Mains Answer Writing - 9 Nov, 2026

GS3

Economy

15 marks

Ten years after demonetisation, cash in circulation remains high, while digital payments have grown significantly. Examine the major achievements and limitations of demonetisation in India.

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Tips for your answer

Distinguish demonetisation's intended objectives from actual outcomes, and avoid attributing all UPI growth solely to demonetisation.
8 November 2016; 86% of currency value withdrawn; 99.3% returned; ₹43.16 lakh crore currency in circulation (October 2026).
Do not equate cash in circulation with black money or assume that increased digital payments mean cash usage has disappeared.

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