Published Paper Details:

Abstract Demonetization is considered as a first biggest and successful step to transform India into a cashless economy. The premier object to transform India into a cashless economy is to curb the corruption and menace of black money from the country, to reduce the cost of making and handling paper money, terrorist activities and cutting of trees for printing notes, and also to bring more transparency in every sector of Indian economy. The prevalent Modi Government is making all possible efforts to transform India into cashless or digitalized economy. During demonetization the government even encouraged people to use many electronic payment methods rather than cash to reduce the use of physical cash and the people may be accustomed with the use of various electronic payments. Hence, this paper is an attempt to study the various problems faced by the people during demonetization and the need to transform India into a Cashless economy. It also discusses the various electronic payment methods used by the people, the frequency of using these methods during demonetization and after the expiration of it and also to examine the reasons of changing habits in using electronic modes of payments. Apart from that this paper also focuses on the various challenges or hurdles that India is facing in transforming itself into a Cashless Economy.