It was a bold movement indeed in a country with a billion population which was rusted in corruption started in its own pillars of survival. Till the day all combats against corruption would remain in papers other than a few which would plot the public to think as if something great had happened in the society. Recent demonetization was plotted to be a chariot of mishaps which only contributes sufferings to public, but the matter of fact is that all those who had a proper agenda of living in the restraints of the country would never face a long-term difficulty. The temporary discomfort shall be regarded as a token to a better future, other than that there is no long lasting ramification for this action. If one can see the other side of the coin, there are plenty of options to live in this society without crying in a queue, especially for the young buds of India. Let us see some choices which could help you move on from the dust of demonetization.
Electronic or digital payment option still exist, intact. RBI didn’t move a plate from its modus operandi, provided the physical money is not demanded. All you have to understand is that the restrictions are only imposed for physical currencies and their withdrawal. You might have to sweat acquiring the currency notes, but dealing them electronically wouldn’t be a mountain ride for you. In fact, many rain flies have emerged in the light of demonetization drinking the benefit more than any others. To give you an idea let us dive into existing payment options a common man can use:
- Debit card: If you hold a bank account, then it’s highly likely for you to have a debit card too. In the past, these debit cards were encrypted in a black magnetic tape on the reverse side, which now enjoys upgraded security features with an embedded chip. Your daily cash withdrawal limit is restrained to INR2500 in the present scenario, but you are free to use the entire debit card limit for cashless payments for shopping, purchases, petrol etc. All it need is a POS machine with the vendor, which is now readily available via banks and growing in popularity.
- Credit card: Unlike a debit card, one has to obtain this through certain procedures. Credit card payments are not deducted from any balances in the bank account, rather it has to be settled on a periodic basis by the user. You may use your credit card to make all sorts of purchases and services over a POS machine. Also the same can be used to fill money into other e-wallet services, online shoppings
Notes: According to RBI all charges on card payments are temporarily waived till December 31st, 2016.
- E-wallets: By now you might be aware of some e-wallets like Paytm, MobiKwik, Vodafone m-Pesa, Airtel money etc. These are simply an account that holds some cash. You may use your bank account or prepaid recharges to fill money in these wallets. They are also called as prepaid wallets since you have to fill in money prior to using them. In the present technology, you need a smartphone to use an e-wallet. Each e-wallet has their own app, which can be used to transfer money in exchange of goods and services. Most of them are limited to a 10000 rupee mark, but on becoming KYC compliant, Paytm lifts the limit to 1 lakh rupees.
- Net banking: This is the fact why you may not have seen many young chaps in the queue. Net banking is more like putting the bank inside your computer. You can do everything from depositing, transfer, purchase, pay bills, mobile top-ups, recurring deposits, fixed deposits, statement printing etc. All you need is to register for net banking. Many banks nowadays provide an option to register from home itself, thereby reducing the complications in the procedure. Once you are in the net banking page there is a dozen of choices to get money in and out of your account. Let us see some basic transfer options that might help common man:
- NEFT – National Electronic Fund Transfer
- RTGS – Real Time Gross Settlement
- IMPS – Immediate Payment Service
- Instant / Quick transfer.
You have plenty of options to survive the cashlessness in peace. Just be ready to accept those and move in par with the pace of development. Spreading arms for those who fall behind can be a help in the situation like these, and that is how we can be a true patriot.