500 and 1000 Notes Demonetised: Why the Move Is Unlikely to Push Digital Payments

On Tuesday evening, Prime Minister Narendra Modi made a sudden declaration where he expressed that the Rs. 500 and Rs. 1,000 notes available for use are being ended as lawful delicate. It is news that has surprised numerous, and quickly fuelled hypothesis that this will push individuals towards more advanced exchanges, with individuals wanting to utilize virtual wallets, and other computerized methods of installment, instead of conveying wallets brimming with Rs. 100 notes.

This energy around the computerized economy may have been untimely, as the Prime Minister Narendra Modi soon caught up with the news that new Rs. 500 notes will be issued, and a shiny new category of Rs. 2,000 will soon be available for use too.

Paytm originator Vijay Shekhar Sharma tweeted this was a surgical strike for advanced cash, a supposition shared by MobiKwik author Bipin Preet Singh, yet it’s difficult to comprehend why you would say as much. With high category notes returning to replace Rs. 500 and Rs. 1000 notes, on paper, it would seem that you’re swapping one arrangement of paper cash for another. The move is extraordinary in the event that you need to take out the dark cash that is as of now available for use, yet it’s genuinely awkward for every other person, and barely a major push against money on the off chance that you will present higher category notes.

For the following few days, your money down requests will be amazingly irritating as those Rs. 500 and Rs. 1000 notes will be futile – that much is really sheltered to state. ATMs will be shut on the ninth and some will be shut on the tenth too, so in the event that you don’t have Rs. 100 notes stockpiled at this moment, that will be an issue. On the off chance that you have an internet business arrange planned your money down, reschedule it on the off chance that you can and it’ll spare you the bother later.

Like PM Narendra Modi stated, you can trade the Rs. 500 and Rs. 1000 notes in banks soon, so this “issue” isn’t probably going to keep going for long. All things considered, the move resembles a reset for dark cash, not a settle, and it doesn’t seem as though it has anything to do with the computerized economy, for better or in negative ways.

Amit Somani, Managing Partner at Prime Ventures Partners, tweeted that money is dead. Truly, starting at now it just looks like money has another look.

Will Rs. 500, Rs. 1000 notes demonetisation influence Indians far from money? We talk about this on Orbital: The Gadgets 360 Podcast. You can either subscribe to through iTunes or RSS or simply hit the play catch underneath.

Source:- NDTV

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