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Cashless Economy in India- Present Scenario, Potential, Prospect and Challenges: Post Demonetisation Impact

Cashless Economy in India- Present Scenario, Potential, Prospect and Challenges:https://www.amazon.in/dp/B06XDY34DJ/#
  • March 2017
  • Edition: 1
  • Publisher: amazon kindle;Amazon Digital Services LLC
  • Editor: ajit roy
  • ISBN: ASIN: B06XDY34DJ
  • Projects: 
  • Big Data and Data Science Initiative in India- Upcoming Job Opportunities: Big Data Job Opportunities in India (Big Data-Series-4) (Volume 1) Paperback • ASIN: 1535188790 • ISBN-13: 978-1535188791
  • Post Demonetisation-Cashless Economy-digital India

  • To combat black money, corruption, counterfeit currency and terror financing, government took decision on November 8, 2016 to ban Rs 500 & 1000 notes followed by putting a cap on withdrawals from banks and ATMs, Prime Minister Narendra Modi floated the idea of a cashless society. This is a public sector innovation unthought-of in history. A cultural-economic revolution in the making. But this surprise demonetization also pushed millions of new users onto the country’s digital economic grid by virtual fiat. Cash might be more expensive for the government, because of tax evasion, corruption and the need to keep recirculation old, spoilt, currency, and enabling transfers, but digital is very expensive for citizens. What is happening here is a transfer of cost of money from government to citizens, and a massive collection of data. Most Indians lack the means to use cashless alternatives, irrespective of their desire to do so. Resilience demonstrated by our countrymen particularly the poor, in the fight against black money and corruption, is remarkable. A digital economy is an economy which is tracked in real time. Each transaction is mapped. It will certainly help expand the tax net. India hopes to create a cleaner, more transparent economy via digitalization that will lead to an improved climate for foreign investment, boost economic growth, and ultimately propel the country to the next chapter of its emerging markets story. India is on the verge of massive digital revolution. Towards Digital Economy government initiated launch of ‘ two new schemes to promote BHIM app, including cash back scheme for merchants; Aadhaar Pay to be launched for people who don’t have mobile phones. This will not only help millions of Indians overcome the hassles of dealing in cash but also act as a significant step towards propelling India to emerge as a truly cashless economy. Nobel Prize-winning economist Joseph Stiglitz said at the World Economic Forum meeting in Davos, Switzerland, that the United States should follow Modi’s lead in phasing out currency and moving toward a digital economy because it would have “benefits that outweigh the cost. Cashless economy is a boon, Muhammad Yunus, founder of Grameen Bank and Nobel Peace Prize winner commented. Demonetization initiative and subsequent drive towards developing a cashless economy and subsequent likely impact as well as in depth analysis, insights and key highlights from experts are all presented in the compiled book entitled ‘Cashless Economy in India-Present Scenario, Potential, Prospect and Challenges Ahead’ For convenience of readers the book is divided into the following chapters. Chapter-1: Basics of Cashless Economy; Chapter 2: Mobile Wallets and Apps in India; Chapter 3: Government Initiative in Digital Movement; Chapter 4: Cashless Economy-Challenges and Prospects Chapter 5: Pros and Cons of Cashless Economy and Chapter 6: Next Generation Digital Payments Models in India: Present Scenario. It is expected that the book will be informative and useful for interested readers on this subject

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