Jalandhar 21 December (Jaswinder Azad)- The hot topic of today is demonetization of 500 and 1000 rupees notes. Some are calling this scheme a huge success while other claiming to be a total failure. Here we have compiled all the benefits, problems and challenges of this scheme after an observation at streets, in market and on social media and a visit to a bank.
Eklavya School Classes 9th to 12th conducted a survey on Demonetization of Money . The students were taken to ICICI Bank. They assisted the people in filing the forms. The students asked people their views on the change of currency notes. Most of the people appreciated the efforts of the Government. The children were able to answer the queries of the general public which were appreciated by them. The students who went for the community service campaign were Amrita, Komal, Navneet, Rishabh, Arti, Ishika, Jaskarn, Miral and Ashish, along with the two Educators Rita And Bhawna.
Amrita class XII student analyzed this visit as a very profitable for the common people as she shared that their visit to bank made the bank employee’s job easier.
Aarti Of class XI shared that the people were approaching to them to fill the forms and queries were also taken by them. She was feeling very confident to be a guide for such uneducated people.
Komalpreet Kaur of class XII science also shared her experience of the visit that some people were frustrated to stand in the big queues. Then they went to the people and explained them the rules imposed by the government. And finally 90% people their responded favourably. But they also discussed about the challenges faced by the common People:
The one and only problem faced by the country at current is shortage of cash as 86% of country’s cash was in form of 500 and 1000 Rs. note, while all other problems are incidental to it and major of these challenges are
1- Problem in organizing functions– Mostly those people are suffering who have marriage or big functions because most of their transactions happen to be in cash. From caterers to decorators all used to take cash.
2- Refusal of doctors to treat patient-Out of all problem the most serious is about treatment of patients. Doctors generally prefer cash instead of cheque, plasttic money and online transactions are very rare, also a poor person don’t know about online transactions.
3- Long queues, problems for old and handicapped– Another problem is suffering of old and handicapped people who have to stand in line to get cash. Though this problem to some extent is addressed by asking banks to make a separate line for such people but still it is a problem and has actually at some places resulted in death of old people. Also in small cities banks are not following these guidelines.
4- Public losing patience– At the time PM announced the scheme huge public supported it but now slowly the mood of public is tilting because of problem faced by them in exchanging the money. Its look like that scheme was not properly planned at operational level. Also the problem is human mind get irritated quickly, for example though a person goes out with a mindset that this scheme is very good and he should face some hardship to make this scheme successful but the when he has to stand 4 hrs in line he starts panicking and starts cursing the government.
Now since we have discussed the problems now also let people understand the benefits of the scheme.
• Crackdown on hawala network– Since almost whole of hawala business works on cash this decision has broken the backbone of hawala operators. But then this is temporary and will again gain momentum in few years unless other supporting steps are taken to curb this practice which is again a very difficult thing to d.
• Fake currency market totally shattered– It is a well known fact that most fake currency circulating in country were in the form of 500 and 1000 Rs. notes, the biggest benefit of demonetization is that all this currency has now become useless.
• Bribery business shunned– It is a well known fact in India that corruption is at its very peak and the main target of the current scheme is corruption. Most government officials and politicians takes bribes. Demonetization has left all that cash useless. As such cash can only be converted to a extend and these people own such enormous amount that they can’t convert whole.
• . Will help in checking inflation– People used to stock cash in their home buried under walls or ground rendering cash out of circulation causing inflation. now because of demonetization this problem will be checked.
In the end I will only appeal to people that this a very bold step of the current government so give it atleast a 1 shot and request locals to support people who are standing in line. Also I hope government takes step to check agents who are flooding the already strained ques to make some money. And a warning to government that take steps to check deaths of aged people which are taking place due to standing in long ques or it is going to be the main reason for failure of the scheme.
We urge the people to actively support centre’s initiative to build a cashless society.
The Director Ms. Seema Handa, Manager Ms. Sapna Bakshi and the Principal Ms. Dimpal Sharma appreciated the efforts of the students.
Eklavya School Classes 9th to 12th conducted a survey on Demonetization of Money . The students were taken to ICICI Bank. They assisted the people in filing the forms. The students asked people their views on the change of currency notes. Most of the people appreciated the efforts of the Government. The children were able to answer the queries of the general public which were appreciated by them. The students who went for the community service campaign were Amrita, Komal, Navneet, Rishabh, Arti, Ishika, Jaskarn, Miral and Ashish, along with the two Educators Rita And Bhawna.
Amrita class XII student analyzed this visit as a very profitable for the common people as she shared that their visit to bank made the bank employee’s job easier.
Aarti Of class XI shared that the people were approaching to them to fill the forms and queries were also taken by them. She was feeling very confident to be a guide for such uneducated people.
Komalpreet Kaur of class XII science also shared her experience of the visit that some people were frustrated to stand in the big queues. Then they went to the people and explained them the rules imposed by the government. And finally 90% people their responded favourably. But they also discussed about the challenges faced by the common People:
The one and only problem faced by the country at current is shortage of cash as 86% of country’s cash was in form of 500 and 1000 Rs. note, while all other problems are incidental to it and major of these challenges are
1- Problem in organizing functions– Mostly those people are suffering who have marriage or big functions because most of their transactions happen to be in cash. From caterers to decorators all used to take cash.
2- Refusal of doctors to treat patient-Out of all problem the most serious is about treatment of patients. Doctors generally prefer cash instead of cheque, plasttic money and online transactions are very rare, also a poor person don’t know about online transactions.
3- Long queues, problems for old and handicapped– Another problem is suffering of old and handicapped people who have to stand in line to get cash. Though this problem to some extent is addressed by asking banks to make a separate line for such people but still it is a problem and has actually at some places resulted in death of old people. Also in small cities banks are not following these guidelines.
4- Public losing patience– At the time PM announced the scheme huge public supported it but now slowly the mood of public is tilting because of problem faced by them in exchanging the money. Its look like that scheme was not properly planned at operational level. Also the problem is human mind get irritated quickly, for example though a person goes out with a mindset that this scheme is very good and he should face some hardship to make this scheme successful but the when he has to stand 4 hrs in line he starts panicking and starts cursing the government.
Now since we have discussed the problems now also let people understand the benefits of the scheme.
• Crackdown on hawala network– Since almost whole of hawala business works on cash this decision has broken the backbone of hawala operators. But then this is temporary and will again gain momentum in few years unless other supporting steps are taken to curb this practice which is again a very difficult thing to d.
• Fake currency market totally shattered– It is a well known fact that most fake currency circulating in country were in the form of 500 and 1000 Rs. notes, the biggest benefit of demonetization is that all this currency has now become useless.
• Bribery business shunned– It is a well known fact in India that corruption is at its very peak and the main target of the current scheme is corruption. Most government officials and politicians takes bribes. Demonetization has left all that cash useless. As such cash can only be converted to a extend and these people own such enormous amount that they can’t convert whole.
• . Will help in checking inflation– People used to stock cash in their home buried under walls or ground rendering cash out of circulation causing inflation. now because of demonetization this problem will be checked.
In the end I will only appeal to people that this a very bold step of the current government so give it atleast a 1 shot and request locals to support people who are standing in line. Also I hope government takes step to check agents who are flooding the already strained ques to make some money. And a warning to government that take steps to check deaths of aged people which are taking place due to standing in long ques or it is going to be the main reason for failure of the scheme.
We urge the people to actively support centre’s initiative to build a cashless society.
The Director Ms. Seema Handa, Manager Ms. Sapna Bakshi and the Principal Ms. Dimpal Sharma appreciated the efforts of the students.
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