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After three years of demonetization the experts in finance, banking and economics have been debating, whether the policy of demonetisation was a successful Government venture or an utter failure. The decision to demonetize high denominated value currency notes of Rs. 500 and Rs. 1,000 was the main crux of the scheme. The idea behind the policy was to eradicate black money completely and move towards a cashless economy.
India is a cash dependent nation. For day to day transactions people use cash only. It was a big question mark that after demonetisation whether cash-dependent Indian economy will switch to digital economy? Whether Indian citizens will accept online transactions and the methodology of mobile wallets? What is the direct and indirect impact of demonetization on country’s GDP, employment rate, foreign trade, taxation policy, convenience / inconvenience faced by the citizens and image of the nation in International market? After three years of demonetisation it is necessary to analyse the post demonetisation impact on many economic and non-economic sectors and areas of the country.