Demonetisation, digitalisation in India: towards a cashless economy

Yerragola Prakash

International Journal of Business Continuity and Risk Management, 2019, vol. 9, issue 4, 333-349

Abstract: The present demonetisation differs in letter and spirit in terms of its impact on the country's economy front. It was welcomed as a prospective measure to curb the menace of funding terrorism, black money, hoarding of unaccounted assets etc. Informal sector finds it conducive as a viable alternative for pay cash transactions. There has been a substantial growth in GDP for fiscal year 2016 which was at 8%, declined to an all time low of 6.75% in 2017-2018. The Pradhan Mantri Jan Dhan Yojana made way to open 28 crore bank accounts across the country. Income declaration scheme and operation clean money recorded an increase by 1.8 million taxpayers additionally during post-November 2016. E-filing has considerably increased by more than 5 Lakh through electronic payment which has realized a fair sum of Rs.150,000 billion. Curbing of non-performance assets gave a further push to investment opportunities.

Keywords: demonetisation; digitalisation; cashless economy; black money; electronic payments. (search for similar items in EconPapers)
Date: 2019
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