Cashless India: Challenges and Benefits

When large number of transaction are done through by using digital or cards modes it means there is minimum or no use of hard cash/physical cash. Cashless economy is that where the most of economic dealings or transfers are done with the amenities like debit cards, credit card, net banking and on line transactions by modes of e-wallets and using fund transfer. India was not prepared for this revolution of cashless however in actuality, it was happening. In the India, to make the good economic growth by the government of India by introducing the new policy of demonetization on 8th November, 2016 at 8:00p.m by prime ministers of Narendra Modi. The policy of demonetization has been improved the usage of online banking services and e-wallets, cheque. It alleviated the risk free transactions and helps to reduced instances of tax avoidance, reduce the threat of theft and money loss. Cash assists towards the crime as it is unidentified, and giant bills are mainly challenging. It is stress-free to carry and obscure. It will be help to the restraint generation of black money and also support to decrease real estate prices.. It correspondingly mounts the means for the opportunities of employment, raise the standards of living and equivalent economy growth of the nations. The present paper objectives to study Prospect and Challenges Way Ahead encountered by the government to form the cashless economy in the India. India is an amazingly cash-centric economy. In RBI paid Rs. 27 billion on unbiased the currency activity of issuance and management in the Financial year 2015, It might be evaded if we become cashless society of economy. The millions of new users are struggling into the country's digital economic grid due to demonetization policy. Cash chronicled for uphill of all transactions of 95%, the modes of acceptive electronic payments and vendors didn't make sure a card reader of 90%, workers were paid in cash by 85%. India is tiresome to develop its digital economy, added technological innovative digital payment methods, expansions in UPI (Unified Payments Interface), raise merchant acceptance, which permits monetary fund transfers betwixt any two bank accounts via a Smartphone, as well as a decrease in cash-based dealings by including a simpler form.