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 Pandilakshmi

Sameera Panddilakshmi (SP): In fact, demonetization has had a negative impact 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 highly time-consuming. As one had to keep up with the deadlines, changes in the rules regarding the demonetization procedure on a frequent basis by the Government of India causes distresscasino qui accepte bitcoin bitcoin casino for sale I don’t know what the government is attempting to accomplish. New rule every three days and bitcoin casino no deposit bonus code. Individuals have everywhere to bitter feelings. 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 majority of Indians welcomed the demonetization move. They considered that it would wipe out the financing of terrorism, hoarding of black money and corruption. As days passed by, the consequences of the demonetization procedure made Indians question the effectiveness of the move. Over 80 people have lost their lives due to different reasons ranging to being denied treatments from standing at banks for hours.

BC: From the 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 more easy for India that is urban in comparison to India due to better integration of the system in urban areasonline casino canada bitcoin best us bitcoin casino EWallets like PayTm, Freecharge, Ola Unified and Money Payment transactions that are digital are facilitated by Interface software to a great 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. It’s imperative for the government to scrutinize and improvise digital 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 current situation?

SP: Yes. I’ve heard about bitcoin. I am learning the technicalities of this bitcoin system. I’m excited about using them shortly, though bitcoins may not function as a remedy for the demonetization process immediately. I’m comfortable with transactions for the time being.

BC: How can 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 procedure. The government could have done better as far as preparation, and implementation of the demonetization move is worried. I am excited about the 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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