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Demonetization: A Year Later

How India Is Moving Toward a Digital-First Economy On November 8, 2016, India’s government did something that no other government had attempted before at the same scale: It decided to remove 86% of the country’s currency notes by value from circulation. Over the months that followed, more than 1 billion people participated in a “reboot” of the country’s financial and monetary system. .......... a threshold moment in India’s digital transformation. .......... a government payment system created in 2016 that was processing 100,000 transactions per month in October of that year, prior to the sudden demonetization. A year later, after demonetization, the same system is processing 76 million transactions per month. ........ the country’s economy is operating with $45 billion less cash than it did prior to demonization ......... the largest-scale tax reform ever implemented at a single time: the replacement of a complex web of 17 different taxes with a single Goods and Services Tax (GST…

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