After Effect of Demonetization 2016 : The best and the profitable sector was the jewellery still suffering from the effects of demonetization. The two major transformation in the economy of India was the withdrawal of Rs 500 and Rs 1000 notes, the other was adding of the GST service to the products which caused the main disturbances, while fewer people are interested in purchasing gold.
A Loss in the Construction Market, Demonetization.
The construction sector has got a bad impact due to demonetization, the labor costs reduce on an unimaginable fall which has hampered the living of lower or labor class people. Construction business has turned to run slowly due to the lack of labors. The absence of cash has to lead to the hit the construction business with the increase of material prices of steels and cement with the lack of labors.
Income tax effect
The main aim for demonetization was to collect the income tax that Indian government actually should get from their people and removing the black entirely from the Indian economy. While the improvement is seen 2018, income tax files on advanced personal income tax have risen up to approximately 41%.
A Recent impression of Demonetization
Another reason for demonetization is a formation of the cashless country. Being cashless can reduce the black money to reduce to a great extent, while again leading to digital India. Using digital paying modes that are through different apps available such as Phone pe, Paytm amazon pay. Even you can find these provisions in public transports such as cabs, autos and taxis.
Online purchasing of things and paying it through card swipe machine or any money apps can make your job easy, less carrying of cash and a proper record of your usage of money.
Cash in groceries and regular needs
Though in few sectors you will require the cash but in very less quantity, trying to get along cashless with it may not be possible in vegetable shops, fish markets or regular requirements such as milk, dairies or tuition fees.
Regular travelling fares on public transports or purchasing fuel for your vehicle which is almost in a regular need. Entirely turning to a cashless country may not be possible but till far extent in order to keep a clear record of the income and expenditure of your money. Highly secured transaction fewer chances of your money to get lost along with your purse, unless anyone comes to know about your ATM password.
Future of demonetization
Don’t know whether it is the funny part or maybe the serious part that people especially housewives who like to save money from their monthly expenditures do not take the risk of saving that money hiding them inside the wardrobes or clothes and forget for years unless required. They doubt that the money will be a waste if demonization occurs again.
But if they are familiar with the digital uses of apps and banking processes, no doubt all of the females are familiar with the operating of banking apps.
Online services for the citizens making a life for the common people and government easier, monitoring them on the flow of money and the increase in economic growth which are interrelated. Reduce black money that will lead to removing terrorism and black marketing.
These are Main Goals in future of demonetization!!!