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Do you still believe that India is a Cashless society after demonetisation?


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J-K: Rs 1.44 crore cash, jewellery worth Rs 2.48 crore seized in IT raids

The Income Tax (IT) department on Thursday conducted search operations at five locations in the Kashmir Valley and seized undisclosed cash amounting to Rs 1.44 crore and unaccounted jewellery worth Rs 2.48 crore. Few places in Jammu were also raided. The department also recovered undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir valley. Concealed financial transactions of nearly Rs 17 crore were also found by the IT sleuths. (ANI)

Read more at: http://www.sify.com/news/j-k-rs-144-crore-cash-jewellery-worth-rs-248-crore-seized-in-it-raids-news-national-tdqaJ0gfdjjcd.html


Well-known member
The Indian government’s effort to demonetize has hit some speed bumps — namely, a lack of preparedness and an unwillingness among the country’s citizens to fold up their cash. It issued a ban on the nation’s higher denomination 500- and 1000-rupee notes in November 2016, essentially deeming 86 percent of its currency invalid.

Though the ban was intended to shift India into the digital economy fast lane, improve tax revenues and crack down on corruption, cash continues to play a strong role in India nearly two years into effect. In fact, the currency in circulation was valued at Rs 17.78 trillion as of February 2018 — roughly 99 percent of the value of notes in circulation prior to demonetization, according to the Reserve Bank of India (RBI).

To put it mildly, India’s push to go cashless has fallen so far short of its goal. Part of the reason for that, according to Hugo Erken and Wim Boonstra, senior economists at Netherlands-based financial services firm Rabobank, is that the government did not lay the proper groundwork for the transition to digital currency before implementing the cash ban.
PYMNTS recently caught up with Erken and Boonstra for insights into India’s demonetization experiment, including the lessons the country can learn from European nations that have successfully pursued their own demonetization plans.



Well-known member
Let me share my own personal experience on how far we have achieved cashlessnes

1) In REAL ESTATE -DeMo came in Nov 2016 and we purchased a property during Jan-March 2017 . The Payment was purely in Cheque as both the buyers and sellers were NRIs and since the property was on loan the loan had to be cleared first through cheque and both were the parties involved were honest tax payers from salaried class . So no extra money in cash was paid .
The advocate who drafted the sale deed etc took payment in Cheque and also gave a receipt .
Now coming to the Cashless part - there were lot of middle men involved in doing the other services like getting the Power of Attorney registered , working with the sub registrar to get the deal done smoothly etc etc and their service charges were only paid in Cash and they refused to take in Cheque or any other alternative method . This was when there was a big cash crisis .

2)PRIVATE DOCTORS - I went to a Dentist in Dec 2016 to do my dental work and it involved 2 sittings costing each Rs.800 per sitting . He was a Prominent Dentist having his own personal clinic ( smal but quite effective ) and we were his regular customers . He too refused to take any alternative method of payment like Credit Card or PayTm and told he has to be paid in Cash and if we do not have we can pay later and that is the only concession he gave his customers . Also he never provides any receipt for the same and after DeMo also he did not do the same .
He will be making lakhs per month but no receipt for anyone .
I have not visited him after that and do not know whether after GST got introduced he has made any changes to the way he is charging and billing people .

There was a Chips and Snack shop that was small and making brisk business and after DEMO they introduced PayTM and Credit Card facilities and they still continue to do the same and also give receipt . So they have now moved to both cash and cashless payments

4) CAB DRIVERS - There was a private CAB Service in Chennai whose services I was regularly using before I shifted to FAST TRACK for package tours and he accepted cheque or online transfer but preferred cash . Most of the Fast Track Drivers who own cars though have bank accounts prefer only cash payments and are uncomfortable taking in payments through PayTM or online transfer .

5) Shops in my GATED COMMUNITY - I stay in a gated community and there are 2 shops ( Groceries and Vegetable shop ) and they take both cash as well as Card Payments and the Association has made it mandatory for all payments to be done to the association only via cheque or online transfer ( no cash ) and all vendors will also be paid only through cheque or online payment and not in cash .

6) Local Pharmacy - There is a Phamracy shop near my apartment and I send him medicine list needed for my mother through whatsapp and send him the payment directly to his account through online transfer and he delivers the medicines to me at home . He also takes Credit Card Payments .

