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How Demonetization Is Affecting India’s Citizens
Bitcoin.com (BC): As a normal Indian, what impact has the demonetization had on you so far?
Sameera Panddilakshmi (SP): In fact, demonetization has had an adverse effect on the way I carry out my daily activities. I had to begin with exchanging the old 500 and 1000 rupee notes at banks which is highly time-consuming. Changes in the rules concerning the demonetization procedure on a regular basis by the Government of India causes distress as you had to keep up with the deadlinesprovably fair bitcoin casino best online bitcoin casino I don’t know what the government is attempting to accomplish. New rule every three days and bitcoin casino no deposit bonus code. People have bitter feelings everywhere. There is a sense of urgency attached to even simple chores such as shopping at a grocery store/supermarket, paying electricity bills, filling up the tank, etc..
BC: Do you think many Indians are for demonetization?
SP: Originally, the vast majority of Indians welcomed the demonetization move. They believed that it would wipe out corruption, hoarding of money that was black and the financing of terrorism. As days passed by, the consequences of the demonetization process made Indians question the effectiveness of the move. More than 80 people have lost their lives due to different reasons which range to being denied treatments from standing at banks for long hours.
BC: From your perspective is a cashless society possible in India?
SP: the whole transformation of India into a cashless society is a possibility, though it can’t happen overnight. The transition will be easier for urban India in comparison to India due to integration of the banking system in urban areas EWallets like PayTm, Freecharge, Ola Unified and Money Payment transactions are facilitated by Interface applications to a great extent.
It is imperative to note that over 80 percent of the Indian population resides in rural areas and the government has been working on various schemes that aim financial inclusion.
Welfare schemes like National Mission for Financial Inclusion, Pradhan Mantri Jeevan Jyoti Bima Yojana (Scheme for Life Insurance), Pradhan Mantri Suraksha Bima Yojana (Scheme for Accidental Death Insurance) have encouraged rural Indians to come forward and participate in banking operations.
RuPay Card Scheme launched by National Payments Corporation of India (NPCI) has been shown to be a starting point for electronic transactions among rural people. Improvise and it is imperative for the government to scrutinize payment initiatives on a regular basis to ensure that there is a transition to a cashless economy.
‘Learning the Technicalities of Bitcoin’
BC: Have you heard about bitcoin, and do you think it’s the remedy for your present situation?
SP: Yes. I have heard about bitcoin. I am learning the technicalities of this bitcoin system. Though bitcoins may not function as a remedy for the demonetization process I’m looking forward to using them. I’m comfortable with digital transactions for now.
BC: How does the situation make you feel about rulers and government?
The demonetization procedure has caused a great deal of inconvenience among individuals. The right to exchange and the right to life was affected during the days of the demonetization process. The government could have done better as far as planning, and execution of the demonetization move is concerned. I am excited about the positive results the demonetization move is to yield.
What do you consider India’s demonetization policy? Share your views in the comments below.
Pictures courtesy of Sameera Pandilakshmi
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