Financial Sorcery

The free transactions offered by United Payments Interface, or UPI, systems are a major factor in why digital payment use has advanced in India. The UPI system allows users to send money to any bank account or pay bills through a single app without any hassle.  However, in its discussion paper dated August 17, the Reserve Bank of India requested feedback from stakeholders on the notion of implementing a charge for the system, if transactions surpassing a specified amount may be invoiced.  Furthermore, the ministry declared in a tweet that "UPI is a digital public benefit with enormous convenience for the public and productivity gains for the economy." and that it will remain a free service, and the government is not thinking about charging for UPI services.  Thus, the topic of how UPI service providers such as Google Pay, Paytm, and PhonePe generate revenue is raised. In the absence of revenue from charges on transactions, UPI service providers have additional ways to mon...

2,000 Rupee Note Observes Dramatic Decline in Circulation Over Past Six Years.                         Higher denomination bills are rarely seen at bank ATMs or other transactions. This is due to a discrepancy between the quantity of Rs. 2,000 notes in circulation, which was issued after demonetization, has dropped dramatically over time and now represents 13.8% of the total amount of notes in circulation, down from 50.2% in 2017. and the rate at which they are produced in daily transactions and suspected cash hoarding due to their great value. This has resulted in a drop in the overall quantity of notes in circulation during the past six years. A department official at the Telangana Secretariat named RR Murthy claims that the lack of bigger denomination bills also makes transporting cash difficult. For instance, if one had to take 20,000, at the very least, 40 notes of 500 would be needed instead of 10 notes of 2,000. For the ...