Table of contents • Introduction • Impact of demonetization on cashless transactions • Infrastructure for cashless transactions • Impact of the COVID-19 pandemic on cashless transactions • Future of cashless transactions in India • Conclusion Introduction Demonetization – a word that created a buzz back in 2016 is still relevant today. Back then, announcing that 86% of all currency in circulation will no longer be legal tender was hailed as a landmark move by the Indian government. Aimed at curbing black money, corruption, counterfeit currency, and financing of terrorism, the goals of demonetization were both commendable and monumental. However, the road to demonetization was not an easy one, with challenges galore. Long queues at banks, cashless ATMs, money mules, and cash hoarding were the order of the day. The government’s intention of going cashless was riddled with roadblocks which later turned out to be a thing of the past. Demonetization was also aimed at moving towards
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