Govt prioritising lower denomination notes and digital transactions: Sitharaman

Govt prioritising decrease denomination notes and digital transactions: Sitharaman

Union Finance Minister Nirmala Sitharaman said on Saturday that the precedence of the federal government is to “make sure” that forex in circulation will likely be in “lower denominations” and spreading more consciousness for “doing digital transfers.”

Answering a query on the future of Rs 500 forex, Sitharaman said, “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 said on the ‘National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures’ within the nationwide capital.

In current years, India has witnessed an unparalleled rise in digital transactions, marking a major milestone in its journey in direction of changing into a cashless society.

At the forefront of India’s digital cost revolution is UPI with a report hit of 16.73 billion transactions in December 2024.

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In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal gamers, making monetary transactions quicker, more accessible, and safe.As of current data from the National Payments Corporation of India (NPCI), UPI has set a new report by processing over 16.73 billion transactions, with a staggering transaction worth of Rs 23.25 lakh crore. This is a notable soar from Rs 21.55 lakh crore in November.In 2024, UPI processed round 172 billion transactions, marking a 46 per cent improve from 117.64 billion in 2023. This rise underscores a broader cultural shift towards monetary inclusivity, with UPI being a central pillar.

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