The Demonetization Effect

Effect: 

With the recent demonetization of 500 / 1000 rupee notes by Indian govt., many are facing problems exchanging the money or depositing it in banks but at the same time, every honest tax payer is supporting Narendra Modi for the initiative taken. People have realized that it may be a temporary short term trouble but will definitely help government to curb black money in long run.

Opinion:

I personally feel this is the right step taken by government and will impact economy in a positive way in years to come. Only those who have stash of undisclosed cash hidden in their pockets are worried about the move.

Request:

Through this post, i would like to make a humble request to all the educated citizens of the country who knows how to use mobile wallets, please make use of wallets to the fullest and help others as well to do daily transactions.

How To Help:

if you know someone in your family or friend circle who needs to transact on daily basis for utilities, please educate them on how to use mobile wallets to pay for the transactions. Help them register their bank accounts in mobile wallets. This way they don't need to worry about carrying cash in their pockets or search for cash rich ATMs or wait in queues for long hours. Feed their wallets in every possible way.

If you find anyone within your family who needs a mobile recharge or pay bills, it's good time for a responsible citizen to pitch in and do the transaction on their behalf using mobile wallets. This way you will not only be able to save their time standing in queues but also avoid the frustration. Buy grocery for them from BigBasket or pay their electricity, cable, broadband bills etc.

Mobile Wallets:

There are many popular mobile e-wallets available which are easy to install and use to transfer / send / receive money or pay the for utilities. Some of the popular ones are: PayTM, MobiKwik, FreeCharge, PayU, Payzapp, Chillr etc.

What more you can do:

People who can transact using mobile wallets can avoid going banks right now and wait to get their hard cash exchanged / deposited in bank accounts. Let the poor or others who has no knowledge of how to use mobile wallets or who needs money on urgent basis or has gone to bank for other important work, give them priority first to visit the branch and do the transactions. Help them in every possible way. You can always get your money exchanged / deposited later, once the situation has come under control and there's not much rush in banks. Have patience. Support the initiative.

If you see an elderly in queue, offer them help by standing in for them or install mobile wallets on their mobile and help them to transact online. If you have enough change (cash) in hand in 100 / 50 / 20 / 10 denominations, exchange that with poor who stand in queue to get 500 / 1000 notes exchanged / deposited.

You can use cheque to make payments. I paid the house maid her monthly salary through cheque. I left the date blank for her to fill it later whenever she find it comfortable to go to the bank and deposit it. I paid the plumber for his service through PayTM.

News:

I recently read that a hospital denied treatment because patient family could only pay in 500 / 1000 notes. As a result, the patient died. An ENT doctor in my locality denied checkup to all those patients visiting with 500 / 1000 notes. Is this human ? Is money above someone's life. Doctors, Hospitals at this time should welcome the move and ask patients or families to pay via mobile wallets or cheques or bank transfer but do not deny them the service. They are in pain and they need your help. Work Responsibly.

That's my take on how you can help others.

Information on Popular Mobile Wallets:

Here's a snippet of few mobile wallets that you can use or educate your family members / friends on how to use them so that they can avoid visiting banks or ATMs for money to do daily transactions:

1. PayTM: Super easy to use. Pay or Send money by scanning the code or using the mobile number. You can add money in your wallet to use it later. Pay mobile bills, recharge, utility bills through PayTM.

2. Mobikwik: Again a very popular app to do all sorts of transactions. Add money to your wallet and use the app to do every transaction.

3. Payzapp: Use HDFC Payzapp to pay for online purchases or utility transactions. I use this app to buy grocery from bigbasket on thursdays as i get cashback of 200 on every 1200 purchase.

Note: You don't need to have HDFC account to install this app. I have configured my icici card in Payzapp to make payments.

4. PayU: Similar to above apps. Super easy to use.

Other similar apps:
Freecharge, Pockets from ICICI Bank, Chillr app etc.

Only downside of using Chillr app is that there are very few banks registered as partners with Chillr. So the chances are high that you may not find your bank listed as partner. As a result you may not be able to transact using Chillr app.

Check if ATM in your area has Waiting / Cash / No Cash:

Here's a website which gives you a list of ATMs that has cash / no cash or has waiting line in front of them. You just need to enter your area Pincode and submit, it will list out all the ATMs with their current money status.

Website: http://www.cashnocash.com

I do not have any idea of how authentic the information is. But one can give it a try and see if it really works or not.

Please share this message with others.

Thanks

#BlackMoney
#Demonetization
#ATMQueues