How Demonetization Is Affecting India’s Citizens

Bitcoin.com (BC): As an ordinary Indian, what impact has the demonetization had on you up to now?

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 old 500 and 1000 rupee notes at banks which is. As you needed to keep up with the deadlines changes in the rules concerning the demonetization process on a frequent basis by the Government of India causes discomfort5 dimes casino bitcoin bitcoin casino promo codes 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 that are bitter everywhere. 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 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. Over 80 people have lost their lives due to different reasons ranging from standing in long queues at banks for extended hours to being denied treatments.

BC: From your 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 India compared to rural India due to better integration of the system in urban areasbitstarz site EWallets such as PayTm, Freecharge, Ola Money and Unified Payment transactions that are digital are facilitated by Interface applications .

It’s essential to note that over 80 percent of the Indian population resides in rural areas and the government has been working on various schemes that target 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. It is imperative for the authorities to inspect and improvise digital payment initiatives on a regular basis to ensure that a 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’ve heard about bitcoin. I am currently learning the technicalities of the bitcoin system. I am excited about using them shortly, though bitcoins may not serve as a remedy for the demonetization process immediately. I am comfortable with transactions for the time being.

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

The demonetization procedure has caused a lot of inconvenience. The right to trade and the right to life has been affected during the days of the demonetization process. The government could have done better as far as preparation, and execution of the demonetization move is concerned. I am looking forward to the results that are positive the demonetization move is to yield.

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

Images courtesy of Sameera Pandilakshmi

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