Bitcoin.com (BC): As a normal Indian, what impact has the demonetization had on you so far?
Sameera Panddilakshmi (SP): In fact, demonetization has had an adverse impact on the way I carry out my daily actions. With exchanging the old 1000 and 500 rupee notes at banks which is highly 19, I had to start. As you had to keep up with the deadlines changes in the rules concerning the demonetization process on a frequent basis by the Government of India causes distress7bit scam I don’t know what the government is attempting to accomplish. New rule every three days and bitcoin casino no deposit bonus code. People have feelings that are bitter everywhere. There’s 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 corruption, hoarding of black money and the financing of terrorism. As days passed by, the consequences of the demonetization process made Indians question the effectiveness of the move. Over 80 people have lost their lives due to reasons ranging to being denied treatments at hospitals because of lack of currency notes of smaller denomination from standing in long queues at banks for long 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, even though it can not happen overnight. The transition will be more easy for India that is urban compared to rural India due to integration of the banking system in urban areasonehash rating EWallets like PayTm, Freecharge, Ola Money and Unified Payment Interface software facilitate digital transactions to a wonderful extent.
It’s 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 been shown 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 periodic basis to ensure that there is a transition to a cashless economy.
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. I am 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 now.
BC: How can the situation make you feel about rulers and government?
The demonetization procedure 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 process. The government might 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.
Images courtesy of Sameera Pandilakshmi
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