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  • Category: Miscellaneous

    When cash does play a crucial role

    At the time of demonetization, there was a lot of trumpeting about how the country should move to a cashless economy and currency should slowly move out for purchasing, making payments, etc. Did you realize how important it was to have cash during the lockdown?

    I agree it was good to have a card to make online payments for utility bills, and also to make use of Net banking to transfer funds. However, when it came to buying essential provisions, it was cash that we used. We could not purchase such provisions online because that option was not there. We had to pay the local bania, buy milk and bread, fruits and vegetables, etc - all with cash. After all, it is not as though everyone owns a smartphone or have apps like Paytm and not all shops have the facility to accept payment through such apps. More pertinently, people like vegetable vendors, maids, daily wage earners, etc all required to have cash.

    Did any of you have even a single occasion where you did not use any coins or currency at all?

    [12th entry for the thread a day challenge]
  • #703482
    It is not possible to avoid complete usage of physical money. We are paying all the bills including the servant maid also online. But when we purchase fruits from the street vendor we were forced to pay cash only. Even the vegetables we are getting online and no necessity of paying cash. We are able to manage up to 99%. But making it 100% is not possible I think. Even when I go to a temple I will be offering cash only in the temple. Our news paper boy is not accepting any online transfer and we are making him cash payment only.
    always confident

  • #703483
    Yes, I agree that cash is playing a crucial role this time and in fact, in our country automation has not reached to such a level that every payment for every small thing can be done online. Online transaction is good where there are many advantages but in that case, everybody should be aware of it and have the means to carry out online transactions. In a huge country like India, a cashless economy will remain a dream unless the people are becoming aware of what it really is. A large number of people are very poor and find it difficult to arrange a square meal. At least, until there is some parity in the economic front it will be difficult to implement the cashless system of transaction.

    "Life is easier when you enjoy what you do"

  • #703507
    I never faced any cash crunch. It is my habit to keep cash worth 10,000 in different denominations, at home. In addition, I have Paytm for digital transactions. Moreover, my piggy bank will have enough coins to meet the small requirements of buying milk, vegetable, bread etc.

    It is unfortunate that Corona came in, to play a crucial role. We should learn it as a lesson to be prepared to meet any such emergencies by having enough reserve cash at home.

    No life without Sun

  • #703510
    I use credit cards for many purchases-online and offline. Even about two days ago I went out for buying groceries in a departmental store. I just wanted to enjoy the sunlight. So I walked to and fro. At the departmental store I paid by credit card. As that was the only purpose, I did not use cash or coin that day.
    As of now I use cash and coins to pay the autorikshaw, our milkman, newspaper-wallah and at the vegetable shop. (If I buy it from the departmental store I use card only) I pay my utility bills ,do mobile recharge , pay society maintenance charges etc all online.

  • #703521
    It is lockdown or otherwise at some places we have to pay by cash only. For milk, servant maids, fruit vendors, for vegetables, small purchases in buddy shops we have to pay by cash only. Even though we are paying by cash previously to LPG and cable, presently we are paying through PhonePe. For online shopping, recharging, etc. we are paying online.

  • #703661
    It is not about lockdown but about brings the cashless transaction into effect. The demonetisation was implemented with the motive of getting the black money and to bring back the black money and to make our economy cashless. When we check the report from RBI, nearly 99% of the money has returned but there is no report of any black money so was the demonetisation useful? Many of the villagers have opened their bank account due to demonetisation but do not use it as often as you can understand that the bank charges transaction charges, debit/credit card charges, fund transfer charges for above transaction, minimum balance charges, etc that plays the foul sport. If we are thinking of making our economy cashless, these transactions should be made free so that people make maximum use of it but still the government has not made it. When Delhi government was giving things for free, the ruling government was making fun of them but instead they should have learned that when you make things free, people will make use of it and use it daily. Even now, many of the things are paid in cash which needs to be looked on by the government.
    “The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz

  • #703670
    The central government cannot promote more digital payments, because people living in the rural people will not have any card payments or any apps to do it. All people need a physical amount of money to withstand their daily bread and butter. For the most items we need to pay in cash and for that card payments cannot help more in it. When we use card payments, the amount of fees for doing the payment is taken in huge amount and for a common man, it will not be good for them. Recently I have seen the trailer in Netflix named choked which mentions the demonetization and how people who are having physical cash are managing in their life. For most of them, demonetization was really hit and most of them were not having any amount of cash with them for travelling. The central government must initiate some laws which will be good for farmers, as they are the backbone for our economy.
    "Earning knowledge is by sharing it with ISC and we will rectify our mistakes."

