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 fact, demonetization has had an adverse impact on the way I carry out my daily actions. 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 regular basis by the Government of India causes substantial discomfort as one needed to keep up with the deadlinesonline casino accept bitcoin free spins 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 bitter feelings everywhere. There’s a sense of urgency attached to even simple chores such as shopping in a supermarket store/supermarket, paying power bills, filling up the tank, etc..

BC: Do you think many Indians are for demonetization?

SP: Originally, the 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 Indians question the effectiveness of the move. More than 80 people have lost their lives due to various reasons which range from standing at banks for hours in long queues 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 not happen overnight. The transition will be more easy for urban India in comparison to rural India due to integration of the banking system in metropolitan areasno deposit bonus code bitcoin casino how to start a bitcoin casino EWallets like PayTm, Freecharge, Ola Money and Unified Payment Interface applications facilitate transactions that are electronic to a great extent.

It’s imperative to remember 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 been shown to be a starting point for electronic transactions among rural individuals. It’s imperative for the authorities to scrutinize and improvise digital 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 this bitcoin system. I am excited about using them shortly, though bitcoins may not function as a remedy for the demonetization process immediately. I’m comfortable with digital transactions for the time being.

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

The demonetization procedure has caused a great deal of inconvenience among individuals. 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 execution of the demonetization move is worried. I am looking forward to 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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