Important merits include, there will be minimum theft of cash. After the note ban, nobody would want to steal cash in 500 & 1000 Rupee notes. This will quickly stall the theft, as that money won’t be accepted anywhere but banks. The cashless transaction ensures easier payment across the country. People who want to transfer money to places across India can be done with more ease, via NEFT for instance. With digitization being initiated, every person will have to be digitally literate at some point, thus soothing their efforts in transferring money and making transactions more transparent. One of the demerit is the lesser literacy rate, that has been the top reasons for so many issues. Bringing a cashless economy in India or making India digitally literate is not an easy task. There are many places which don’t even get electricity and water, let alone computers and the internet. A large number of the population is based in remote areas without these basic necessities.

Yogita Parihar

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