  • #703679
    We are very much fortunate that we didn't need to withdraw cash and managed through digital payments only. The milk man, grocer, vegetable vendor, medical shop owner, all are accepting online payments. Infact the local fruits vendors from nearby villages are also accepting online payments. So we need not to worry about the cash and change while buying.

    Living & Learning- simultaneous processes!

  • #703687
    Venkiteswaran - I don't think it is wise to use the credit card at the store if you have cash for purchases. It means handing it over to the store staff, holding the POS machine to enter the PIN, taking the card back. All these activities mean back-and-forth exchanges. Is this wise no matter how many precautions you take before and after returning home?

    Padmini - did you not use coins or currency at all? What about paying the wages of the garbage collector? Also, won't people like the milkman and vegetable and fruit vendors require cash for their own essential needs? It may be convenient for you, but what about them? Are they genuinely agreeable to it or are they obligated to do so because they want to retain you as a customer? No offence meant, but just a thought.

    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #703692
    The cleaning staff of the society get paid on monthly basis from the society maintenance office directly. The other vendors for vegetables, fruits, etc carry their QR code for online payments. They prefer online payments because it saves their time. They don't need to count the money and give back the change. We just pay online and show him the confirmation from our mobile and it's done.

    Living & Learning- simultaneous processes!

  • #703708
    @Vandana#703687, yes I know the risk. In fact more than a year ago there was an attempt to fraud using my credit card. Luckily because I got the SMS alert and I was very alert and vigilant, I did not lose anything. It was an international transaction of less than a USD. That wa a test dose. On receiving an SMS intimation, I contacted the credit card service provider and got the card blocked and blocked the payment for that particular transaction too.
    Then with due process I got a new card.
    However considering the convenience and benefits when used prudently, I am still using credit card. Probably every month I use credit card five or six times. It was so for the last many years. Hope things will go on well also.
    In cash also there is risk. We are not experts to verify between fake notes and genuine notes. Many times I was cheated by giving dirty notes, cut and spoiled notes for balance. This usually happened during night, when there is crowd and during travel. We have to take prudent and calculated risk.

  • #703709

    I am not talking about financial risk, but referring to the current pandemic. It is risky to make such exchanges where plastic (the card and the POS) is involved. Everyone should think twice before using such cashless services, and ATMs as well.

    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #703711

    Thanks for the feedback. That was interesting but would love to know if any time you do step out within the next month or so, whether you did use currency or coins to buy anything, maybe something basic for your kid or yourself such as snacks or sweets.

    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #703854
    Vandana Ma'am, I will surely share my experience with you. Currently, we are in lockdown and only milk and medicines are available for the next 10 days in our area due to rising in the number of positive cases. But as per my past experience, here the vendors are preferring cashless business does not matter how small is the amount. I paid Rs. 160 online to my newspaper vendor last month. Last time when I went for vegetables, I paid the whole amount online and then suddenly realized that I forgot to buy lemons and bought lemons for 10/-. Then I offered him 10 rupee coin for that but he refused and said "Madam, online hi kar dijiye na." May be they are also finding it risky to take the currency notes and coins from so many people.

    Living & Learning- simultaneous processes!

  • #703933
    Nowadays our milk boy is also taking payment through mobile app. So, most of other payments are also being done through card or online through mobile app. Still, cash is required for petty items like vegetable etc. It is advisable to keep some extra cash in hand so that one need not to go to ATM time and again which is a bit risky in present scenario. I am finding PayTM, Google pay etc very handy in these situations.
    Knowledge is power.

  • #703941
    I am using cash for buying veggies and groceries. One problem which I am facing is when the seller returns the extra money. I wipe the currency notes with wet cloth and keep the money to dry. There are additional tasks due to the pandemic. There is a blind man who comes for some help every month. To him, I can't pay through online, so I have to give him some cash only. I believe the currency note is a lifeline for most people. The younger generation can go cashless for every transaction but, what about senior citizens who do not have any young member at home? Many senior citizens are unaware of e-transaction, then they need cash to purchase veggies and all. Thus, having paper money and coins are a must.

  • #703986
    In these alarming and critical situations we must keep some surplus cash for any eventuality. Many people have this habit but some of us are not careful and neglect this small thing. In these times. If we go and ask some cash from someone they may not give it to us as then they would have problem in going out and replenish it. Hence we should not depend on others and make our advanced planning in this respect.
    Thoughts exchanged is knowledge gained.

  • #704142
    I use for buying vegetables from a known person regularly and manage to pay the exact money expecting to cover the amount for the available vegetables. We have not used ATM facilities for more than a month.
    Lead the leader

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