Opportunities and challenges of demonetization in India
Dr. Uma. B. Pujar
Black money, crime, corruption fraud and terrorism are spreading like cancer in the India which is stepping towards developed nation. Demonetization was a very surprise announcement made by Prime minister on 8th November 2016. Five hundred and one thousand paper notes were legally banned from the midnight of 8th November 2016 to curb black money and funding of terrorism. Though the objective behind the demonetization was to restrain the black money, to check the corruption, eliminate the flow of fake currency etc., but, this declaration led to cash less economy and grabbed unbanked community of the nation under the ambit of formal banking services. Demonetization affected the informal business activities and unbanked people in the society. The demonetization has motivated the entire economy to adopt digital banking system and use of cashless or less cash.