Impact of Demonetization in Urban and Rural Area

The Government has brought a major overnight change in economy by implementing Demonetization of high value of currency notes -Rs. 500 and Rs.1000 denomination. Demonetization is a sudden stop in terms of currency availability; it created a situation of currency jams on consumption, investment, production, employment etc. This paper examined the impact of Demonetization on the growth of Indian Economy and also made an attempt in evaluating the awareness and usage of cashless payment by consumers after Demonetization. A study was conducted in Hyderabad Region and the data was collected with the help of structured Questionnaire and was further analyzed using (SPSS)and percentage method. A Cashless economy is an economy in which all types of transaction carried through digital means. It includes E- Banking, mobile banking, Debit and Credit card, Digital wallet etc. The paper tries to throw a light on the rising trend of digital transaction in India being carried out in various cashless modes after Demonetization .The study shows that Impact of Demonetization has felt by every Indian Citizen and Introduction of Cashless Economy in India can be seen as a step in right direction as it helps in growth and development of economy in India.