How Demonetization Is Affecting India’s Citizens

Bitcoin.com (BC): As an ordinary Indian, what effect has the demonetization had on you so far?

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In actuality, demonetization has had an adverse effect on the way I carry out my daily activities. I had to start with exchanging the rupee notes at banks which is. As you had to keep up with the deadlines, changes in the rules regarding the process on a regular basis by the Government of India causes substantial distressbest online casino that accepts bitcoin bitcoin casino free witdraw I don’t know what the government is currently trying to accomplish. New rule every three days and bitcoin casino no deposit bonus code. People have feelings that are bitter everywhere. There is 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 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 effects 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 to being denied treatments from standing at banks for hours.

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

SP: The complete transformation of India into a cashless society is a possibility, even though it can’t happen overnight. The transition will be easier for India that is urban compared to India due to integration of the banking system in metropolitan areasbitcoin casino king casino bonus bitcoin casino accepting paypal EWallets like PayTm, Freecharge, Ola Money and Unified Payment transactions that are electronic are facilitated by Interface software to a great extent.

It is 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 been shown to be a starting point for electronic transactions among rural individuals. It is imperative for the government to scrutinize and improvise payment initiatives on a periodic basis to ensure that there is a 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 present situation?

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

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

The demonetization process has caused a great deal of inconvenience among people. The right to life and the right to exchange has been affected during the days of the demonetization procedure. The government could have done better as far as planning, and execution of the demonetization move is worried. I am excited about the positive results the demonetization move is yet 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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