Volume : 10, Issue : 9, SEP 2024

DEMONETISATION TO DIGITALISATION - ISSUES AND CHALLENGES

RIDHIMA, DR. (PROF.) PANKHURI SAXENA

Abstract

The 8th November 2016 demonetization of the Rs. 500 and Rs. 1000has played havoc with the lives of common man as regards in purchases and travel. With the withdrawal of these notes and introduction of a Rs 2000 note, a higher denomination note, routine transactions were affected. As the replenishment of new notes was delayed and tempers flared, the government began putting together mobile based payment ecosystem to mitigate the hardships of people. Apart from plastic cards, e-wallets, mobile payments, government sponsored Aadhaar based payment system have been introduced to wean away people from using cash. The basic premise of government for demonetization was ostensibly to curb parallel economy and to address other pressing national issues. Based on secondary data, the paper attempts to find out the various issues and challenges, different modes of payment available post-demonetization, the technical and other requirements for transactions, the drives initiated by government to popularize and promote digital payments. It is found that technology-based transactions would usher in ease and convenience to urban crowd but would take some time for the rural segment due to poor adaptability stemming from illiteracy and technology penetration requiring a concerted effort by government machinery to establish robust infrastructure of payment ecosystem. Suggestions have been offered at the end to have a smooth roll out of digital era.

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IESRJ

International Educational Scientific Research Journal

E-ISSN: 2455-295X

International Indexed Journal | Multi-Disciplinary Refereed Research Journal

ISSN: 2455-295X

Peer-Reviewed Journal - Equivalent to UGC Approved Journal

Peer-Reviewed Journal

Article No : 24

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