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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 so far?

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In fact, 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. Changes in the rules regarding the demonetization process on a regular basis by the Government of India causes significant distress as one had to keep up with the deadlinesbest bitcoin casino usa buy bitcoin casino software 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 bitter feelings everywhere. There’s a sense of urgency attached to even simple chores such as shopping in a supermarket store/supermarket, paying electricity bills, filling up the tank, etc..

BC: Do you think many Indians are for demonetization?

SP: Initially, the majority of Indians welcomed the demonetization move. They considered that it would wipe out corruption, hoarding of money and the financing of terrorism. As days passed by, the effects of the demonetization process made many Indians question the effectiveness of the move. Over 80 people have lost their lives due to different reasons which range to being denied treatments at hospitals because of lack of money notes of smaller 38, from standing in long queues at banks for extended hours.

BC: From your standpoint 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 India in comparison to India due to integration of the system in urban areasGet up to 1 Bitcoin Free on Betcoin bonus code EWallets such as PayTm, Freecharge, Ola Unified and Money Payment Interface applications facilitate transactions to a wonderful extent.

It is 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 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’s imperative for the government to scrutinize and improvise digital payment initiatives on a periodic 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 present situation?

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

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

The demonetization process has caused a great deal of inconvenience. The right to exchange and the right to life has been affected during the first days of the demonetization process. The government might have done better as far as preparation, and implementation of the demonetization move is concerned. I am looking forward to 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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Source: bitcoincasinoreview.net

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