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Abstract
ABSTRACT
Demonetization announcement (2016) is a radical move towards the digital cashless economy in India. On 8th November, 2016 the Indian government executed a major policy change in economy by demonetizing
INR 500 and INR 1000 – the high value currency notes which aimed to push India towards cashless future. The main aim behind this step was towards digitization of India (Digital India) through demonetization and
at the same time to attack the scourges of counterfeit currency, currency used for terrorist financing, black money and corruption. The main objective of the study is to present the current status of India in usage of
digital currency and find the opportunities which are associated with such digital transactions in India. The study seeks to understand the challenges faced by a predominantly cash economy transitioning to cashless
economy by encouraging electronic money instruments, developing electronic financial infrastructures and spreading digital transaction habits among people.