First Pay Day after Demonetisation - Where is the Cash? - Common Sense Living Newsletter
 
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First Pay Day after Demonetisation - Where is the Cash?

Life
Dec 01, 2016

First Pay Day after Demonetisation - Where is the Cash? 

After demonetisation, I feel blessed to live in a neighbourhood that has six ATMs - Citibank, IDBI, ICICI, Yes Bank, Kotak, and - the king of all - SBI (though I haven't seen it working more than once).

As I went downstairs to withdraw cash in the morning, I was not surprised to learn that none of them were dispensing cash. However, I was surprised to learn that today is pay day... And if six ATMs of different banks aren't working, there's not enough cash to go around.

Goes without saying, millions of salaried and pensioned employees receive salary in their bank account and they won't be able to withdraw cash.

On my daily commute, I flipped through a news magazine to come across an RBI official's statement that there's a lag of 21 days for printed notes to arrive in markets.

India has only four note presses located in Nagpur, Dewas, Mysore, and Salboni - two of which are on terribly old machines that were installed over 30 years ago.

According to an IANS report, looking at the capacity of printing presses...it will take at least six months to replenish new currency notes.

Now who else thinks that some math should've been done before PM Modi made an announcement that our discomfort should prevail only for 50 days?

'50 din bhaiyon aur beheno...sirf 50 din', I still remember his words that echoed through Shyama Prasad Mukherjee indoor stadium in Goa. And how he requested the audience to give a standing applause to support his decision and 'bless' him.

If the 50 days' calculation was right, the shortage of cash should've reduced by now - we're halfway down the estimated duration.

But has it really?

As the country sees its first pay day twenty-two days after demonetisation, the situation of cash and ATMs remain alarmingly grim.

Today huge masses are expected to flock outside banks and ATMs to withdraw a portion of their salary, and while the lucky ones may get their hands on some, many are supposedly going to return with disappointment.

Four days ago PM Modi envisioned a 'less-cash' society in Mann Ki Baat and said that once we become 'less-cash' society, the goal of cashless society won't be far-fetched. The common man has seemingly endured the hardships of 'less-cash' society for some weeks now, and will continue to do so even on the pay day. A hard-working employee has already sacrificed cash on his salary day.

What happens in the long-run remains to be seen; let's hope this move attains its goal of eradicating black money from our society. But today it's affecting me and you and everyone...and it will continue to do so in the near future.

In what ways and how - get the bigger picture in a free guide authored by Vivek Kaul that throws light on every aspect of demonetisation that you need to know.


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6 Responses to "First Pay Day after Demonetisation - Where is the Cash?"

Ayushi sharma

04 Feb, 2018

To see something good you have to wait for it...

Rama

06 Dec, 2016

We just need to understand the underlying message too. We are so cash dependent that it puts extra burden on our economy too in the form of costs of printing notes. Please start using mobile wallet. I am pleasantly surprised how even small vendors are extensively using mobile wallets. Alternately we should use debit/credit card. I have spent whole 2 weeks without cash. I have paid my maid, milkman, paperwala, vegetable wala and others via means other than cash. I have now realised that cash is actually not required if you use other means and encourage others to use.

Like (1)

Swapnil Gaur

02 Dec, 2016

Of course Annon! As a matter of fact, over 98 percent of transactions in India happen in cash.

Annon Peaceful

02 Dec, 2016

When will we remove the blinkers and start seeing the reality. The FM himself has confirmed on 1 December that it will take one to two QUARTERS to improve cash crunch. Probably he forgot what the PM said '50 din bhaiyon aur beheno...sirf 50 din'. If one does not want to address the reality, it is their choice, but at least they should have empathy for the 80 per cent of the population which depends on cash transactions for their livelihood and probably a lot of them do not know how to read and write to be part of a cashless society.

Like (1)

evaman

01 Dec, 2016

Why are we so obsessed with currency? why are we refusing to think beyond cash to pay for anything? why are we making it a issue? Sure it is affecting me in a small way, limiting my choices and forcing due diligence and restraint in handling limited supply of cash, but it is not bothering me. I see many adapting to the situation and moving on. It is those that are unable to let go and hoping things will return to status quo ( I bet it will not, and hope it will not) that are wasting time in ATM queues to withdraw 2500.

Sivanandam s

01 Dec, 2016

Instead of wasting your time nd everybody's time gribbing like this, use your debit/credit card. (Not your brain)

Like (1)
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