Why PM Modi idea of currency demonetization is a master stroke towards becoming Developed Economy?

Introduction:

1. India have a lot of ATM and SBI Branches even in remote areas. 
2. A common people hardly keep more than 5-10k at home for his day to day expenses.
3. A common and honest person hardly have more than 5-6 Notes of 2,000 Rupee Notes.
4. A poor people hardly will have more than 5-6 Notes of 2,000 Rupee Notes.

People using UPI and PayTM:

1. In cities like Lucknow, Kanpur, Bengaluru, Hyderabad very few people using Cash as even small golgappa seller also accepts PayTM.
2. People are using UPI and PayTM, Google Pay, PhonePe for even small expenses now a days.

Encourage or force people to use UPI and Digital :

1. Singapore and other developed Nations are now making people aware to use UPI and Digital as much as possible and reduce the Cash use.
2. The more and more people use Digital Payments and UPI, it will reduce Black Money and bring more people under Tax regime.
3. We must reduce printed currency, Automatically people have to use digital money transfer.
4. This bring down unaccounted business practice, Black marketing, almost all payments in white money helps economy of the country to boost up.
5. Indian Economy will become like China and USA if around 80-90% people start using Digital Payments and UPI instead of Cash.

Why Currency Demonetization is required?

1. Government must do currency demonetization regularly in every 3-4 years so that those corrupt people who are keeping huge cash will be caught and punished.
2. If government will do currency demonetization regularly in every 3-4 years, common people will know that currency may be demonetized again and so they will move to Digital Payments and UPI instead of Cash so that they will not have any trouble to go to bank to exchange currency. This will make people self aware about Digital Payments and UPI instead of Cash.
3. If government will do currency demonetization regularly in every 3-4 years, people will have habit of telling these information to their child and then it will become an awareness in society and people will will move to Digital Payments and UPI instead of Cash.

Conclusion:

Why a poor person will hoard huge 2,000 Rupee Notes if he is poor?

A poor people hardly will have more than 5-6 Notes of 2,000 Rupee Notes.

It's only corrupt people who will hoard 2,000 Rupee Notes.

Government must do currency demonetization regularly in every 3-4 years so that those corrupt people who are keeping huge cash will be caught and punished.

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