There is a need for the cash-to-GDP ratio of 12% to come down for demonetization to be successful, Chief Economic Advisor Arvind Subramanian said on Monday.
India, which has been a largely cash-driven economy thanks to the reluctance of the majority to make a shift to digital mode of payments and a large rural population which is still devoid of basic internet, mobile, and banking facilities, saw 86% of its currency (in value) removed from its system on November 8 when the government delegalised the use of Rs 500 and Rs 1000 notes.
In the aftermath, tight cash withdrawal limits were […]
Full Post at www.dnaindia.com