Volume : VI, Issue : XI, November - 2017

Cashless Economy in India and its Positive and Negative Impact

Gurcharn Singh

Abstract :

 Cashless India is a mission launched by the Government of to reduce dependency of Indian economy on cash and to ing hoards of stashed black money lying unused into the banking system. The country embarked upon this transition to a cashless economy when the government took the revolutionary step of demonetisation of old currency notes of Rs 500 and Rs 1000 on November 08, 2016. The Union government’s demonetization initiative and the subsequent drive towards developing a cashless India have invited its share of both icks and bouquets. The latest World Bank report has mentioned that the demonetisation will not have any long–term adverse effect on the Indian economy. But it will prove beneficial with growth of the Indian economy rising to 7.6% in fiscal year 2018. In India Liquidity expansion in the banking system post–demonetisation has helped the banks to lower lending rates, which in turn is bound to lift economic activity. This paper deals with the role of cashless economy in economic development and also reflects the positive and negative impact on the economy.

Keywords :

Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

Gurcharn Singh, Cashless Economy in India and its Positive and Negative Impact, INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH : Volume-6 | Issue-11 | November-2017

Number of Downloads : 1014

References :