26/11/2016
Senior economists as well as political leaders are today talking about the slowdown that would come due to cash crunch and resultant tendency to hold on to the small amount of valid currency held by people. They are not saying that demonetization is bad. In such a situation may I request all such political parties, economists, newspapers, FM and other radio channels, TV channels to educate the citizen how trade could still take place in-spite of non-availability of cash. I would recommend that:
1. All TV channels should try to educate people through videos about safe usage of cards and e-wallets for making payments or receiving payments as part of their CSR activities.
2. All political parties and particularly the ruling party in the center should employ all the resources it has to make e payment more popular.
3. All colleges, professional or otherwise, should ensure that all students are exposed to such videos about cashless financial transactions.
4. All schools should call parents-teachers meetings to ensure every parent becomes comfortable with the use of e payment options.
5. In railway stations, hospitals, and all other places of assembly, such videos should be played, so that genuine persons should not feel restricted.
6. All NGOs (who are not involved in only money laundering business, a number of them are) should also get involved into this activity of educating the people and thus bringing out a reform..
The essence is the imminent slowdown in trade and business can be minimized through positivity. It is beyond doubt, that demonetization is successful; it will bring immense benefits to our society.