How Demonetization Is Affecting India’s Citizens
Bitcoin.com (BC): As an ordinary Indian, what effect has the demonetization had on you up to now?
Sameera Panddilakshmi (SP): In fact, demonetization has had an adverse effect on the way I carry out my daily activities. With exchanging the old 1000 and 500 rupee notes at banks which is highly 19, I had to start. Significant distress is caused by changes in the rules regarding the process on a frequent basis by the Government of India as one had to keep up with the deadlinesbitcoin live betting casino bitcoin onlins casino illegal I don’t know what the government is trying to accomplish. New rule every 3 days and bitcoin casino no deposit bonus code. Individuals have feelings everywhere. There is a sense of urgency attached to even simple chores like shopping at a grocery store/supermarket, paying electricity bills, filling up the tank, etc..
BC: Do you think many Indians are for demonetization?
SP: Initially, 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 many Indians question the effectiveness of the move. More than 80 people have lost their lives due to various reasons ranging from standing at banks for extended hours.
BC: From the standpoint is a cashless society possible in India?
SP: The complete transformation of India into a cashless society is a possibility, though it can not happen overnight. The transition will be easier for urban India in comparison to India due to greater integration of the banking system in urban areasbitcoin casino for usa bitcoin casino no deposit EWallets such as PayTm, Freecharge, Ola Unified and Money Payment transactions that are electronic are facilitated by Interface software to a wonderful extent.
It is essential to note 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. Improvise and it is imperative for the government to scrutinize digital payment initiatives on a periodic basis to ensure that a smooth transition is 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’m excited about using them, though bitcoins may not function 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 individuals. 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 planning, and implementation of the demonetization move is concerned. I am excited about 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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