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Demonetisation and Cashless Economy
Authorship Description
Dr. Y. P. Singh.
Bibliographical Details 332 p. 22 cm.
Edition, Place & Publisher 1st ed. Kanpur, Chandralok Prakashan.
ISBN-10 9386016532
ISBN-13 9789386016539, 978-9386016539
Year of Publication 2017.
List Price
US $ 54.00
Your Price
US $ 48.60
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KK Stock No. KK-136042
Demonetisation and Cashless Economy

"India's demonetisation scheme was a unilateral intitative that was planned in secret - in a back room of Prime Minister Modi's home, in fact - by a small group of insiders tied-in with the upper echelons of India's government. The strategy was to instantly nullify all 500 and 1,000 rupees banknotes, the most common currency denominations in the country, and then eventually replace them with newly designed, more secure 500 and 2,000 rupee notes. This endeavor instantaneously became policy when the prime minister announced it via a surprise television address at 10:15 PM on November 8. Cashless Economy is when the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India is almost entirely a cash economy. Over 92% of its workers belong to the unorganised sector and earn in cash. Cash powers the rural economy. Also, 97% of retail transactions are done in cash, with only 6% of retailers accepting digital Payments. India has 10 lakh pont-of-sale machines, or compterised cash registers, one-tenth the number in the United States and China. Some electronic financial service players such as Paytm recorded higher than usual transactions from existing users. But experts are divided on the switch to electronic payments among new users in the country's semi-urban and rural areas. E-commerce transctions completed using card have not been affected by the demonetisation move (except those where payments are made through the cash-on-delivery mode). But most of Indian's other transactions take place mostly in cash."
                                                                                [from Blurb]

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Demonetisation and Cashless Economy / Dr. Y. P. Singh. 1st ed. Kanpur, Chandralok Prakashan. (KK-136042)

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