Paper Key : IRJ************244
Author: Dr.prasad Mahale,Dr C K Hebbar
Date Published: 04 Nov 2022
The advent of currency dates back to the Indus valley civilization. Kingdoms issued royal seal , coins made of gold, silver ,copper that kept changing with rules and dynasties . Until 14th century when Mohammed Bin Tughlaqs tankas - copper and brass coins to replace gold and silver coins were introduced. Though they were in short supply. His experiment failed with counterfeits flooding the market , thereby making way for minted coins having a unique seal. Demonetization is the act of stripping a currency unit of its status as legal tender i.e, the process of removing currency of general usage or circulation. As India takes a step towards cashless economy, the biggest challenge is rural population. The answer lies in digitalization. As rural population becomes less prominent because of illiteracy and lack of information of operating this services, it should find friendlier solution to deal with. Demonetization has impacted to a paradigm shift in its economy. Since, it has paved the path to digitalization, services like E payment, net banking etc are one of the important weapons for digitalization in India.
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