A Holistic Study on India’s Currency Revolution: E-rupee

Abstract

In the realm of digital revolution and advancement, the subject matter of currency had been evolved to many different scenarios. From coins to notes to plastic money and finally to digital currency, our traditional medium of exchange had gone through a big transition in the past decades. In the economic concept of going for paperless and cashless, man has developed several different modes like Debit card and credit cards (Plastic money) as meeting economic settlement of exchange. But unfortunately, due to environmental commitment of cutting the utility of plastics and centralization of chips manufacturing ability to some few nation’s only, the concept of plastic money can’t be a one fix permanent solution to this currency revolution initiatives. Therefore we have many economies today who are concentrating their efforts towards making their currency digital. The concept of Central Bank Digital Currency (CBDC) is the new concept in this story of currency Revolution. If we check out the global scenario, there are close to 10 countries around the world who have digital currency, as per the reports of India times. To a surprise of the world, we had littoral and islands nation’s too, who are really doing a good job to channelize their currency towards a digital shift. The Bahamas, Jamaica and Singapore like island nation’s too had taken a massive step towards currency digitalization. In the bid to make Indian Currency also adapt with this digital shift, we in India too had successfully running our currency digitalization for the E-Rupees. Although, E-Rupees success in India is yet in the pilot stage and its full-fledged implementation is yet to be put in place. But the point of the matter is that India very soon is going to be in e rupees market. E rupee will going to be in every pocket very soon. Thanks to the digitalization, and demonetization of 2016 that E-Rupees will be the new reality of India. E-Rupees will be in every hands very soon. Point of the matter is that we all must push our self for this currency revolution. India is hopeful That the pilot project of E-Rupees will chase the full-fledged success and very soon India will chase economic triumph. The introduction of E-Rupees will initiate a new dawn of economic growth for the Indian people. Indians will be going to be more empowered in the financial terms as Indian Central Bank i.e. will be making better initiatives for strengthening the businesses as well as Indian citizens. In this research paper, we will be analyzing all the aspects about E-Rupees and how it can be a game changer for Indian Economy in the coming years. Also we will be focusing on its potential merits and demerits of aggregate economy as a whole as well as for the ultimate users. This research paper is prepared from the secondary data sources, and after taking references from like-minded journals, magazines, articles, editorials and research papers. The aim of writing this research paper is to highlight the fact that How Indian Currency is stepping ahead towards digital revolution in this digitalized world.