International Journal of Multidisciplinary Research and Development

International Journal of Multidisciplinary Research and Development


International Journal of Multidisciplinary Research and Development
International Journal of Multidisciplinary Research and Development
Vol. 3, Issue 12 (2016)

Cash vs card society: A study on survey


Basavaraj nagesh kadamudimatha

On 8 November 2016, the demonetisation of Rs500 and Rs1, 000 currency notes was a step taken by Government of India so this leads to cease the usage of all Rs500 and Rs1, 000 currency notes of the Mahatma Gandhi Series as form of legal tender in India from 9 November 2016. Before announcement about demonetisation, the Indian country is cash society but after announcement it was trend of cashless society. The government claimed the demonetisation move as an effort to stop counterfeiting of the current banknotes allegedly used for funding terrorism, as well as a crackdown on black money in the country. Demonetisation is the act of stripping a currency unit of its status as legal tender. In simple, the old unit of currency must be retired and replaced with a new currency unit. The government kept promise to solve currency crisis within 50 days from the date of announcement. As a result of it, the government wants to introduce cashless society; Cashless society is a society with no physical cash or less in usage of cash. In cashless society the people use electronic mode of payment to meet their needs. Cashless society helps to get transparency and easy to track money laundering and other such activities. This paper studies about a survey conducted by The New Indian Express on post demonetisation and result of survey shows that it was tie between cash and card.
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