India
Demonetisation’s Ten‑Year Legacy: Cash Use Stagnant, Counterfeit ₹500 Notes Rising
Ten years after Prime Minister Narendra Modi announced overnight demonetisation of 86 % of India’s cash, data from the Reserve Bank of India show that the move has had little effect on reducing cash in circulation. The same data also indicate an increase in the detection of counterfeit notes, especially ₹500 notes. In contrast, the value of transactions on the Unified Payments Interface (UPI) has continued to grow year after year, even when measured as a percentage of India’s Gross Domestic Product (GDP).