IMPACT OF ELECTRONIC PAYMENTSON MONEY LAUNDERING CASES IN INDIA

In recent years, there has been a lot of interest in the development of electronic money systems. Electronic money has the potential to simplify and lower the cost of small-value payments for both consumers and companies, potentially replacing cash as the primary means of payment in the future. A consumer keeps track of the money or value that they have accessible to them on their electronic device, which could be a prepaid card or a personal computer that they use to access a computer network such as the Internet. We refer to this record as electronic money. Such a change would have an impact on the effectiveness of monetary policy implementation. A better coordination of monetary and fiscal policy would be necessary, as well as adjustments to the central banks operating aim, should the usage of e-money significantly reduce demand for reserves. Technology advancements have made it feasible to launder money obtained illegally through online bookies, casinos, and, most notably, the buying and selling of cryptocurrency.