Transforming India towards Digitalization through Cash to Cashless Economy

Ms. Meenakshi


The fact is that India is a country with currency in circulation Rs. 17.97 lakh crore (trillion) as on November 2016 and with annual population growth rate of around 1.2% annually the need of currency for transaction will also rise .With 1.34 billion population of this country and only 3-4% actually paying taxes there is really a point of concern .Please take note every year Government bear around 1.7% of real GDP as a cost of cash and foregone tax revenues from the ‘shadow’ economy account for 3.2% of GDP. India is such a country where most of the payments are done in cash forms whether is done between businesses or it is done between business and the final customer. To become a developed country it is required to transform towards the cashless economy. The leading advantage of building a cashless economy is elimination of black money. Digitalization of transactions is the best way to move towards cashless economy. Such a cashless economy is realizable by promoting electronic money instruments, developing financial infrastructure and spreading digital transaction habits among people. RBI’s Payment and Settlement Vision document 2018 gives objectives and guidelines towards cashless economy. It’s a big move towards the motive to be Developed country. The present research paper highlights Govt. of India’s efforts to move cash to cashless economy.


Cash, Cashless Economy, Digitalization, Black Money, RBI, GDP.

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