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India after 50 Days of Demonetisation

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India after 50 Days of Demonetisation

December 28
15:46 2016

money1New Delhi, Wednesday, December 28 – Nobody would have ever thought that they would see ban of INR 500 and INR 1000 all of a sudden.  After 50 Days of demonetisation, it is interesting to notice how much India has changed. It is true that cashless payments are being adopted by the majority but still there still remains a big group of the common people who do not have any idea what exactly are the debit or credit cards and digital payment options.

If actual picture is to be painted then demonetisation yet carries on troubling the masses as many aren’t used to not spending cash for smaller daily needs. People dwelling in different cities are keen to have some cash in their pocket that can be used to purchase groceries and products that are needed in every household. Not to forget that for several weeks after demonetisation was brought into implementation, the entire nation seemed standing in the queue outside banks and ATMs for a long time in hope of their turn to withdraw money and deposit old currency.

Despite facing a lot of problems due to this sudden step, they praised Prime Minister Narendra Modi expecting that this will help government take strict actions against people who have black money. It was considered that things will take time to improve. As of now, it seems that steadily India is getting familiar with cashless payments. The serpentine queues outside banks and nearest ATM are reducing slowly.  A few ATMs in Rajasthan with cash are not crowded and this shows that people have started to go with the change.

Costs of vegetables and fruits dropped. In fact, farmers threw several trucks of tomatoes recently on the roads as they did not get good price for their produce. Veggie sellers have no option but to sell the output at a price lower than expected. Not only tomatoes, prices of onions, cabbage, cauliflower, radish etc. have been slashed. Customers who have got INR 2000 note are facing the problem for getting the change in return. To get rid of this, they prefer going with Paytm and other ways of paying sums. Problem is faced when they get to know that people selling vegetable have lesser knowledge about digital payment methods.

Cashless payments in more than a few popular restaurants and dining hall in Jaipur, Delhi, Lucknow and other places have made customers come back and enjoy the same old flavours they enjoy to relish. In view of the fact that a lot of inhabitants are going with the option of digital payments as much as possible, various shops – both smaller and bigger – are placing demand for POS machines.  Online payment at e-commerce portal is helping buyers place orders for books, cell phones, clothes, shoes, accessories etc. Cash crunch will stay in picture for a few more weeks.

People still want to have smaller currency notes to use it at the time of need.  Property market is hit hard in the last 50 days. A number of buildings in Jaipur are ready but since there are no buyers, builders have dropped prices up to 25 to 30 per cent. Same is the situation of gold market. Scenario is said to improve in a short span of time. Virol village in Ahmedabad is setting a big example how to adopt the change. The locals are using debit and credit cards to buy kitchen staples and other useful things. Shopkeepers here are using card-swipe machines to help buyers get what they need. Mix response of the populace still stays in picture. But as things are changing, one may expect to see a better India.