Demonetization Leading To Behaviour Changes
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Demonetization Leading To Behaviour Changes…

The newspapers and TV channels are criticizing the government for the demonetization exercise. But the behaviour changes that were expected are starting to happen. Some of the early ones are: people are rushing to pay their electricity, income tax, real estate tax or other bills quickly; E-wallet companies are seeing a huge spike in payments; credit & debit card machines are being sought by small mechants at 30 times the normal rate; there is a huge drop in real estate transactions and builders feel cash transactions will be athing of the past; borrowing costs for infrastructure companies is falling fast so they will borrow more to invest more; hawala transactions for Chinese imports is taking a hit; and people in cities are using less cash and switching over to cards, internet banking and e-wallets more than ever. So this change is not without pain especially for the rural areas. But these changes are cause for hope and there is a move away from cash as one of the goals of the demonetization!

Source: Swarajyamag

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