Abstract: Demonetization is a act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change in national currency. The 8th November 2016 decision of India’s prime minister had immediately banned the legal tender of 500 and 1000 rupee notes of Indian currency. Consequently, from the mid night of 8th November 2016 citizens of India start facing problems related to the shortcoming of cash. Prior arrangements for demonetization were not sufficient. In these circumstances citizens of India had started e-payments for shopping and other recreational activities. This article believes that demonetization boosted the digital India programme and Cashless India Programme of Government of India launched in 2015. Article also focuses on the methods available and extent of digital payments in India. To make digital India successful we are hoping a more safe and secure information operational technology and consumer technology.
Keywords: Demonetization; Digitalization; E-Payments; Mobile Wallets; Internet Banking.
Title: Demonetization: An Initiative for Digitalization
Author: Dr. Suneyana Sharma, Kartik Kalra
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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