A STUDY OF IMPACT ON CASHLESS TRANSACTION DUE TO DEMONETIZATION IN INDIA.

Money emerged when the unlimited wants of humans were not met through the barter system. Money forestalls "the double coincidence of wants". For every economy, money is considered as the life blood. On 8th November, 2016 around 8 p.m., the Prime Minister of India brought the demonetization with the statement that with effect from 9th November 2016 Rs.500 and Rs.1000 rupees' currency notes are invalid except in some essential services for the time being. The paper focuses about the shift of demonetization taken by Central Government of India on 8th November, 2016 with regards to its reasons and impact on cashless transactions. [ABSTRACT FROM AUTHOR]