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Demonetisation in india essay in english

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Demonetization in India: What Happened and Why? - WorldAtlas

Demonetization has affected the daily lives of millions, especially those in what is called the informal sector—domestic workers, small traders, and farmers—but what its impact will be in the long term remains to be seen. In the short term, demonetization has led to the rapid adoption of e-wallets, and credit and debit cards as a means of payment. Such digital payments have in a large way replaced cash transactions at least in urban areas. These e-tailers helped begin the process of weaning customers to online channels in the country. Most of these e-tailers conduct the major proportion of their business through cash, but what they did do and is continuing to do is familiarize people with the convenience of online channels and cash less transactions.
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Demonetisation and Its Effects

The demonetization policy introduced in India is part of the on-going financial reforms. However, such decision has its merits and demerits. Enacting the demonetization policy means specific currency will be replaced with a new currency. In India, the decision of demonetization of and rupees as a legal tender is meant to fulfill specific objectives.
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