Digital transactions dip by 21 per cent in Jan-April 2017

New Delhi: Post demonetisation, the digital transactions witnessed a massive of 4,000 per cent jump in terms of value between November 2016 and April 2017 throughout the country.

However, despite government’s exhortations to people to go digital, between January and April this year, the number of such transactions had receded by 21 per cent during this period.

Also, it has decreased volume-wise as in January 2017 these transactions were 3,14,000 crore but they slipped down to 1,88,000 crore in April this year.

According to data given by the government for the period between November 2016 and April 2017, in November, the value of digital transactions stood at Rs 7,302 crore. But, within a month, these transactions witnessed a phenomenal jump of 5,128 per cent and moved to Rs 1,03,718 crore.

Between January 2017, the value of digital transactions sky rocketed further to Rs 3,81,760 crore. In terms of value, from Rs 7,302 crore worth of digital transactions in November 2016, these jumped to Rs 3,01,650 crore by April 2017, marking an enormous rise of 4,000 per cent.

However, as soon as new notes of Rs 500 and Rs 2,000 denomination started to become easily available, the digital transactions witnessed a dip in terms of both value and volume.

Value-wise, from Rs 3,81,760 crore in January 2017, these witnessed a 21 per cent fall in April 2017, when the figures read as Rs 3,01,650 crore.

This showcases that the people are gradually going back to normal cash transactions. However, the Centre is yet to come out with the details related to actual quantum of money which came back to the system by December 30, 2016. This date was marked the last day for depositing old currency notes, after the demonetisation exercise was announced on November 8, 2016.