Write on demonetization in india was successful? 100 words

Demonetization means taking back off the old currency or issue the new currency in the economy.Demonetization was last done in 2016 in India. And it is observed that it was successful As it reduce the cash based transactions. After demonetization, people started to use digital transaction mode. Number of tax payers increased after 2016. People started to save more in the bank which leads to increase in credit creation.Transations through bank leads to less corruption in the economy. It removes the fake currency from the economy.it helped to flush out the black money. It create more formal economy as payment to labours are done through bank. Many positive impacts have been observed after the demonetization. 

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