How Demonetization Is Affecting India’s Citizens

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

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In fact, demonetization has had an adverse effect on the way I carry out my daily actions. I had to begin with exchanging the old 1000 and 500 rupee notes at banks which is. Changes in the rules concerning the demonetization process on a frequent basis by the Government of India causes significant distress as you had to keep up with the deadlinesbitcoin casino with practice play mode buy casino stock with bitcoin I don’t know what the government is attempting to accomplish. New rule every 3 days and bitcoin casino no deposit bonus code. Individuals have everywhere to feelings that are bitter. 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 vast majority of Indians welcomed the demonetization move. They considered that it would wipe out hoarding of money, corruption and the financing of terrorism. As days passed by, the consequences of the demonetization procedure made many Indians question the effectiveness of the move. More than 80 people have lost their lives due to reasons which range from standing at banks for extended hours in long queues to being denied treatments at hospitals due to lack of currency notes of denomination.

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 easier for urban India in comparison to India due to integration of the banking system in areas that are metropolitan https://bitcoincasinoreview.info/ EWallets like PayTm, Freecharge, Ola Unified and Money Payment Interface software facilitate electronic transactions to a great extent.

It’s 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 people. Improvise and It’s imperative for the authorities to scrutinize 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 current situation?

SP: Yes. I’ve heard about bitcoin. I am presently learning the technicalities of the bitcoin system. I am looking forward to using them 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 government and rulers?

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

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

Pictures courtesy of Sameera Pandilakshmi

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