10 years since demonetisation: Use of cash unchanged, fake notes on the rise

Representative image. | Photo credit: Getty Images/iStockphoto

After ten years demonetizationData from the Reserve Bank of India (RBI) shows that the exercise has had little impact in reducing cash in circulation and that the detection of counterfeit notes, especially ₹500 notes, has also increased.

On the other hand, the value of Unified Payments Interface (UPI) transactions has been steadily increasing year-on-year, even when measured as a percentage of India’s gross domestic product (GDP).

Published – 8 Nov 2026 05:08 IST