Cashless Economy to Curb Black Money

Cashless economies are those that use mostly plastic or digital money and thus minimal cash or money in paper form. The ease of conducting financial transactions is probably the biggest motivator to go for digital transactions. This study develops a conceptual framework to understand the working of cashless economy and is there any possibility to curb black money from the economy which is a blocking stone in the path of economic development. The paper highlights the various objective of being cashless. It studies the different methods of cashless payment and the essentials for being cashless. The benefits of making a country cashless have also been included. The study also explains the hurdles coming in the way of making an economy cashless. The study examines the effect of adopting cashless payment on economic growth and development of the developing countries. The result put together gives us an important policy direction towards what can enable the country to increase cashless payments.