Article Details

Moving Towards Cashless Economy | Original Article

Shruti Shakergayen*, Rahul Nayak, in Career International Journal of Social Sciences and Law | Social Science


The objective of this paper is to analyze the impact of Demonetization or moving towards the cashless economy. The current monetary system of India is paper currency or coin currency. After 8 November 2016 the government of India decided to ban on 500 and 1000 rupees currency for busting the black money and corruption. The government of India decided to getting the cashless system for purchasing any product, goods services. Now India promoted to cashless economy. The cash payment is not good it is a pain for us. The meaning of cashless is no paper money and no coins. It is without cash. It is totally electronic. We need to bring awareness of the cashless system and People of India moves to gain it. online transaction is a technological system that means every transaction with cashless technology. In which no need for exchange money. Credit card, Debit card, Mobile banking, Net banking, Digital wallet many types of facility could be count in cashless. Although, after all the people of India depends upon the cash. The peoples have credit card, debit card but they use it for only withdraw money through ATM not for direct purchasing the goods and products. Therefore, The India is a big step in this direction so we need to understand it and moving towards the cashless economy.