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To Counter Bitter Pill of Demonetisation, a Bakery in Kolkata Introduces scrapped 500, 1,000 Notes in the form of Desserts

The base is chocolate and the layout of the notes is painted with edible sugar paint

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Muffins, (Representational image), Pixabay

Kolkata, December 6, 2016: The bitter pill of demonetisation for dessert lovers has turned into sweet delight in the eastern metropolis.

Scrapped Rs 500 and Rs 1,000 notes, that have made national and international headlines in the last one month, are now etched in sugar and chocolate forever, courtesy a Kolkata-based bakery’s creative twist to the demonetisation move.

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The bakery has come out with dark chocolate replicas of the scrapped notes. Priced at Rs 100 each, these thin chocolate slices will perhaps, offer some solace, after you have borne the brunt of queuing up in front of ATMs and laid hands on cash.

“The base is chocolate and the layout of the notes is painted with edible sugar paint. They were introduced right after demonetisation was announced,” an official of Krazy for Chocolates, a bakery specialising in chocolates, pastries, customised cakes among others, told IANS.

At its outlets across numerous city malls, salespersons have been assailed with questions over its edibility.

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“Some people give it a second look because they think it’s incredible. It has raised a lot of eyebrows and the curiosity is good for business,” a salesperson manning a counter at City Centre 2 mall, told IANS.

According to Vinay Sethia from the bakery company, around 20 to 30 pieces of the chocolates are being sold on a daily basis since November.

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“Since we customise our products, organisers of small parties and events have ordered these chocolates. They have become very popular. People are eager to have them on cakes. Someone also ordered chocolates resembling the new Rs 500 notes yesterday (on Monday). As long as they continue selling, we will produce them,” Sethia told IANS. (IANS)

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Demonetisation, Aadhaar Spurred Digital Payments Growth: RBI

Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017

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long term impact on Real Estate
Demonetisation aided with RERA and GST will put long term impact on Real Estate. Pixabay.

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.

Aadhaar Card Reader Logo. Source: Wikimedia

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.

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Pointing to a major area for improvement, the study showed that only three per cent of the population in India used the Internet to pay utility bills in 2017.

The report compared the payment ecosystem in India with the systems and usage trends in other major countries such as Australia, Brazil, Canada, China, France, Germany, Britain and the US. (IANS)