Hi all !!
Greeting for the Day !!
Greeting for the Day !!
Demonetization, hearing the word only i remember the day when Prime Minister of INDIA announced that w.e.f. 8th November 2016 all ₹500 and ₹1000 notes will not have legel Tender. That means all ₹500 and ₹1000 notes are carry Zero value if not deposited in customer Bank account or getting exchanged at the opened Counter in Banks with a valid identity Card.
This had a big impact on the Life of every citizen of India and it give birth to Cashless transaction in India. Demonetization has taken normal people on road with no legal tender notes available in Market. every one was standing in long queue at ATM machine, Banks, Post office etc. There was so long wait for every one do get the new notes.
As Per the Government, Demonetization was a weapon to take out the black money from the big Politician, industrialist who are eating out the money of the Country and making economy weak in days. but the Plan of the Government fail very badly as reports from RBI reveals that the more than 98% of the notes were deposited in banks or get exchanged at various counters of banks and Post offices. Government plan to curb out black money has affected very daily life of normal daily wage seeker and lower middle class as there is monetary as well as time loss to them, which they were enjoying earlier by means of earning. This was the time when government was criticized very badly and people started questioning about the policy makers.
Big industrialist, bossiness man have started paying their workers in advance their wages and salary to decrease the liability standing with them. this was the reason AAM aadmi suffered a lot in getting exchanged or depositing in banks. Big people had got the amount deposited in benaami accounts of their relative and near and dear ones who can were ready to deposit with a commission of 2 to 5 f percent of commission on the amount deposited in their banks. It was also noticed that big politicians are getting directly exchanged their notes out of account in banks and Post offices. Cases in Hyderabad and other cities have told us that even government servants are involved in getting amount exchanged at various levels either their money or their boss amount.
It is well known quote that Necessity is the mother of all invention and we Indian will always find a way to get the work done it is either our own personal or official problem, for us there will always be a solution at the end of the day. During that time Paytm, Phonepay, freerecharge were dominating in the market for wallet money. Paytm has started giving paytm account at a very nominal charge and nominal KYC(Know your customer ) Paytm account to each merchant at urban and rural areas. Paytm has mobilized its service in customer through various advertisement in TV, Internet and news papar that Paytm got a very huge hike in their customer base. Paytm was giving free transaction through customer account to other person walletm, wallet to wallet transfer, but was taking 4 percent nominal charge for transfer of wallet balance to any bank account. Other wallet service providers were not up to that mark to give a competition to Paytm. slowly and slowly Paytm become a market leader and has expanded its market in various field like online shopping, movies, grocery etc. So we can say that Paytm become the market leader and others were following it, subsequently it can be derived that the demonetization has helped Paytm to grow big.
Rise of Paytm and other wallet providers has helped the common man that they need not be standing in long queues for cash, for purchase of household, shopping, food they were able to pay online at their convenience at the reception. So through this Cash less transaction has taken birth and went on to become a big thing today.
Thanks for reading guys!!
This had a big impact on the Life of every citizen of India and it give birth to Cashless transaction in India. Demonetization has taken normal people on road with no legal tender notes available in Market. every one was standing in long queue at ATM machine, Banks, Post office etc. There was so long wait for every one do get the new notes.
As Per the Government, Demonetization was a weapon to take out the black money from the big Politician, industrialist who are eating out the money of the Country and making economy weak in days. but the Plan of the Government fail very badly as reports from RBI reveals that the more than 98% of the notes were deposited in banks or get exchanged at various counters of banks and Post offices. Government plan to curb out black money has affected very daily life of normal daily wage seeker and lower middle class as there is monetary as well as time loss to them, which they were enjoying earlier by means of earning. This was the time when government was criticized very badly and people started questioning about the policy makers.
Big industrialist, bossiness man have started paying their workers in advance their wages and salary to decrease the liability standing with them. this was the reason AAM aadmi suffered a lot in getting exchanged or depositing in banks. Big people had got the amount deposited in benaami accounts of their relative and near and dear ones who can were ready to deposit with a commission of 2 to 5 f percent of commission on the amount deposited in their banks. It was also noticed that big politicians are getting directly exchanged their notes out of account in banks and Post offices. Cases in Hyderabad and other cities have told us that even government servants are involved in getting amount exchanged at various levels either their money or their boss amount.
It is well known quote that Necessity is the mother of all invention and we Indian will always find a way to get the work done it is either our own personal or official problem, for us there will always be a solution at the end of the day. During that time Paytm, Phonepay, freerecharge were dominating in the market for wallet money. Paytm has started giving paytm account at a very nominal charge and nominal KYC(Know your customer ) Paytm account to each merchant at urban and rural areas. Paytm has mobilized its service in customer through various advertisement in TV, Internet and news papar that Paytm got a very huge hike in their customer base. Paytm was giving free transaction through customer account to other person walletm, wallet to wallet transfer, but was taking 4 percent nominal charge for transfer of wallet balance to any bank account. Other wallet service providers were not up to that mark to give a competition to Paytm. slowly and slowly Paytm become a market leader and has expanded its market in various field like online shopping, movies, grocery etc. So we can say that Paytm become the market leader and others were following it, subsequently it can be derived that the demonetization has helped Paytm to grow big.
Rise of Paytm and other wallet providers has helped the common man that they need not be standing in long queues for cash, for purchase of household, shopping, food they were able to pay online at their convenience at the reception. So through this Cash less transaction has taken birth and went on to become a big thing today.
Thanks for reading guys!!
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