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Briefing
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- Dropped notes – Indian Prime Minister Narendra Modi abolished INR 500 and INR 1,000 paper currencies from circulation and introduced withdrawal limits from ATMs and banks
- India’s unbanked – New policy will get country’s unbanked, currently estimated at 233 million in 2015 from over 400 million in 2014, to open bank accounts and trade their old notes
- Digitization – Along with Unified Payments Interface (UPI) policy facilitating digital money transfer between banks, policy pushes country’s shift to digital which offers lower transaction costs and fosters innovation and growth
- Illegal activities – Counters distribution of fake notes and wades off corruption by digitizing transactions
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