Demonetisation of Indian banknotes took place in Nov-Dec 2016 and wreaked havoc on various sections of the society including businesses. But it also led to a change of how people used their money as the cashless agenda was pushed forward. As someone who isn't a fan of FIAT currency it didn't make any major difference in my spending habits.
Over the past 4-5 years I had already begun using my cards over cash for day to day expenses and now with Google Pay, Paytm, Credit & Debit cards being widely used across the country, the need to carry any substantial amount of cash is reduced for most of the circumstances.
Infact, I generally carry fewer than a couple of hundred Rupees with me at any point in time. My reliance on digital payment systems and cards are a lot higher.
It's partially because digital transactions solves my headache during the annual audits. All expenditure is recorded so there's 100% transparency as far tax audits are concerned. Which is a plus especially when your life revolves around cryptocurrency.
My hometown is relatively safe so carrying cash in the pockets is no issue even in crowded areas but I just hate sitting on a bulky wallet. It's just so much easier to carry one card and make payments through that or do them digital.
Mostly I end up using my cash for parking fees which are very nominal amounts in India, $0.30 cents or 20 INR for 2 hours in my city at the malls if you visit for a movie or two or for similar miscellaneous expenses.
But on the downside, going digital means the government can easily freeze your accounts and if you don't use cash at all you're screwed. That's why it's great to be able to use cryptocurrencies and one of the major reasons why India captured more than 10% of the global trade volume at the time.
If you are from India, how did your spending habits changing post demonetisation?
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