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How Demonetization Is Affecting India’s Citizens

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

Sameera Pandilakshmi

Sameera Panddilakshmi (SP): In actuality, demonetization has had a negative effect on the way I carry out my daily activities. I had to start with exchanging the old 1000 and 500 rupee notes at banks which is highly time-consuming. As you needed to keep up with the deadlines changes in the rules concerning the procedure on a regular basis by the Government of India causes significant distressa href=”https://bitcoincasinoreview.info/zigzag777-casino-review”>zigzag777 scam I don’t know what the government is attempting to accomplish. New rule every 3 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 such as shopping in a supermarket store/supermarket, paying power 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 hoarding of black money, corruption and the financing of terrorism. As days passed by, the effects of the demonetization procedure made many Indians question the effectiveness of the move. Over 80 people have lost their lives due to various reasons which range from standing in long queues at banks for long hours to being denied treatments at hospitals due to lack of money notes of denomination.

BC: From your perspective 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 in comparison to rural India due to integration of the banking system in urban areasbest online bitcoin casino invest in casino bitcoin EWallets such as PayTm, Freecharge, Ola Unified and Money Payment transactions are facilitated by Interface software to a wonderful extent.

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. Improvise and it is imperative for the government to inspect 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 have heard about bitcoin. I am presently learning the technicalities of this bitcoin system. I’m looking forward to using them though bitcoins may not serve as a remedy for the demonetization process immediately. I’m comfortable with digital transactions for the time being.

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

The demonetization process has caused a lot of inconvenience among individuals. The right to life and the right to exchange was affected during the days of the demonetization procedure. The government might have done better as far as preparation, and execution of the demonetization move is concerned. I am looking forward to the results the demonetization move is 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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