7) Local Milk MAN - The local Milk Man who delivers Aavin Milk packets early morning to my home accepts payments by Cash , or Online Payments and I transfer money to him online .

8) News Paper Man - he still prefers payment in cash and it is OK as amount is not much .

9) My servant Maid - payment only in Cash and no other method of Payment .

10) My Family Vathiyar - I make payments to him for the Annual Shraddam of my Father and also for Mahalaya Ammavasya only online to his account and no cash .

So in all I am forcing to make payments maximum through card or online transfer and except for that Local Doctor and some CAB DRIVERS I am quite successful as of now .I personally avoid dealing in Cash as much as possible and buy stuff online or through Cards Offline and not having much trouble .

Janaki Jambunathan

Well-known member
I think the answer is yes and no or may be in between for sure!

My experience

1 ) Before demonetization I never used a card though I had about 10 cards thrust on us by the banks - never asked for it. Now we don't carry cash and no scope of cash receipts since Jambu is no more in active practice! All our investment returns and rental income directly credited to bank accounts - I use credit cards more often - The debit cards once in a while to keep them active as per bank norms!

2 ) A few approached me to buy my house in Madurai - thinking that it is for sale though it is not (I will hold it as long as I am mobile and can manage ) with tempting offers - but the hitch - Draft for guide line Value and the difference bet market value & guide line value by cash -the demonetization has failed here!

The truth seems to be somewhere in between!


Well-known member
We are small people dealing in lakhs not in crores.

We can use cash or cards [debit or credit].

I do not think anyone cares as economy has changed and become a high cost economy.

Most transactions are on line [monthly bills for power,water provision,ready to eat foods] and easy to pay

thru various sites.

Most of senior citizens do not pay any direct taxes and filing returns [I have an income tax lawyer who takes

care of me and my family] is only a formality.

We avail all types of subsidy [power and water due to AAP govt in delhi], senior citizen concession in trains,

buy cheap air tickets booking six weeks in advance thru some advance planning.

One can live pretty well without a care .

One has to struggle to make crores like some do working in MNCs and foreign IT companies.

As brahmins, we have taught our children to be only monthly wage earners though earnings may be half a

crore per year and more

Brahmins are not fit to engage in start ups and making big money which only banias do.

We lack risk taking acumen and feel happy making small cash and saving some.

We can abdicate totally and leave it to next generation to think big and become multi millionaires.


Well-known member
After demo, and IT notices to common people, in my limited experience, some people have completely moved to cash.

They have smartly shut down and closed their small and medium companies, and opened a informal setup with the entire business in cash only. No digital trace to avoid IT issues.

So much for cashless!! LOL.
I had travelled to bengaluru & Hyderabad recently where it is cash less transactions even for small amounts like paper milk vegetable auto etc. In fact both my daughter & son in law dnt carry cash. However in Mumbai I pay everything by cash provision milk etc. Even though Paytm banner is there in most shops here I see cash transactions only.
My opinion is young generation mostly IT proffessional have changed to cashless on line payments. This change is after DEMo

Janaki Jambunathan

Well-known member
Even if you choose COD (cash on delivery) option for your online orders (amazon flipkart or Netmeds) the delivering person usually carries a hand held equipment for you to swipe your card - at my address in OMR but not in Madurai where only cash is accepted . I pay my maid by cash in OMR - Madurai maid gets money transfered to her A/c by mobile banking ! The cashless transactions are gradually getting popular with middle class people other than in IT sectors as well . For Ola rides I use wallet.


Well-known member
Okay. But what is the benefit of going cashless in an economy ??

It does not create new businesses, does not create new jobs, does not create any additional economic activity !! It is useless as an objective !!

Somehow this govt has created a propaganda jumla that cashless means something great !! And what is that ?? As usual a "big nothing" !!! LOL.

Only such jumlas can happen in india !!!

Janaki Jambunathan

Well-known member
Simple it leaves a trail cash transaction doesn't and encourages Black money to circulate , tax evasion by not billing - creating parallel economy which is the bane of India.


Well-known member
Not true. Cashless does not improve tax compliance. Remember how our black market kings deposited 1000s of crores in Jan dhan accounts !!

