The basic functions of money in any form in an economy are of transactions, precaution, speculative and standard of differed payments. Developing countries in general and India in particular, before and after independence, use metal and paper currency more to discharge the functions. Hence, it is a cash economy. In the wake of the decision made by the Prime Minister Mr. Narendra Modi to demonetize high value currency note of denominations 500 and 1 000, the Indian Economy faced a setback. The population of India is highly habituated to cash transactions in both formal and informal financial sectors. The biggest problem with India is that 70% of the population including literate groups opt for monetary transaction and are reluctant to use cards for payment owing to various security reasons and operational inconvenience, Cashless payment can be defined as a transaction performed without using coins and notes but instead using credit/debit cards or other electronic modes of payment. When all the transactions of the country are cashless, it becomes a cashless economy. However, in a country like India, where majority of the people are illiterate and are unaware of the developments taking place in the use of technology for ease in the day to day transactions, it is very difficult to achieve CASHLESS ECONOMY in the near future. Keeping in view the current situation, the Reserve Bank of India (RBI) has stepped up measures to promote digital payments and to make India a CASHLESS ECONOMY, to achieve this goal, there is a need to spread the message across various communities of the economy. In this backdrop, the Aurora’s Post Graduate College planned to organize a seminar on “CASHLESS ECONOMY: PROBLEMS AND PROSPECTS” to invite experts from industry, academics and research organizations to discuss various problems associated with the concept and to deliberate on the prospects of cashless economy.
|Venue of Conference|
Aurora's Post Graduate College, Ramanthapur, Hyderabad, India
|Conference Organizers Name and Details|
Dr. M. Madhavi
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