Transition time, tough time

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28 Nov, 16 13:15
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The condition after all these days of demonetization has not improved at all. People have started switching to plastic money and electronic modes but such people are very few. Those who used internet banking are making a habit to load their e-wallets but then there are limited options to use such money. The cart seller for example who roams around the city to sell his vegetables and fruits is worried whether he will stand in a queue to collect rupees 100 notes or will go on to sell his stuff. As there is a limit of withdrawing money, he will need to visit bank once a day which is practically impossible. People who want to buy stuff are either really cashless or do not want to spend on anything as they want to keep some liquidity for any kind of unforeseen situation.
Some are seeking credit from these poor vendors while others are heading towards online shopping.
The apparent thing is that there is a great dearth of cash at the moment. Government at a slow pace is being able to make the cash available to the economy and this is why there is a limit on withdrawal of money from accounts. And now when government urges people to spend the withdrawn money, they get skeptical and end up blocking the cash in their pockets. So, as experts from all spheres are predicting that it will take about six months to have all the economy get the currency replaced it withdrew from market, the situation will have little scope of getting recovered.
People who have been living an open lifestyle and would spend with free hand are also being frugal. And it's the need of the hour as one cannot afford to spend to enqueue in ATM or bank line every other day. ATMs are there but are not being loaded with enough cash and this is the situation when we have withdrawal limits imposed. So, overall the problem will be there for some more weeks to come. But then, the way country has responded to it, it seems all is fine People have learnt to live with less money. For most of the use, people have started switching towards the online system and mobile technology. Those who never used mobile ever will take time to trust the system as they did when the started using their debit and credit cards online. We actually need to move to cashless system but prior to the need is to educate people to use that with great efficiency. Lack on part of users could have their bank account cleaned up online and they would only know it after a long time.
The unfortunate reality of people flocking to educate people to fill out their withdrawal form is still there so it's really important that we do not let this generation turn old in same fashion. We need literacy and that is a daunting task. Needless to say, it will not be a popular move to run a education drive like the demonetization drive was.
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Editor : Mr. Virendra Shrivastava
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