NOV 8,2016 at around 8.15 pm the Prime minister of India, Shri Narendra Modi announced to his countrymen through live coverage that the bank-notes of 500 and 1000 denomination would become invalid after midnight on the same day and that new currency notes of 500 and 2000 denomination will be circulated. The decision to do away with those denominations wasn’t a decision taken overnight as many nay-sayers suggest and was in discussion for a long time. The impact of the decision had caused inconvenience to the common man as many thronged ATMS and banks in hopes of exchanging the old currency notes and to ensure that they got sufficient currency notes of valid denominations. This wasn’t a smooth process as one expected and sometimes one had to tolerate the pain of standing for hours and still not being able to withdraw cash. One of the foremost reasons for bringing to effect the demonetisation of the two currency notes was to curb black money and terrorism funding and many believe that with this decision, the wrong-doers would have sleepless nights. Although the above mentioned reason seems to be the focus of demonetisation, one could also sense that ‘cashless payments’ has got a boost owing to this decision. Truly, with many means of automated payment services, cashless payments have been in encouragement for a while and those who could afford the facility have benefitted from this practice.
BOOST FOR E-COMMERCE?
E-commerce has taken the world by storm in this decade solely for the convenience of being able to shop from one place without moving a bit. In a finding by the economic times of India,paper-based transactions cleared through cheques in FY 2015 (April 2014 – March 2015) summed up to INR 85 lakh crore (US$1.33 Trillion) whereas cashless transactions through credit card, debit card, NEFT, and online wallets comprised of INR 92 lakh crore (US$1.43 Trillion). The total transaction amount in India – exclusive of cash transactions – reached $2.76 Trillion in FY15. Better security measures and protection of online money has enabled the tide to turn towards online payments and with better availability of services, cashless payments would be favoured more than paper-based transactions. I don’t foresee the situation wherein payment through cash becomes obsolete as the bulk of the Indian population are those with little exposure to banking systems and commodities like the internet are still unknown to some, but I would like to hope the concept of cashless transaction becomes widespread and making provisions for the above mentioned would be a giant leap towards the achievement.
PURCHASE OF SNACKS MADE EASIER?
Every age group is fond of snacks and we also have customized snacks for age groups. The snacking industry’s biggest challenges are primarily sales and innovation but with increasing health hazards posed by low nutrient foods, the health quotient is also of utmost importance these days.
With the pace at which E-Commerce is booming, it wouldn’t be foolish to think of making a commodity like ‘snacks’ available for purchase online. Demonetisation has promoted cashless transfer to a point in which pictures of a local BhelPuri shop equipped with a card swiping machine became viral. Although one may question the authenticity of the picture, the prospect of every provisions store offering cashless payment services may soon become a reality. Online snack shopping has just taken off and we, Team SnackExperts are privileged to offer online services for snack purchase. Snacks can be purchased from our online store from three subscription offers:
1.The Trial box (one-time tasting box)
It contains 3 pouches of our snacks each with 50 gram, but only one trial pack per customer account.
2. Standard box (for a month’s subscription)
This Standard snack box contains 5 pouches each with 150 gram and snacks CAN BE SELECTED FROM OUR 50+VARIETIES.
3. Smart snacker (for 3-month subscription)
This smart snacker also contains 5 pouches each with 150 gram and snacks can be chosen according to your wish. Here the products selection can be modified for the second and third subscription box before the shipping date.
It is noteworthy that shipping throughout India is free and the snacks will be dispatched within 5 working days. For those who devour snacks or one who want to maintain a healthy lifestyle, this subscription aren't a bad idea and I’m sure the offers from our snack store would interest your taste. With the E-Commerce bug spreading in every sector, snacking could receive a boost as well. I would not hope to see people doing away with traditional and conventional shopping procedures, even for a commodity like a snack, but adopting practices that would offer comfort for the customer ought to be encouraged.
SUMMING IT UP- A LAYMAN’S VIEW
I have not found any shortcomings in the decision of the Indian Govt. to do away with 500 and 1000 currency notes and this article only presents my view on the decision effect on online payments. Cynics and critics have found numerous flaws in the manner in which demonetisation has come into effect by citing examples of the mismanagement of banks, farmer’s plights and the inefficiency of the government to take immediate actions. Without denying the inconvenience caused by the decision, as I’ve gone through the process of waiting in long queues in hopes of getting money and getting cheated eventually due to shortage of notes, one needs to view this situation with an optimist’s mindset and those who have the privilege of cashless transaction should embrace it and from a broad perspective, the facility of cashless transaction should be made available for my countrymen of all classes..