The business transactions in India, be it large corporate or small retail – household transactions, has undergone a see change since 8th Nov’ 2016, when elected government of India, took a disruptive decision of demonetization, where currency notes of Rs500 and Rs1000 are rendered as illegal tender with immediate effect. The reason cited for the decision ranged from curbing corruption to fighting the terrorism, which thrives on counterfeit currency.

The move has changed the perspective and way business is conducted, from being 98% cash transacting economy, India is seeing quick rise in online and cashless transaction and small traders are quickest to adapt this new change to sustain their business. Whether the move is success of failure on economical front, can’t be predicted now and will be known after at least one financial quarter, however, the cascading effects on behavioral pattern are already seen, and it has been encouraging. With most of the currency printed getting accounted in the system, provides impetus in planning the future course of the economic development.

Also, demonetization has unleashed an opportunity of level playing ground among the citizens, with unaccounted / black money being illegal now, it will now be difficult to use the black money, by way of bribe to influence a decision be it government or corporate. Though it is difficult to predict corruption will end through this move, what we can be confident about is, the changing mindset of citizens, towards being accountable and responsible in the way they conduct themselves economically, which certainly was possible only thru disruption, like demonetization; and not my sermons or warning.