Cashless economy in India- Challenges and opportunities


 In India  most of the transactions are done in cash, the currency demonetization  has provided an opportunity to give a big thrust to electronic transactions to improve transparency and weed  out black money. These transform the lives of people in many ways and will empower the society in a better manner. One of the most recent effect has been the move towards a cashless economy in India. Starting with the note ban in November 2016 due to sudden withdrawal of the notes of Rs. 500 and Rs. 1000 denomination from the economy, the Indian economy is going cashless. These are having a multiple implications on the economy. Today, every nation wants to be fully digitalized and this programme strives to provide equal benefit to the user and service provider. Hence, an attempt has been made in this paper to understand impact of digitalization on the economy, the challenges the policy makers have to face in implementing and also the repercussions on the lives of the people as a whole.

Key Words: Cashless Economy, Digitalization, Demonetization

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