Volume : VII, Issue : I, January - 2017

Making towards a Cashless Economy: Challenges and Opportunities for India

Meenu Jain

Abstract :

 Worldwide there is tremendous interest to explore the possibility of moving towards a cashless economy. Cashless economy is a situation in which the flow of cash within an economy is non–existent and all transactions are done through electronic media channels . Ours is a cash based society as most of people are illiterate, poor engaged in small transactions , having less banking habits , inaccessible banking services, lack of infrastructure to support non–cash payment and internet connectivity. For them cash is the most convenient and easy form of medium of exchange ,free from hassles .Today,when  credit cards and online payment services are becoming increasingly popular in urban India , paper currency  notes are still an essential part of daily life. Cash  provides individuals and families with liquidity .With the announcement of The Government of India (GoI) on 8th November 2016 about the demonetization of existing INR500 and INR1,000 currency notes and introduction of new notes , Indian economy has moved  towards a cashless economy . This move  will achieve the twin objective of economic growth and financial inclusion alond with less  maintenance costs of currency and proper  records of financial transactions and counterfeit currency .

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Meenu Jain, Making towards a Cashless Economy: Challenges and Opportunities for India, Indian Journal of Applied Research,Volume : 7 | Issue : 1 | JANUARY 2017

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