Cashless (Less Cash) Economy & Digitization of Indian Economy

Abstract

This paper studied the views of people on introduction of less cash economy in India.The study was conducted in Dehradun region & data was collected with the help of structured questionnaire and analysed using simple percentage method. Responses from respondents shows that less cash economy will help in curbing black money, counterfeit’s fake currency, fighting against terrorism, reduce cash related robbery, helps in improving economic growth of our country. Major challenges that can hinder the implementation of the policy are cyber fraud, High illiteracy rate, attitude of people, lack of transparency & efficiency in digital payment system. The study shows that the introduction of cashless economy in India can be seen as a step-in right direction. It helps in growth and development of economy in India.

Keywords: less cash economy, corruption, Black money, India, Digital Payments