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08-03-2017
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16-03-2017

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 Pandilakshmi

Sameera Panddilakshmi (SP): In fact, demonetization has had an adverse impact on the way I carry out my daily actions. I had to begin with exchanging the old 1000 and 500 rupee notes at banks which is. As you had to keep up with the deadlines changes in the rules concerning the demonetization process on a regular basis by the Government of India causes substantial discomfortcloudbet 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 feelings that are bitter. There’s a sense of urgency attached to even simple chores like shopping at a grocery store/supermarket, paying power bills, filling up the tank, etc..

BC: Do you think many Indians are for demonetization?

SP: Initially, the vast majority of Indians welcomed the demonetization move. They considered that it would wipe out corruption, hoarding of black money and the financing of terrorism. As days passed by, the effects 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 which range from standing at banks for hours in long queues to being denied treatments at hospitals because of lack of money notes of smaller denomination.

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

SP: The complete transformation of India into a cashless society is a possibility, even though it can not happen overnight. The transition will be more easy for India compared to India due to integration of the banking system in areas that are urban1xbitsite EWallets such as PayTm, Freecharge, Ola Money and Unified Payment transactions that are electronic are facilitated by Interface software .

It is imperative 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 proved to be a starting point for electronic transactions among rural people. It is imperative for the government to scrutinize and improvise payment initiatives on a regular basis to ensure that there is a smooth 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’ve heard about bitcoin. I am learning the technicalities of the bitcoin system. I’m looking forward to using them though bitcoins may not function as a remedy for the demonetization process immediately. I am comfortable with electronic transactions for now.

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

The demonetization process has caused a lot of inconvenience among people. The right to exchange and the right to life has been affected during the days of the demonetization process. The government might have done better as far as preparation, and implementation of the demonetization move is worried. I am looking forward to the results that are positive the demonetization move is yet to yield.

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

Pictures courtesy of Sameera Pandilakshmi

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