In November 2016, the Narendra Modi government launched a monetary reform with a goal of increasing tax revenue and promoting economic activities through the legalization of the underground economy. According to this unprecedented step, large bills, which have accounted for 86% of currency in circulation, were banned, and new bills were issued. In India, the volume of cash payment is very high at more than 80% while in the U.S. and the U.K. cash payment accounts for about 20~25%. Furthermore, India is very low in credit card ownership rates and just about 50% in bank account utilization rates. The prime Minister's currency reform brought some turmoil such as cash shortages, but this has settled since March 2017.
With his strong desire to put an end to corruption, in addition, he has earned great support from the Indian people, and his party (The Bharatiya Janata party: BJP) won a landslide victory in the March election. From October to December 2016, India was as high as 7% in economic growth rates. With great expectation of an increase in tax revenue and further economic growth, the funds in India have maintained high yields.
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