AN EMPIRICAL STUDY ON IMPACT OF DEMONETIZATION ON CASHLESS ECONOMY

Abstract

The management claimed that the demonetization was an effort to bring to an end counterfeiting of the recent bank notes supposedly used for financial support to violence, as well as a bring down on black money in the nation. Money flows are systematic and controllable through banking transaction. Increased use of credit or debit cards, net banking and other online payments are some of the positive impacts of demonetization. The study was carried out with 100 respondents like normal public where everyone has undergone the phase of demonetization. The sampling tools used for the study is correlation analysis and one way ANOVA. The sampling process used for the study is random sampling. The researcher has identified the factors like convenience, transparency, lack of digital literacy, lack of financial education, lack of infrastructure, unwillingness to patronize. The concluding observation is that there is significant relationship between income and educational status among these impacting factors.