DEMONETISATION: SHIFTING GEARS FROM PHYSICAL CASH TO DIGITAL CASH

Abstract

Demonetization means to the suspension of current currency units and reinstate those currency units with new currency units. In this paper researchers aim to study the advantages and disadvantages of demonetization and its impact on Indian banking sector. Despite major developments in paperless currency over the past decade, physical cash remains widely used throughout the world. Therefore one of the main motivating factors for this study is to find out the alternatives of physical cash payments such as online bank transfer, e- clearing, e- KYC, digital locker and Unified Payment Interface.