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International Monetary Fund highlights salutary benefits of note ban

The International Monetary Fund (IMF) sees benefits in the medium-term from the demonetisation exercise which India carried out about a year ago.

“We see salutary benefits of demonetisation that took place a year ago. And there are potential benefits going forward,” William Murray of the IMF told reporters at the fortnightly IMF news conference.

Murray said the demonetisation did cause some temporary disruptions in economic activity, primarily, private consumption and small businesses due to cash shortages.

“(But) the effects are dissipating,” he said in response to a question.

“In the medium term, demonetisation could have possible effects, including through greater formalisation of and the information on economic activities and a more efficient payment system with a greater use of the banking system and digital payments,” Murry said.

The IMF is slated to come out with an update of its projections of India’s growth rate along with the rest of the world in January.

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