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Informative Article | Economics | India | Volume 5 Issue 12, December 2016 | Popularity: 6.7 / 10

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Demonetization ? Metamorphosis for Cashless India

B. M. Saini

Abstract: A thought process has been started for Cashless India on 15th Aug.2014 when Prime Minister announced opening of Jan-dhan accounts on affordable cost for poor and unbanked areas under Financial inclusion. Under the same process, lastly on 8th Nov. at 8.00 p. m, he announced that i. e. from 9th Nov.2016, old notes of denomination of Rs.500/ and Rs.1000/- will not be in use except some life saving services for time being. Further, so many additions and modifications have been made in the above process. Perhaps the main thought behind demonetization was, first, to control the black money in the economy and anti money laundering which has been used extensively by terrorists. Second to increase E-transactions in the country. Though, result of the above will come in due course of time but it is sure that all developed countries are moving towards cash-less transactions. No doubt control of currency needs a huge expenses like printing, preserving, security etc.

Keywords: Demonetization, Metamorphosis, Cashless, India

Edition: Volume 5 Issue 12, December 2016

Pages: 1035 - 1036

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