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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 Pandilakshmi

Sameera Panddilakshmi (SP): In actuality, demonetization has had a negative effect on the way I carry out my daily actions. I had to start with exchanging the rupee notes which is. As one had to keep up with the deadlines changes in the rules concerning the process on a frequent basis by the Government of India causes significant discomfort. I don’t know what the government is trying to accomplish. New rule every three days and mBit scam. People have everywhere to feelings that are bitter. There is a sense of urgency attached to even simple chores such as shopping in a supermarket store/supermarket, paying electricity bills, filling up the tank.

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 black money 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 reasons which range from standing at banks for extended hours in long queues to being denied treatments at hospitals due to 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 rural India due to better integration of the system in urban areas. EWallets like PayTm, Freecharge, Ola Money and Unified Payment Interface software facilitate transactions to a wonderful extent.

It’s 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 individuals. Improvise and it is imperative for the authorities 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 current situation?

SP: Yes. I have heard about bitcoin. I am currently learning the technicalities of the bitcoin system. Though bitcoins may not function as a remedy for the demonetization process immediately, I’m looking forward to using them. I’m comfortable with transactions for now.

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

The demonetization process has caused a great deal of inconvenience. The right to trade and the right to life was affected during the first days of the demonetization process. The government could have done better as far as planning, and implementation of the demonetization move is worried. I am excited about the 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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