*Professor of Management, Department of Management Studies, School of Commerce & Business Management, Maulana Azad National Urdu University (A Central University), Hyderabad (TS).
**Professor of Commerce, Department of Commerce, School of Commerce & Business Management, Maulana Azad National Urdu University (A Central University), Hyderabad (TS).
Online published on 25 January, 2021.
A cashless economy is one in which all the transactions are done using cards or digital means. The circulation of physical currency is minimal. India uses too much cash for transactions. The ratio of cash to gross domestic product is one of the highest in the world-12.42% in 2014, compared with 9.47% in China or 4% in Brazil. Less than 5% of all payments happen electronically. The number of currency notes in circulation is also far higher than in other large economies. India had 76.47 billion currency notes in circulation in 2012–13 compared with 34.5 billion in the United States. The present Finance Minister of India talked about the idea of making India cash less society in his budget speech in 2016, with the aim of curbing the flow of black money.This paper presentsan overview and highlights challenges and opportunities of cashless economy in India.
Cashless, Cashless Economy, Physical Currency, Black Money
