Digital Transaction is the only way to Root Out Black Money
The withdrawal of 2000 currency notes did not cause any ripple in the country. As a matter of fact, for nearly three years, it has not been in circulation because of it being inconvenient for people. The general public has been well aware of its imminent ban or withdrawal sooner or later. So, only those who were engaged in the hoarding of black money business would have felt the shock. That is why, when the people watch wads of 2000 currency notes concealed by the hoarders in the boxes or cupboards, they get stunned. According to reports over six lakh notes of Rs 2000 were printed by the RBI way back in 2016 and if they are not much in public circulation, it shows that most of those notes must have been hoarded as black money. This step of withdrawal would certainly bring them to the surface and thereby substantially reduce the accumulation of black money. The second most important reason for the no effect of Rs 2000 currency notes is the extreme popularity of digital modes of payment