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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 fact, demonetization has had an adverse 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. Changes in the rules concerning the procedure on a frequent basis by the Government of India causes discomfort as one had to keep up with the deadlinesbuilding a bitcoin casino bc casino bitcoin gambling I don’t know what the government is currently trying to accomplish. New rule every three days and bitcoin casino no deposit bonus code. Individuals have everywhere to feelings that are bitter. There is a sense of urgency attached to even simple chores such as 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 hoarding of black money, corruption and the financing of terrorism. As days passed by, the effects of the demonetization procedure made Indians question the effectiveness of the move. Over 80 people have lost their lives due to different reasons which range to being denied treatments from standing at banks for extended 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 not happen overnight. The transition will be easier for urban India compared to rural India due to integration of the banking system in urban areasask gamblers us bitcoin casino low fees high cashout bitcoin new casino game EWallets such as PayTm, Freecharge, Ola Money and Unified Payment Interface applications facilitate transactions that are digital to a wonderful extent.

It’s essential 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’s imperative for the government 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 learning the technicalities of this bitcoin system. I’m excited about using them shortly though bitcoins may not serve as a remedy for the demonetization process immediately. I am comfortable with electronic transactions for the time being.

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

The demonetization process has caused a lot of inconvenience. The right to trade and the right to life has been affected during the first days of the demonetization procedure. The government might have done better as far as preparation, and implementation of the demonetization move is concerned. 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.

Images courtesy of Sameera Pandilakshmi

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