Demonetisation of Indian banknotes took place in Nov-Dec 2016 and wreaked havoc on various sections of the society including businesses. But it also led to a change of how people used their money as the cashless agenda was pushed forward. As someone who isn't a fan of FIAT currency it didn't make any major difference in my spending habits.
.jpeg)
Over the past 4-5 years I had already begun using my cards over cash for day to day expenses and now with Google Pay, Paytm, Credit & Debit cards being widely used across the country, the need to carry any substantial amount of cash is reduced for most of the circumstances.
Infact, I generally carry fewer than a couple of hundred Rupees with me at any point in time. My reliance on digital payment systems and cards are a lot higher.
It's partially because digital transactions solves my headache during the annual audits. All expenditure is recorded so there's 100% transparency as far tax audits are concerned. Which is a plus especially when your life revolves around cryptocurrency.
My hometown is relatively safe so carrying cash in the pockets is no issue even in crowded areas but I just hate sitting on a bulky wallet. It's just so much easier to carry one card and make payments through that or do them digital.
Mostly I end up using my cash for parking fees which are very nominal amounts in India, $0.30 cents or 20 INR for 2 hours in my city at the malls if you visit for a movie or two or for similar miscellaneous expenses.
But on the downside, going digital means the government can easily freeze your accounts and if you don't use cash at all you're screwed. That's why it's great to be able to use cryptocurrencies and one of the major reasons why India captured more than 10% of the global trade volume at the time.
If you are from India, how did your spending habits changing post demonetisation?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #68
Is it true that the women of India own 11% of the worlds gold? . Thanks mike
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ya that is true. Women in India don't give up the gold which is passed on from their elders as a mark of respect and to pass on the gold to their future generations like their older ones did.
Even if the women and her family is in the worst of tragedies, Indian women don't give up this gold. And it is also because India was the 10 times richer than whole of Europe before 1600.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very wise. Thanks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Welcome bud
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Indians are big on gold consumption in general. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I believe so , wise . Cheers mike
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Demonetization didnt change my spending habits as I am from a middle class and my income has been dividing accordingly for the day to day needs of myself and my two sons.So it didnt affect my habits .
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I stopped carrying my wallet...therefore feeling bit lighter than ever😉..it also enables me to roam freely as no worry about my back pocket which is always vulnerable to pik pocketeers... So tension free...👍
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Spending more plastic money
Posted using Partiko iOS
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am from India, and yes My spending habbits changed a lot after demonetization. everything became digital , I used paytm and bhim for most of the payments, having no cash for such a long time was havoic, even many people used to stand in long ques of atm to get cash.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Actually the spending habit hasn't changed much but the way of spending has really changed drastically.
Realised the benefits of going digital and really liked demonetisation in the long term, although I think it did not serve the purpose it was summoned for.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think there is no change in spending habits but only mode of payment is a bit changed somehow.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think as the cryptos develop, the adoption will be more and more...because if you are forced to be digital,it may as well be de-centralized and out of the control of governments.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I used to use PayTM for a while after DEMO happened, there was also a general shortage of cash in circulation anyway which left us with no option really but the moment the cash circulation reached adequate level, I was back to using cash again hehe.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We also use google pay, card etc but do wish that the small scale merchants like the fruit and veggies used services such as paytm or gpay.
Spending habits have certainly. People are now more careful about spending as it is all accountable
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Because crypto is transparent and accounted for money, people should be rewarded for using it. Cryptos and digital payments should have benefits because there is so much black money in India so the honest person should benefit from using digital and transparent payment methods.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Where in India are you from?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Mangalore
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @firepower! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Vote for @Steemitboard as a witness and get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit