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Suggestions to tackle demonetization

CMA Sawinder Singh Chug , Last updated: 03 December 2016  

Demonetization has affected every Indian to some or large extent. Huge queues outside banks and post offices shows the merciful position of people of India. This drastic step has been taken by Government of India to tackle black money which is in abundance in Indian market and society. Intentions of Government of India looks good but implementation of the idea and execution could not become successful. Even Government and Reserve Bank of India may not think about the difficulties while planning and actual converting the idea into reality.

Anyway step has been taken. Now the question is how to make this move and movement successful so that purpose of demonetization has to be achieved as well as people remains at happy end while this revolution.

I give here two concrete suggestions that will surely will helpful to cope with demonetization crises.

(1) Educate everyone about the use of e-wallet and Debit & Credit Cards. Proper classes about the use of e-wallet and cards should be taken at each & every office, organization, companies etc. whether private or government. Camps can be held at village levels & city levels at each & every corners. Social workers, panchayat members, municipal corporation members & staff should come forward in explaining the use of digital media for buying commodities in the market.

(2) Give every businessman, who has current account with banks, swipe machine at the earliest possible.  Tragedy is many bank branches still do not provide the facility of giving swipe machines to its clients. Immediate steps to be taken by the concerned authorities to equip banks with these machines so that it can be distributed to the traders. Also, proper training should be given to traders about its use.

If these two steps are taken, then I am sure that sufferings suffered by our Indians at this current junction will be reduced to a large extent.

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Published by

CMA Sawinder Singh Chug
(Cost Accountant)
Category Income Tax   Report



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