Demonetization: An initiative for transparent and cashless economy

Indian government has taken unprecedented, bold decision, when it declared that from the 8th Nov, 2016 midnight onwards rupee 500 & 1000 banknotes will no longer be legal tender and instead of this new notes of Rs.500 and Rs 2000 note will be introduced. The reasons behind this historic action stated to resolve against the corruption, black money and counterfeit notes. The present article makes an attempt to evaluate the demonetization efforts of the government and tries to assess how far its objectives to curb the black money and making cashless India are achieved. The study is based on secondary data and it shows that painful experience though the whole nation experienced yet through this effort the question of black money has emerged to the center stage and we are moving towards becoming a less cash economy.