Govt Prioritising Lower Denomination Notes And Digital Transactions: Sitharaman|Economy News

New Delhi: Union Finance Minister Nirmala Sitharaman claimed on Saturday that the concern of the federal government is to “make sure” that money in flow will certainly remain in “lower denominations” and spreading out even more recognition for “doing digital transfers.”

Answering a concern on the future of Rs 500 money, Sitharaman claimed, “We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks.”

“We need to have more digital awareness built so that people see a benefit in doing digital transfers,” the Union Finance Minister claimed at the ‘National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures’ in the nationwide funding.

In current years, India has actually seen an unmatched surge in electronic purchases, noting a substantial turning point in its trip in the direction of coming to be a cashless culture. At the leading edge of India’s electronic repayment change is UPI with a document hit of 16.73 billion purchases in December 2024. .
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In enhancement to this, Immediate Payment Service (BRATS) and FASTag have actually become essential gamers, making monetary purchases quicker, extra obtainable, and safeguard. As of current information from the National Payments Corporation of India (NPCI), UPI has actually established a brand-new document by handling over 16.73 billion purchases, with a shocking deal worth of Rs 23.25 lakh crore. This is a noteworthy dive from Rs 21.55 lakh crore in November. .
.(* )2024, UPI refined around 172 billion purchases, noting a 46 percent rise from 117.64 billion in 2023.

In climb highlights a more comprehensive social change towards monetary inclusivity, with UPI being a main column.This