In any economy, cash is a legal common way for all kinds of material transaction. Cashless society is the concept in which transactions are take place through digital mode and use of hard cash remain very less. India is passionately trying to move towards a cashless transaction economy by minimizing the use of physical cash. Basic aim to build cashless economy is to eliminate black money. The best way to move towards cashless economy is only the digitalization of all the transactions and promoting the use of plastic money and developing the digital transaction habits among people. In digitalization, transactions are made through debit cards, credit cards, cheques, NIFT, RTGS and any other mode to direct transfer the money from one account to another. This research paper highlights not only the efforts of Indian Government in promoting cashless transactions but also the hurdles in the path.
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Keywords: Cashless Economy, Digitalisation, India, Plastic Money, Net Banking.
