"The International Monetary Fund has hailed India as a bright spot amidst a
slowing global economy. Indian economy has the potential to achieve
double-digit growth rate.
In spite of being a bright spot on the world map, a host of problems
confront India which caste shadow on its governance credentials. These
so-called black spots include: (a) black money, (b) corruption, (c) money
laundering, (d) counterfeit currency, (e) tax evasion and (f) terrorist
The new Government at the Centre, which took charge in May 2014, under the
dynamic leadership of Prime Minister Shri Narendra Modi has a vision to
make India a modern and vibrant economy. Policies and programmes to
rejuvenate the economy have already been announced in this regard.
It was in the above context that the Government of India decided to
withdraw the legal tender character of Rs. 500 and Rs. 1,000 banknotes of
the Mahatma Gandhi Series from the midnight of November 8, 2016. The
announcement was made by no less a person than the Prime Minister himself
in an unscheduled live televised address to the nation on the evening of
November 8, 2016. The demonetized bank notes accounted for 86 percent of
the country's cash supply.
The use of digital technology-world's fastest growing economic activity-to
improve governance cannot be over-emphasized. Digital technology has become
the greatest agent of change and promises to play this role even more
dramatically in future. One major objective of the demonetization exercise
is to encourage cashless/electronic transcations in the economy. The
Government of India has taken policy decision to encourage electronic
transactions and has, in this regard, announced number of incentives.
Technology, competition, and benchmarking to the best international
practices have to be the driving force of India's development efforts.
Demonetization exercise needs to be seen in this perspective."
About the Book
About the Authors
Explanation of Select Terms Used Frequently in Financial Digitization
1. Demonetization of High Denomination Currency Notes in India
2. The Menace of Black Money in India
3. Institutional and Legislative Measures to Curb Black Money
4. Economics of Digitization and Digital India (DI) : Vision 2019
5. Governance with Digital Tools
6. Internet Banking and Mobile Banking
7. Digitization of Stock Exchanges
8. Digital Payment Systems
9. Electronic Money (E-money) and Electronic Commerce (E-commerce)
10. Digital Technology for Pradhan Mantri Jan-Dhan Yojana (PMJDY), 2014
11. Digital Services in Agriculture and Rural Development
12. India's Cyber Security Policy
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