Dear Madam / Sir,
The assessment of the Communist Ghadar Party has been accurately on target on the Note Ban. The past five years have provided ample evidence that the entire project was aimed at accelerating the growth of digital payments, benefiting numerous billionaire profiteers who have invested in payment banks and other financial technology (Fintech) companies.
The Reserve Bank of India has recently reported that the number of digital transactions increased from 593 Crore in 2015-16 to 3435 Crore in 2019-20. This works out to an average compound annual growth rate of 55%. The total value of such transactions grew from Rupees 920 Lakh Crores to Rupees 1,623 Lakh Crores during that period, which works out to an annual rate of 15%.
In August 2016, the RBI and the National Payments Corporation of India (NPCI) together launched the United Payments Interface, or UPI. It was a digital platform that was immediately adopted by 29 banks. By now there are 71 banks that allow transactions via UPI. The fact that it was set up just three months before the sudden announcement of the Note Ban is a significant fact to be noted.
The Lockdowns in 2020 and 2021, however effective they may or may not have been in restricting the spread of Corona Virus, seem to have been very profitable for the digital payment moneybags.
As for the claims of the Note Ban being aimed at reducing economic inequality, curbing corruption and terrorism, they are completely exposed as being the most colossal deception.
The Communist Ghadar Party of India deserves to be congratulated for throwing light on the Note Ban so soon after it was launched.