India: Cash usage unchanged, fake notes rise ten years after demonetisation

This Deepavali marks ten years since Prime Minister <b>Narendra Modi</b> announced the overnight demonetisation of 86% of the country’s cash. The move aimed to curb black money and reduce physical currency reliance across the nation. Reserve Bank of India data show that cash usage remains largely unchanged after a decade. Meanwhile, the detection of counterfeit notes, particularly <b>₹500 notes</b>, has increased significantly. UPI transaction values have grown steadily year after year. The exercise has had little impact on reducing cash in circulation. Aims to curb black money remain limited. Digital payment adoption continues to surge despite persistent cash habits.