DEMONETISATION IN INDIA: ADVANTAGES AND CHALLENGES
Journal Title: IJAR-Indian Journal of Applied Research - Year 2017, Vol 7, Issue 9
Abstract
This paper focuses on the Demonetisation of all Rs 500 and Rs 1,000 banknotes in India. The main Objectives behind this move were to unearth black money, to put check on corruption, curbing of terror nancing, and demolish counterfeit currency. Another motive of the government was to create a cashless economy. Cashless transactions have the benet of transparency i.e all transactions can be traced and tracked. This helps the government to track payment to terrorist organizations and other anti-national activities. According to Government of India the cashless policy impact will be felt in modernization of payment system, Convenient mode of payment, Capital formation , Unearthing of black money, Tax collection improve , Terrorist and naxalites funding control, Transparency and monitoring, Reduction in the cost of banking service, Reduction in high security and safety risk and also curb banking related corruption. Demonetisation has encouraged the entire economy to use less cash but has left various challenges for the people like India is a currency dominated economy. It is noticed high level of cash circulation in India. The biggest disadvantage of the cashless economy is that not everybody has the knowledge of doing digital transactions and hence its reach is limited to urban and semi-urban centers only. The biggest fear is the risk of identity theft. Another demerit of the cashless economy is that digital mode of payments like the credit card, wallet payments, internet banking involves some transactions fee which is not the case with cash transactions. As one can see from the above that cashless economy has advantages as well as disadvantages and any government thinking of adopting cashless economy model should carefully analyze the merits and demerits and then take the decision as the cashless economy cannot be imposed on the people rather it can be gradually adopted by the people of the country.
Authors and Affiliations
Dr Virender Koundal
Keywords
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