marzo 16, 2017 | Posted in:Blog
How Demonetization Is Affecting India’s Citizens
Bitcoin.com (BC): As an ordinary 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 1000 and 500 rupee notes at banks which is. As one had to keep up with the deadlines, changes in the rules regarding the demonetization process on a regular basis by the Government of India causes distress7bit rating I don’t know what the government is trying to accomplish. New rule every three days and bitcoin casino no deposit bonus code. People have everywhere to bitter feelings. 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 considered 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 many Indians question the effectiveness of the move. More than 80 people have lost their lives due to different reasons ranging from standing in long queues at banks for hours to being denied treatments at hospitals due to lack of currency notes of smaller denomination.
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 easier for urban India compared to rural India due to integration of the system in metropolitan areasCryptogames site EWallets like PayTm, Freecharge, Ola Unified and Money Payment transactions that are digital are facilitated by Interface applications .
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 proved to be a starting point for electronic transactions among rural people. Improvise and It’s imperative for the authorities to inspect digital payment initiatives on a periodic 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 presently learning the technicalities of this bitcoin system. I am looking forward to using them shortly though bitcoins may not serve as a remedy for the demonetization process immediately. I am comfortable with transactions for the time being.
BC: How can the situation make you feel about government and rulers?
The demonetization procedure has caused a great deal of inconvenience among people. The right to exchange and the right to life was affected during the days of the demonetization procedure. The government could have done better as far as preparation, and execution of the demonetization move is worried. I am looking forward to the positive results the demonetization move is yet 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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