Volume : 4, Issue : 3, MAR 2018
A DEMOGRPHICAL PERSPECTIVE OF DEMONETIZATION AND CASHLESS ECONOMY IN BENGALURU CITY.
SINDHOORA.S, ZAINAB.H.L, MS. AMEER ASRA AHMED, DR.SATYA SIDHARTHA PANDA
Abstract
Demonetization is the act of stripping a currency unit of its status as legal tender. The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins. Recently India has faced a similar situation. In the month of November 2016, PM Modi had banned the circulation of Rs.500 and Rs.1000 notes because of increase of crimes in illegal activities in India and replaced those old notes with new 500 and 2000 rupee notes. This created chaos in the country, even though it was done for a good cause, people did face millions of problems. It might be students not attending classes as they were stuck in queue, labours not getting their daily wages, real estate business crashing down and what not. This situation also had good side like people started to prefer online payment. Retailer shops, auto drivers, cab drivers, hotels etc started offering services like Paytm etc. Which helped us a lot, and also encouraged people towards cashless economy? People who neglected these services like net banking, paytm, flipkart, paying bills online etc., before, they eagerly learnt them and started using those services. People starts finding alternative for cash. This also educated country about a cashless economy. So tomorrow if India has to face a situation like this, they won’t panic and complain, they will face it. In this study we aimed to find out what people in Bengaluru city thinks about India being a cashless economy. Will that be a boon for the country or a bane for our country; and also what does different age group think about the cashless economy.
Keywords
Demonetization, Cashless Economy, Currency.