Demonetization After Effects — How is the Implementation? #MoneyViewChat
The after effects of Demonetization are now filtering in. First pay day after demonetization and queues and cash outs welcomed people at banks and ATMs. Naturally, we wanted to find our community what they thought about the after effects and the implementation.
The first question of the day. Q1: What are the biggest effects benefits from demonetization? #MoneyViewChat #DemonetizationAfterEffects pic.twitter.com/jsuUT63FWJ
— MoneyView (@MyMoneyView) December 8, 2016
@MyMoneyView #MoneyViewChat A1. More conscious spending, awareness of going cashless, better planning #DemonetizationAfterEffects
— Vidya Devi Sury (@vidyasury) December 8, 2016
@MyMoneyView A1.The biggest benefit is eradication of black money and a cashless economy. #DemonetizationAfterEffects #FindCashWithMV
— Minna pauly (@Minnz89) December 8, 2016
@MyMoneyView A1 – I spend less money, Eat out less and left with hardly any change ? #DemonetizationAfterEffects
— Nakul.M.Dev (@nakulmdev) December 8, 2016
The obvious benefits are people going cashless and using digital modes of payment wherever possible. Of course, we are planning our expenses better and spending much less cash than we normally do. The larger impact perceived is on black money and corruption. Those can be measured only in the longer run though.
Moving to Q2: Was the rule implemented successfully? Why do you think so? #MoneyViewChat #DemonetizationAfterEffects #FindCashWithMV pic.twitter.com/G4xLK7NWUr
— MoneyView (@MyMoneyView) December 8, 2016
A2. I like cashless! Even street vendors take PayTM now. No haggling over change! @MyMoneyView #MoneyViewChat #DemonetizationAfterEffects
— Vidya Devi Sury (@vidyasury) December 8, 2016
@MyMoneyView good side effect -higher footfall in banks, better cross sales for banking products #moneyviewchat #demonetizationaftereffects
— Manasi Marathe (@whomanasi) December 8, 2016
@MyMoneyView A2.Shortage of cash is not an indicator of successful implementation.#DemonetizationAfterEffects #FindCashWithMV #MoneyViewChat
— Minna pauly (@Minnz89) December 8, 2016
The biggest pitfall in implementation is the acute shortage of cash that does not seem to abate. On the positive side, more money coming into banks, better sales of banking products and wallets.
Moving to Q3: How differently could the rule have been implemented? #MoneyViewChat #DemonetizationAfterEffects pic.twitter.com/BF6iQzVJb9
— MoneyView (@MyMoneyView) December 8, 2016
A3 Prepare infrastructure for cashless in smaller places. Currency crunch in some way eased. #MoneyViewChat https://t.co/iXfu9UeqOF
— Rachna says (@rachnaparmar) December 8, 2016
@MyMoneyView A3 – they could have released a common digital wallet from the govt. Which is easily accessable by everyone! #MoneyViewChat
— Nakul.M.Dev (@nakulmdev) December 8, 2016
@MyMoneyView A3. The rule could have been implemented with better planning. #MoneyViewChat #DemonetizationAfterEffects #FindCashWithMV
— Minna pauly (@Minnz89) December 8, 2016
Better planning is definitely what most of our community feel that could have been done better. Prepare infrastructure for cashless or phase out currency gradually could have been other steps to better the implementation.
Here's Q4: According to you, which market has been most affected by demonetization? #MoneyViewChat #DemonetizationAfterEffects pic.twitter.com/dZkXEcOFay
— MoneyView (@MyMoneyView) December 8, 2016
@MyMoneyView A4: real estate market #moneyviewchat #demonetizationaftereffects #findcashwithmv
— Manasi Marathe (@whomanasi) December 8, 2016
@MyMoneyView A4 – agriculture, real estate and daily wagers #MoneyViewChat #DemonetizationAfterEffects #FindCashWithMV
— Nakul.M.Dev (@nakulmdev) December 8, 2016
@MyMoneyView Agriculture and daily wage workers #MoneyViewChat #DemonetizationAfterEffects #FindCashWithMV
— Minna pauly (@Minnz89) December 8, 2016
Real estate, agriculture and daily wage workers along with small businesses are those perceived to be most hit by demonetization.
Our final Q for the day. Q5: Has the shortage of cash overshadowed the benefits of the rule? #MoneyViewChat #DemonetizationAfterEffects pic.twitter.com/82bcB7o52v
— MoneyView (@MyMoneyView) December 8, 2016
A5 Yes, that is a real problem. Daily life for many had been disrupted. #MoneyViewChat https://t.co/TKS3bZXokk
— Rachna says (@rachnaparmar) December 8, 2016
@MyMoneyView A5. Yes. If the shortage of cash was tackled, the benefits were remarkable.#MoneyViewChat #DemonetizationAfterEffects
— Minna pauly (@Minnz89) December 8, 2016
@MyMoneyView apparently not-common people in cities r takin it in their stride 4 gr8er good #moneyviewchat #demonetizationaftereffects
— Manasi Marathe (@whomanasi) December 8, 2016
Yes, shortage of cash has been a huge dampener. If that were managed better, this would have been a great move. For many their daily lives and livelihood has been disrupted according to our community. People are adapting as best as they can, helping each other out and taking to digital payments.
With this we rounded up another session of #MoneyViewChat. Do join us every Thursday at 7 pm for some fun, chatter and information @MyMoneyView.