of the main purposes of this policy is to reduce the proportion of cash transactions in economic activities and promote the popularization of electronic payments. Payment methods such as credit cards, debit cards and e-wallets need to be obtained. Encourage. India has seen changes in the past month, and the government hopes that this process will accelerate."
After the banknotes were debited, almost all banks appeared in the queue to open an account. The online payment rate of the e-commerce platform exceeded 70% in a short period of time. The number of downloads and use of many e-wallets and payment platforms has also reached a new high. Double growth. However, due to factors such as relatively low smartphone usage, network access ratio and payment speed, and POS coverage, India's electronic payment popularization process still faces certain obstacles.
India’s central bank’s deputy governor Gandhi said the central bank had previously printed 1.7 billion new 500 and 2,000 rupee notes, but less than one-tenth of the amount that people want to withdraw from the bank. Obviously, Modi’s decision has caused a de facto cash shortage, the Indian economy is beginning to be affected, and the demand for agriculture, manufacturing and consumer consumption is being weighed down, and the real estate market, which needs a lot of cash, bears the brunt.
In India, buying or building real estate is the most common means of money laundering, with about 15% to 20% of real estate transactions involving illegal funds. India's GDP growth rate in the third quarter was 7.3%, which was less than the market expectation of 7.5%. Some analysts pointed out that due to the impact of Prime Minister Modi on the abolition of large-value banknotes on the Indian economy, it is expected that India's GDP growth rate will fall to around 6.5% in the fourth quarter.
This time, Modi’s determination to crack down on the domestic black economy is obvious. In addition to the “waste orderâ€, a series of “combination punches†have also been launched. The Indian government submitted a draft amendment to the tax law to the parliament on the 29th of last month, and plans to levy a 50% tax on the holders of the "black money" who declare it on their own initiative. For the "black money" heads who do not actively declare, they will face an 85% tax once they are verified. fee.
Gold has also been eye-catching by the Indian government. As the world's second largest consumer, India consumes about 800 tons of gold a year. Some NGOs have made calculations, and about one-third of them are paid by “black moneyâ€. At present, the Indian government is considering high import tariffs on gold, which also pushes the domestic gold price in India to a new high.
According to statistics, before Moody launched the “waste orderâ€, the total amount of 500 and 1000 rupees in circulation in India was about 15.44 trillion rupees, which means that the Indian central bank has already recycled nearly 80% of the old banknotes. Some analysts pointed out that the size of the old banknotes that will eventually be returned to the bank before the end of the year-end redemption period will be between 13 trillion and 13.5 trillion rupees, because some Indians whose sources of funds are unknown may choose to give up in order to avoid being targeted by the tax authorities. Redeem or otherwise dispose of cash in your hands.
Taking this opportunity, the Indian Finance Minister Jay Teili recently announced a package of policies to promote the popularity of electronic payments in India through discounts and reductions in credit card fees, replacing the cash transactions that the Indian people are used to. Jaitley said:
“Cash transactions have hidden and explicit economic costs. One of the main purposes of this policy is to reduce the proportion of cash transactions in economic activities and promote the popularization of electronic payments. Payment methods such as credit cards, debit cards and e-wallets need to be obtained. Encourage. India has seen changes in the past month, and the government hopes that this process will accelerate."
After the banknotes were debited, almost all banks appeared in the queue to open an account. The online payment rate of the e-commerce platform exceeded 70% in a short period of time. The number of downloads and use of many e-wallets and payment platforms has also reached a new high. Double growth. However, due to factors such as relatively low smartphone usage, network access ratio and payment speed, and POS coverage, India's electronic payment popularization process still faces certain obstacles.
India’s central bank’s deputy governor Gandhi said the central bank had previously printed 1.7 billion new 500 and 2,000 rupee notes, but less than one-tenth of the amount that people want to withdraw from the bank. Obviously, Modi’s decision has caused a de facto cash shortage, the Indian economy is beginning to be affected, and the demand for agriculture, manufacturing and consumer consumption is being weighed down, and the real estate market, which needs a lot of cash, bears the brunt.
In India, buying or building real estate is the most common means of money laundering, with about 15% to 20% of real estate transactions involving illegal funds. India's GDP growth rate in the third quarter was 7.3%, which was less than the market expectation of 7.5%. Some analysts pointed out that due to the impact of Prime Minister Modi on the abolition of large-value banknotes on the Indian economy, it is expected that India's GDP growth rate will fall to around 6.5% in the fourth quarter.
This time, Modi’s determination to crack down on the domestic black economy is obvious. In addition to the “waste orderâ€, a series of “combination punches†have also been launched. The Indian government submitted a draft amendment to the tax law to the parliament on the 29th of last month, and plans to levy a 50% tax on the holders of the "black money" who declare it on their own initiative. For the "black money" heads who do not actively declare, they will face an 85% tax once they are verified. fee.
Gold has also been eye-catching by the Indian government. As the world's second largest consumer, India consumes about 800 tons of gold a year. Some NGOs have made calculations, and about one-third of them are paid by “black moneyâ€. At present, the Indian government is considering high import tariffs on gold, which also pushes the domestic gold price in India to a new high.
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