International Journal of Financial Management and Economics
Vol. 4, Issue 1 (2021)
A study on demonetisation of Indian economy
Dr. Hema Singla
Demonetization has given a sudden shock to all the constituents of economy. People at once could not understand what to do. Indian economy has always been known as cash economy. People love to make cash transactions to save tax and also to make the exchange happen. Alarge section of the society who did not even hear about Paytm and other cashless transactions, was with no clue to run his/her business. This section included Thelawalas, daily wages labours/factory labours, farmers, servants, drivers, dhabas being run on highways etc. Transactions take place when both the parties are connected to a common cashless platform, since there was a huge lack of money due to demonetization. However, one hand tech savvy people were with cashless platforms but non-technical and a particular segment of the society were not. Getting change of Rs. 2000 currency note was again a big problem. The present study is empirical in nature and it is qualitative as well as quantitative. 17 persons were interviewed to share their experiences during demonetization.