Mumbai, December 6, 2016: The recent demonetisation move by the government has left the black money hoarders in a state of a fix as to what should they do with their hoarded black money.
According to PTI, “The Shri Sai Baba Shirdi Sansthan, managing one of the most revered temples in the country, received Rs three crore in the scrapped notes of Rs 1,000 and Rs 500 denominations after the government’s demonetisation move, the temple trust said on Monday.”
Ever since the demonetisation act was carried out, the government has asked all the temples to submit an account of all the donations (currency notes) that have been made in between 8th November to 24th November. Sai Baba Sansthan Trust chairman Suresh Haware said, “The Union government has asked the temples to declare the details of scrapped notes donated in the donation box.
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The trust received Rs 1.27 crore in the denomination of Rs 1,000 while it received Rs 1.57 crore in the denomination of Rs 500 currency notes.” He also said that the temple has 47 donation boxes inside the temple that are opened daily in front of the devotees and trust.
prepared by Shambhavi Sinha of NewsGram with PTI inputs. Twitter: @shambhavispeaks
After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer (eKYC) resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India.
Transactions in which both the payer and the payee use digital modes to send and receive money are referred to as digital or electronic payments.
India recorded an accelerated growth rate of over 50 per cent in the volume of retail electronic payment transactions in the last four years, said the report titled “Benchmarking India’s Payment Systems”.
The growth in 2018-19 was largely due to the steep growth in Unified Payments Interface (UPI), it added.
“In India, the smartphone revolution has seen an explosion in digital payment options, from e-Money to the Unified Payments Interface (UPI) to a combination of the two. After demonetisation, the use of e-Money picked up on a very large scale,” the findings showed.
The digital landscape changed with higher usage of e-Money, UPI, Aadhaar Payments Bridge System (APBS), RuPay, and Bharat Bill Payment System (BBPS), among others.
With 3,459 million e-Money transactions, India was only behind Japan and the US (data on China not available) in 2017 with respect to volume of e-Money transactions, the report said.
The study revealed that over the years, the number of debit and credit cards also increased considerably in India.
India had 331.60 million and 19.55 million debit and credit cards respectively at the end of 2012. The numbers grew to 861.7 million and 37.49 million respectively at the end of 2017.
By March 31, 2019, the number of debit and credit cards issued were 925 million and 47 million, respectively.
However, the study showed that the cost of digital transactions was a factor inhibiting their growth.
Merchants have to cash out or transfer to their banks accounts at a cost and at times these costs are passed on to the consumer.
“A few countries have tried to regulate costs to ensure that the charges are not usurious, but the jury is still out on whether such a regulation promotes the growth of digital payments. With banks pushing and merchants pulling, it isn’t clear if such caps will discourage the use of cash,” the report added.