Life after demonetisation
I was in the hospital along with my mother in law (mil) when PM Modi gave his speech on the notes ban on Rs.500 & Rs.1000 denominations. Although it was almost past the dinner time, I didn’t really feel anything at that point. But next day, the breakfast was late and so was the lunch, even for the patients who were meant to get food on a certain time. Interestingly, the coffee vendor the hospital floor was not accepting card, Paytm and or the old notes. Which means I didn’t get coffee that morning.
Ah! Yes I was very irritated and getting restless even. Following week after demonetisation; we ran out of cash to pay our cook and maid. We had to ask for their bank account details which they didn’t know. Sadly since these two ladies who do such a phenomenal job at my place actually depend on cash for all sorts of transactions and save money in nooks and corners of their homes.
My husband and I switched to Paytm and credit cards for transactions. However, our vegetable vendor took a little while to get online. He still doesn’t accept credit cards but has started Paytm service to maintain his loyal customers.
2 weeks after demonetisation, I find myself standing in never ending ques to get cash an also to deposit cash of old denomination. ATMs are running out of cash and suddenly no one seems to have cash at all.
I managed to give salaries to my maid and cook somehow, and was left with no cash at all. I had to consciously change my shopping style and decide to go to places that accept credit or debit cards. I enjoyed this phase a little as it meant no arguments for change and a proper bill was given to me.
Eventually, cash has started to appear now. However, I’m now heavily dependent on Paytm and plastic money for transactions; even while commuting by taxis. Although all the political parties and the entire nation is in debate on whether this move by our PM has brought the black money and parallel economy to its knees; I feel the sectors which are heavily cash dependent have suffered the most.
The unorganized sector that employs a lot of people has suffered the most. This move of the present government talks about transparency and technology driven transactions. I’m wondering when and how will my maid and cook become tech savvy?
Wondering all the farmers and people working in small and medium enterprises will change their business workings consciously to be able to survive the tsunami of demonetisation…
Despite the sudden changes in the economic transactions, life seems to be moving slowly and steadily and coming to normalcy. Nobody seems to be revolting, even if many have lots jobs and are struggling to maintain a steady cash flow and also to continue leading a good life.
The real impact of how much black money was coveted through this exercise is yet to be known. Whether this move will bring about any change in the way how black money is transacted in this country, is questionable. If demonetisation will stop funding of terrorist outfits, is another question to be asked?
The timing of demonetisation in this country while many political parties are prepping for elections in UP, Uttarakhand and several other states is also questionable. Since from now on; no party will be able to transact in cash to bring people to attend rallied and also to form any coalitions whatsoever.
This post is a commoner’s view and experience of demonetisation. I’m not an economist or a politician to project or polarise anyone. Do share your experiences and lets educate, enlighten and empower the masses.
Posted on January 10, 2017, in Business, People, Politics, Society and tagged ATMs, Business, demonetisation, economy, farmers, Paytm, PM Modi, unorganised sector. Bookmark the permalink. Leave a comment.