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
Related Articles
- EP ID EP460711
- DOI -
- Views 78
- Downloads 0
Effect of Urea Catalytic Converter on Performance And Emission of C.I. Engine Using WPO Diesel Blend
Diesel engines are widely used in heavy duty applications like transportation, power generation etc. but the quantity of diesel is limited in the world. So the price of diesel increased as the use of diesel increased day...
EFFECT OF NON-UNIFORM HEAT SOURCES ON NON-DARCY MHD MIXED CONVECTIVE AND MASS TRANSFER FLOW IN A VERTICAL CYLINDRICAL ANNULUS WITH CHEMICAL REACTION, THERMAL RADIATION AND THERMO-DIFFUSION
We discuss the non-Darcy free and forced convection ow of a viscous uid through a porous medium in a Co-axial cylindrical duct where the boundaries are maintained at temperature Tw and Concentration Cw. The governing e...
CORONARY ARTERY DOMINANCE – A CADAVERIC STUDY WITH CLINICAL PERSPECTIVES
Background of study: In the clinical scenario of increasing the coronary artery disease, the knowledge of coronary artery dominance in Keralite population will be helpful to clinicians for planning interventional pr...
MATERNAL AND PERINATAL OUTCOME IN OBSTRUCTED LABOUR
Background- Obstructed labour is a life threatening obstetric complication associated with significant maternal and fetal morbidity and mortality .Maternal mortality is largely due to PPH, puerperal infection or rupture...
Ethnomedicinal Plants Used Against Skin Diseases in Asansol Raniganj Coalfield Area of West Bengal, India
Every tribal community in India has some species of ethnomedicinal plants which are considered essential for its survival and well being. Asansol Raniganj coalfield area in West Bengal is an important mineral resource ar...