Demonetization and e-payments system: a study of small vendors in Haryana

Abstract

Every Economy has been facing many transformations in the present World. Indian Economy also witnessing many reforms and transformations from ancient time such as 1990 economic reforms, technological reforms and others. Demonetization 2016 is also a major policy decision. It was taken by the Honorable PM Modi on 8th Nov. 2016. It is called as “Notebandi” by the common man. The major objectives behind this decision were to reduce the corruption, to curb the black money in economy and freeze the terrorism financing. After this announcement economy shows disruption in all around. Long queues have been seen in front of Banks/ATMs for exchanging the currency. Many segments were beaten hardly and affected in negative sense. Many reactions of economist and scholars come about in favour of this decision, but many are against it. After sometime, Modi again claimed that this decision will provide digitalization to economy. Therefore “cashless v/s less-cash” battle has begun. However digital payment shows serge in their performances.