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What demonetization means to a common man?

What demonetization means to a common man?

So far we have been throwing around big words like demonetization of the currency, economic stability and destruction of the wealth. Now let’s look at the same story from the perspective of an ordinary person or a common man. What is the difference when the same issue is not discussed in a board meeting or by politicians and bureaucrats? It brings out the immediate impact of this extreme step taken by the current government in power to tackle corruption and black money.

The common man philosophy is different. He focuses on his growth and meeting his basic needs. The 500 and 1000 denomination rupee notes is must for all of us, even for those who can barely afford it. If you take a glimpse into the wallet or purse of any individual there will be secret stash which has at least one or more of these notes, through which we console ourselves with. It is also called our emergency money or fallback money. Now you are suddenly telling us that we do not have a safety vault (no matter how small) to fall back on? Or are you telling us that we have lost the value of all our Piggy banks?

Now as an honest patriotic citizen I have the best interest of my country at heart but there are many factors that confuse me. In how much time will I see the results of my sacrifice? Are the corrupt really being penalized? Was there a privileged group who got a way out of this? Will this reform bring about the changes it intends to or is it nothing more than an inconvenience? Discussing this historical move, C M Grover, Executive Director, IBSFINtech India Pvt. Ltd., said “Demonetization has eradicated the Demon in the money which was curse for the poor and boon for the riches. Now it’s just a rejuvenation of reversal of the Demon! The complete process has brought the realities of a new India sparkling in the eyes of common man who were keeping such dreams under their Pillows every night they went off to sleep!”

So far, despite the disruption of daily activities there has been a positive vibe about it among people who have been breaking honest bread day after day. Talking like a true common man, it feels like long overdue justice if nothing else. Mr. Murad Nathani, Co-Founder of Slonkit gave his view on this issue -“It’s a great first step. However, we need to ensure that cash comes into the formal economy and that it is ultimately channeled towards economic priorities like infrastructure development. In the long run, I am confident that this would give a boost to digital payments like Slonkit, which gives the user a seamless cashless experience online as well as offline. Ultimately, success would be if we can further drive “financial inclusion” in the true sense and connect more than a billion Indians with the formal banking system. That to me, would be revolutionary, and the path that we must work towards”

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