*Associate Professor, Commerce, Kalasalingam University, Krishnankoil, India. e-mail id: anbalaganskc@gmail.com
**Prof. Head & Associate Prof. in Commerce, Sri Kaliswari College, Sivakasi, India
Non-cash payments–NEFT, IMPS, PPI, mobile banking, point of sale (PoS) terminals and National Automated Clearing House (NACH)–rose 6%, showing that digital transactions rose faster than consumption. This suggests that cash transactions have been reducing since January 2016. In this article, meaning of cashless society, origin, benefits and problems are discussed. Secondary data taken from RBI Bulletin relating to 2015 and 2016 were used for analysis. Cashless transactions would be helpful in the context of negative global inflation and quantitative easing. Going cashless would also reduce the levels of corruption prevalent in the country. Only time will tell if Indian citizens also favor cashless transaction methods over cash transactions and the effects of cashless transactions on the Indian society and economy. Negative interest rates might become applicable. Also, in a cashless society, individual transactions and incomes become accessible to legitimate parties like police or tax officials, and chances of hacking also increase.
Cashless, Legitimate, Corruption, Restrictions
