DEMONETIZATION IMPACT ON CASHLESS TRANSACTION

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Daljit Kaur

DEMONETIZATION IMPACT ON CASHLESS TRANSACTION

Authors: Daljit Kaur

Unique Paper ID: 170308
Volume: 11
Issue: 7
PageNo: 1062-1065

Keywords: Cashless economy corruption Black money India Digital Payments.

Abstract:
Money is thought of as the lifeblood of every economy. When the barter system failed to satisfy mankind's insatiable wants, money was created. Cash prevents "the two desires coincidentally. Through demonetization, its position as a legal tender monetary unit. On 8thIn the late evening of November 2016 in India, the Prime Minister accompanied the announcement of the demonetization with effect from November 9, 2016, Rs. 500 and Rs. 1000 Cash is not accepted except for certain vital services. A cashless economy is one where all transactions are carried out electronically or using cards. In a cashless economy, actual currency is hardly ever used. The Cashless Economy has several advantages. The quantity of cash that people must carry will undoubtedly decline as credit card use increases. It lowers the risk and expenses related to that. Demonetization aims to eradicate black money, money used by terrorists and Naxalites, counterfeit money, and illegal currency from the economy. By demonetization, the government took its initial move in the destruction of illicit funds and the introduction of transparency in the economy.

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Cite This Article

ISSN: 2349-6002
Volume: 11
Issue: 7
PageNo: 1062-1065

DEMONETIZATION IMPACT ON CASHLESS TRANSACTION

Available:https://ijirt.org/article?manuscript=170308

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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