marzo 10, 2017 | Posted in:Blog

How Demonetization Is Affecting India’s Citizens

Bitcoin.com (BC): As a normal Indian, what impact has the demonetization had on you up to now?

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In actuality, demonetization has had a negative effect on the way I carry out my daily activities. I had to start with exchanging the rupee notes at banks which is highly time-consuming. Changes in the rules concerning the procedure on a frequent basis by the Government of India causes substantial distress as you had to keep up with the deadlinessites casino heroes review casino review bitcoin game I don’t know what the government is attempting to accomplish. New rule every 3 days and bitcoin casino no deposit bonus code. Individuals have everywhere to feelings that are bitter. There’s a sense of urgency attached to even simple chores such as shopping in a supermarket store/supermarket, paying electricity bills, filling up the tank, etc..

BC: Do you think many Indians are for demonetization?

SP: Originally, the 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. Over 80 people have lost their lives due to reasons which range to being denied treatments at hospitals due to lack of currency notes of smaller 38, from standing in long queues at banks for hours.

BC: From your perspective is a cashless society possible in India?

SP: The complete transformation of India into a cashless society is a possibility, though it can’t happen overnight. The transition will be more easy for India compared to rural India due to integration of the system in areas that are metropolitanflip coin bitcoin casino best online bitcoin casino baccarat EWallets such as PayTm, Freecharge, Ola Unified and Money Payment transactions that are electronic are facilitated by Interface applications .

It’s essential to remember that more than 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 individuals. It is imperative for the authorities to scrutinize and improvise digital 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. I am excited about using them, though bitcoins may not function as a remedy for the demonetization process immediately. I’m comfortable with electronic transactions for now.

BC: How does the situation make you feel about government and rulers?

The demonetization procedure has caused a great deal of inconvenience. The right to exchange and the right to life was affected during the first days of the demonetization process. The government might have done better as far as planning, and execution of the demonetization move is worried. I am looking forward to the positive results the demonetization move is to yield.

What do you think about India’s demonetization policy? Share your views in the comments below.

Images courtesy of Sameera Pandilakshmi

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