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How Demonetization Is Affecting India’s Citizens

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

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In actuality, demonetization has had an adverse impact on the way I carry out my daily activities. I had to start with exchanging the old 1000 and 500 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 one needed to keep up with the deadlinescryptogames bitcoin casino I don’t know what the government is trying to accomplish. New rule every 3 days and bitcoin casino no deposit bonus code. People have everywhere to bitter feelings. There’s 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: Originally, the vast majority of Indians welcomed the demonetization move. They believed that it would wipe out corruption, hoarding of money and the financing of terrorism. As days passed by, the consequences of the demonetization process made many Indians question the effectiveness of the move. Over 80 people have lost their lives due to reasons which range from standing in long queues at banks for hours to being denied treatments.

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

SP: the whole transformation of India into a cashless society is a possibility, though it can’t happen overnight. The transition will be more easy for India that is urban in comparison to India due to better integration of the banking system in metropolitan areasignition casino minimum bitcoin withdraw best paying bitcoin casino EWallets like PayTm, Freecharge, Ola Unified and Money Payment electronic transactions are facilitated by Interface applications to a wonderful extent.

It’s 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 authorities to inspect and improvise payment initiatives on a regular 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 presently learning the technicalities of the bitcoin system. I’m looking forward to using them though bitcoins may not serve as a remedy for the demonetization process immediately. I am comfortable with transactions for now.

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

The demonetization procedure has caused a lot of inconvenience. The right to life and the right to trade 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 worried. I am excited about the results that are positive the demonetization move is to yield.

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

Images courtesy of Sameera Pandilakshmi

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