Demonetization and cashless economy

Since the midnight of November 8’Th 2016 suddenly people of India faced a major currency crunch by finding Rs 500 & 1000 notes irrelevant for payment purposes. Since then the issue of India making less on cash dependent came into being. For a common man the term ‘cashless’ may sound as if India is going to become more rich i.e. by using less cash they can get more. But, certainly it is not so --Neither it is for the cash abundant people to use less-cash nor a move towards barter economy rather to transform India into relatively better economy. Now the Global economy has moved from the state of Star war to Digital war in which China has taken a lead over America by having biggest On-Line payments system and fastest computers. We are marching on 3G & 4 G their common people are running on 7th generation services. So the crux of the issue is how to make Indians to switch over to use more of electronic mode of payments even without changing the other economic parameters. We generally correlate level of education & adoption of latest technology, income status & and adoption of technology. But in this present although very short study we found that with respect to mode of electronic payment mechanism formal sector is significantly weak from demand side while informal sector is from both demand as well as supply side.