Global Journal of Commerce & Management Perspective
Open Access

Abstract

India’s Progressive Transition Towards Cashless Economy

Rajwinder Kaur

India is a cash centric nation. High circulation of cash encourages the corruption and hawala transactions. To break this grip, Rs.500 and Rs1000 notes were demonetised last year. The new policy of demonetisation has shifted India towards the digital era. Cashless economy is a state where the flow of cash is trivial and most of the transactions are performed through electronic channels. Digital economy unearths black money and control circulation of fake currency. This paper will throw light on the basic concepts, modes of digital economy and the initiatives taken by government to create cashless environment. This paper will also examine the perspective of people regarding cashless economy. Data has been collected using both primary and secondary sources and analysed using simple research techniques