Public convenience and management of Indian cashless system

Abstract

With the passage of time, the modes & methods of transactions have been changing. From barter system to cash based transactions, our society has witnessed many other ways of settling the business as well as social transactions. In the present changing scenario, the recent trend being recognized is the cashless transaction system. However, no country has yet succeeded in becoming a fully cashless society despite of their continuous and sustained efforts. The eve of 9th November 2016, marked a historical event in Indian monetary system when the Prime Minister demonetized Rs. 500 and Rs. 1000 denomination currency banknotes and suggested the citizens to opt for cashless modes of transactions. The basic objective of the present paper is to study the concept of cashless transactions in Indian context alongwith knowing the consumer's response towards it. The study also intends to know the most preferred cashless mode of transaction by the masses. The data has been collected through survey questionnaire and analyzed using descriptive statistics, Chi-square test of independence, etc. and the results are presented accordingly.