Finance Minister Arun Jaitley on Monday said compulsion of going digital post note ban has become a habit and e-payments will gather pace on account of government initiatives and technology advancement. He further said high denomination currency circulation has come down in terms of volume after demonetisation of Rs 500 and Rs 1,000 notes that came into effect from November 9 last year.
“Obviously in the month of November, December and January, a lot of people went in for digitisation in terms of mode of payment more out of compulsion rather than finding it a more convenient method to transact, but that compulsion created a habit for many,” he noted. “We reached a peak figure (after the demonetisation), then it marginally slipped and is now bound to pick up again,” he said after the launch of mobile app Tez -- a Hindi word which means fast -- for digital payments developed by Google for India. Various Government initiatives to encourage digital transactions are going to make a major advance in that direction, he added. Referring to the benefits of demonetisation, the FM r said the high denomination currency in circulation has come down.