Demonetization: A Push towards Digitalization- A Study of Udaipur City

As Ambedkarji suggested that demonetization should happen after every 10-15 years. When there is a need to change in the national currency demonetization becomes necessary. In process of demonetization the old unit of currency is retrieved and replaced with new currency unit. Before 8th Nov 2016 Rs. 500 & Rs. 1000 currency note constitutes 86.4% of economy. This percentage of currency in circulation was invalidated by Prime Minister Narendra Modi on 8th November 2016. One of the main reasons of demonetization was to make India a cashless economy which is to be done through digital payments. The purpose of this study is to compare and analyze the impact of demonetizations on digitalization. There is a huge surge in the usage of E-wallet and mobile payments have been observed. This paper analyses the demonetization, and it's after effects on the digitalization of Indian economy. The paper examines, varying trends, strategies, and challenges by the study of primary data and secondary data for demonetization and digitalization of Economy with special reference to Udaipur city. This paper gives a clear picture of changing scenario from swapping of currency to swiping of cards. The study shows that the attitude of people changed towards online transactions.