Impact on Implementation of Cashless Economy

The current monetary system (paper currency) is traditional and it has a physical form that people could identify. The currency notes (Cash or money) is an instrument used for the exchange of goods and services from one person to another person. Cash is used in India for a large array of transactions in the informal sector and the formal sector. Money is the lubricant of the market economy. It is how payments are made. If we did not have money, we would be reduced to barter. When money is disrupted, the working of the market economy is disrupted. However, it has more drawbacks and issues like possible to theft, increase the fake currency, Favour to Criminals, Increase Financial Crimes and Inflation rates, etc. Therefore, in the light of these drawbacks, the study focus on the implementation of the cashless economy has become the need of the time. The impact of cash less (Economy) transaction surely supports for economic growth. The development of the economic position of the country by increases the number of tax payers, the government will consider to reduce the tax rate of individuals, thereby the standard of living is also improved. So, it is, without doubt, said that future transaction system is cashless transaction system