Income tax is not monitoring Paytm and digital wallet. Also those who want to beat the system will create a complex web of digital transactions to confuse the tax authorities like how people do in western countries !!


Well-known member
And it is not possibles for IT to monitor over billion people's digital transaction and identify tax evasion. No integrated systems and advanced analytics in place.


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If cashless had huge advantages, the western economies, Japan and China would have adopted this in a big way to gain competitive advantage !!


Well-known member
Finally, income tax collections have not increased after demo and cashless. Remember GST collection are way down as per the govt itself !!


Well-known member
The Present Parliament elections all over India in General especially in TN is going to see huge role of Cash . Already crores are being seized now onwards and we have to wait and watch how much more will be seized but what is seized is just a fraction of what goes unnoticed and the Politicians have smart ways of moving & distributing money


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How is parallel economy a bane on india ?? Parallel economy distributes wealth more effectively to the poor than any govt scheme !!

And so what if govt does not get the additional tax revenue?? None of the govt schemes ever reaches the poor anyways. Not to forget, tax money is spent on statues, museums, and many useless things when 100s of millions are starving !!

Black money guys spend money on drivers, maids, workers, etc.. without thinking twice. White money guys like us will not spend on any of this. And we will drive our own cars everywhere.

In the world of economics, there is nothing called white money and black money. It only deals with flow of money and how effectively creates economic activity and wealth.


Well-known member
The Present Parliament elections all over India in General especially in TN is going to see huge role of Cash . Already crores are being seized now onwards and we have to wait and watch how much more will be seized but what is seized is just a fraction of what goes unnoticed and the Politicians have smart ways of moving & distributing money
LOL. So much for going cashless and eliminating corruption !! All this govt had to do was setup Lokpal, eliminate political and bureaucratic corruptions by total transparency in govt deals and schemes.

Instead it has waged a disastrous war on small and medium "appavi traders and farmers" who are all now struggling like fish it of water !!

So in this extraordinary crisis for our poor people due to such a man made disaster of demo and GST, I will support, this tragic cash for notes as an exception. Somehow let our poor people get some money into their hands !!


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Despite such tragedy and such open protests from farmers all over country for over 2 yrs continuously, our right wingers want us to re-elect this govt. Not even God can save our India !!!


Well-known member
My advise to people -

1. Question everything - don't fall for propaganda. Cashless means somehow it has to be good, parallel economy means somehow it has to be bad. Etc.. Demo and GST somehow has to be good because the govt is saying so.

2. Just because this party is in power, does not mean corruption in govt has been eliminated. And somehow all our corrupt bureacrats have overnight become real harischandrans and delivering lots and lots of goodies to the poor. LOL. Nice chandamama story by our right wingers....lol.

3. Analyse everything - even if cashless bring some benefits, are they significant ??

4. And by improving tax compliance and putting more money into the hands of a corrupt govt bureaucrats and politicians, how will this country improve ?? Remember, less govt is always better. Privatisation is more efficient.

5. Most importantly, our jobs as citizens is to hold this govt feet to fire and demand performance. Not to beat drums for the govt and the party.


Well-known member
Only the following people will be interested in Cashless dealing
1) Salaried people
2) Honest Tax Payers and Honest Business men who are willing to be transparent in their dealings

The following people are honest and interested in Cashless dealing but afraid of Cashless dealings as they fear technology , online transaction
1) Senior Citizens especially those who have no background in IT or staying alone
2) People moving from Low Income Group to Middle Income Group and getting introduced to Banking for first time
3) People who have poor IT Exposure
4) People in Tier-2 , Tier-3 towns which do not have good IT Infrastructure for efficient and smooth online transaction
5) Very small business men who sell products that are low priced and so better to deal with cash

People who are never interested in Cashless dealings
1) Business men who want to avoid tax
2) Film People
3) Real Estate People ( especially in Tier-2 Tier-3 Cities )
4) Private Doctors , Private Advocates who do not give bill to their clients
5) Politicians for receiving donations and also for spending money during elections
6) People involved in Pseudo Spiritual or Pseudo Religious activity - they use it to convert black money to while
7) People involved in Hawala , Drugs , Brothel and many other illegal dealings
8) Educational Institutions who collect fees both in Cheque ( with receipt ) as well as in Cash ( without receipt )
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