Reported By: Local Circles
Last Updated: November 08, 2023, 12:41 IST
While UPI and different digital cost mechanisms have decreased the quantity of money transactions, money in circulation within the financial system has solely elevated from 17 lakh crore in November 2016 to 33 lakh crore in October 2023. (File Photo)
The knowledge exhibits 76% of those that purchased a property within the final seven years had to pay a part of the worth in money; 15% paid over half the quantity in money
In the final seven years of demonetisation, UPI (Unified Payments Interface) has reworked how Indians pay for services and products however massive money funds have been nonetheless made for to purchase property or land.
The survey performed by LocalCircles exhibits 15% had to pay over 50% money to purchase a property, land or workplace; 18% indicated that the money part was 30-50%; 28% had to pay a decrease part of 10-30% and 15% of respondents indicated 0-10%. However, 24% of the respondents have been in a position to full the transaction with out paying any half in money.
The knowledge exhibits 76% of those that purchased a property within the final seven years had to pay a part of the worth in money; 15% paid over half the quantity in money.
The development factors to money part in property transactions rising as soon as once more with solely 24% indicating not paying cash as in opposition to 30% two years in the past.
The survey additionally sought to learn how many households are nonetheless utilizing money to make purchases. Out of 11,189 residents, solely 15% indicated that they don’t do money transactions and three% of the respondents opted for “can’t say”. Around 56% stated 5-25% of their family purchases have been in money and and not using a receipt; whereas 18% shared 25-50% of their purchases on common have been in money and and not using a receipt; and eight% indicated 50-100% of the objects they purchase have been on money and not using a receipt. As the information exhibits 26% of customers surveyed indicated that over 25% of their common family purchases have been in money and and not using a receipt.
Another class of those that used to use money for 50-100% of their family purchases has dipped from 15% in 2021 to 8% this 12 months. However, these spending 25-50% in money with out receipt has elevated from 15% in 2021 to 18% in 2023. There is not any change within the proportion of customers making money purchases for 5-25% of their family purchases.
When requested for which classes of merchandise have you ever spent/ paid a large portion in money? 59% of the respondents indicated groceries, consuming out and meals supply; 7% indicated for purchasing long-term property or property, jewelry, used autos; 4% indicated shopping for devices; 7% talked about “other” purchases not listed above and 4% gave no clear response.
Many nonetheless use money for providers like haircut, paying wage to home assist or house restore contractor. When requested for which class they made the cost with out taking the receipt, 34% indicated salaries of home workers and private providers and residential repairs, 18% additionally included journey whereas 6% indicated “others” not listed above.
While UPI and different digital cost mechanisms have decreased quantity of money transactions, money in circulation within the financial system has solely elevated from 17 lakh crore in November 2016 to 33 lakh crore in October 2023.
The survey obtained over 44,000 responses from residents situated in 363 districts of India. 67% respondents have been males whereas 33% respondents have been ladies. 44% respondents have been from tier 1, 32% from tier 2 and 24% respondents have been from tier 3, 4 and rural districts.
