The task of replacing Rs.500 and Rs.1000 notes with new ones is a Herculean one considering the fact that they formed 80% of the currency on 9/11. The banks, most of whose employees are doing a commendable job, have so far replaced about 20% of the currency. In another month the remaining job has to be completed. An extension of the deadline may be on the cards. Nevertheless, the task remains humongous.
That is why in his latest Mann ki Baat Modi has appealed to all of us, especially the tech-savvy youth, to help the country migrate to a cashless economy. He has specifically recommended the use of RuPay, which has been promoted by the Reserve Bank of India. Don’t go in for PayTM because the majority stake in it is in Chinese hands and it will have access to all your personal data, including Whatsapp chats!!
RuPay is also our answer to Mastercard and Visa card. Let us help our neighbourhood grocer and at least ten persons obtain RuPay facility. Let us be part of the revolution initiated by Modi. Let us modify India for good. Demonetization HAS to succeed. We owe it to ourselves and our children. There is simply no other alternative. The 300 million-strong middle class has a crucial role to play. Our time started on 9/11.
1. The conversion rate used in this article is 1 USD = 66.16 Rupees.
2. Text in Blue points to additional data on the topic.
3. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.
Advocate and Senior Journalist who was formerly City Editor & Chief of Bureau of The Times of India, Mumbai. He has also served in the MumbaiMunicipal Council.