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2

2016 draws to a close. Been another year down the rabbit hole for the country and pretty hard personally. I confess I am glad to see the last of it.

The personal scene seems better in the coming year. The parent due to die has died. The parent alive is as healthy as she can be expected to be under the circumstances. The son had three surgeries this year. All things going well, he isn't going to see the inside of an operation theater any time soon. A relationship that had gone through a devastating phase is better than ever.

I wish the same could be true for the country. A deranged government without checks and balances is a scary proposition. The single minded focus now seems to be the imposition of a cashless agenda in a mostly cash dependent country. No price seems too high to pay in the service of this agenda. By hook or by crook, this bunch of crooks will use the money of citizens to save the banks. It seems inevitable.

A country with little knowledge of internet security is rushing headlong into keeping its wealth in digital form and accessible mostly digitally. What could possibly go wrong.

In the meanwhile, holding notes that were the staple of our wallets will be illegal in a few months. Just having them at all. Not transacting with them or anything. Looks like the "I promise to pay the bearer" promise of the RBI cannot be wished away as easily as the government wishes.

We have no idea why the national anthem is played in film theaters before films play, but the Supreme Court now wants us to stand for the national anthem. Apparently forcing someone into some action is called respect. A lot of forced actions seem to be interpreted as voluntary these days. For example people being forced to queue up in front of banks to not lose their hard earned money are called "supportive" of demonetisation by the government. I guess if someone holds a gun to your head and tells you to run, you'll probably also be called an athlete.

The government does not owe people truth anymore. In the din of deliberately enforced chaos, more silently the question of government accountability appears to have been comprehensively dismissed. Right from the Prime Minister giving pre-recorded "live" speeches to giving information to people about the exchange of their money, that it cancels arbitrarily. Whim has dictated what the government would call the objective of its attack on the assets of citizens.

The silent acceptance of the Indian people is baffling. Have we indeed been so dumbed by propaganda or cowed by government authority that we do not object to the arbitrary truncation of our rights? To political parties that make national policy being funded by non-citizens of India? To the withdrawal of permissions to receive funds by NGOs?

It seems our government wants us to give money to middlemen in order to be able to use our own money with the reckless promotion of cashless payments. The ruling party that had objected to the Aadhaar for security reasons now is giving it access to our bank accounts - presumably so that if we do not do the transactions it takes to bail out its cronies, they could put its vast pool of "apolitical" and "independent" volunteers to doing them on our behalf?

A country with no concept of internet security, with most people not having access to the internet, with a government whose websites are usually insecure, misconfigured or plain broken is taking a mandatory leap into a digital future. The Prime Minister's personal application, promoted on government websites and described on the appstore as an official application has had security vulnerabilities exposed at least twice. Private ssl "secures" (or rather doesn't) the government site for filing RTIs online putting RTI activists at unknown risk.

The insistence and pursuit of the government to become a "Digital India" with no attention to security or infrastructure reminds one of a pretentious person wearing expensive clothes and flaunting fancy possessions, while wearing underwear with holes underneath. The lack of attention to their own rights and living conditions by a people dazzled with grand shows of governance on TV speaks of a country not interested in asserting that it be respected.

This is depressing shit. I wish I could be optimistic, but I think 2017 is going to be yet another year down the rabbit hole for India. It is a country that has taken its independence for granted for so long, it can no longer recognize colonization enough to be wary. A country that is so bloated on some imaginary grandeur that it sees no need to see how claims measure up to facts and verifiable information. It is a country that is a consumer of governance and too lazy to be interested in self-rule.

Things are going to get much, much worse before they get better. If they get better.

Unless something changes. Unless WE change.

7

Growing evidence shows that India is serving interests of foreign influencers at the cost of the well being of Indian citizens. Demonetisation is just one in a long list of moves that benefit big money.

Finance Minister, Arun Jaitley, said something interesting when he addressed the Digi-Dhan mela today. He said that Bill Gates told him that more than 100 Cr have mobile phones, 109 Cr have Aadhar cards, digital economy will boom in India.

This had many people puzzled. What does Bill Gates have to do with anything that he's been quoted out of the blue? Why would Bill Gates be the source of information on how many mobile phones or Aadhaar cards are in India for the Finance Minister with access to National statistics? For example the Assocham Deloitte study that says that internet connectivity is still out of reach for 950 million Indians? A few others, who had been paying attention to the news remembered Bill Gates endorsing the demonetisation last month and then denying much knowledge of it and limiting his endorsement to the digitisation of the Indian economy.

But what does Bill Gates have to do with India's demonetisation that he was even asked to comment or endorse it at all or that made headlines on the subject twice and a month later the Finance Minister used data allegedly provided by him to support the viability of this insane venture? 100 crores is 1 billion - in a country of 1.2 billion, with 22% of the population (264 million!) below an absurd poverty line. You'd need to hand phones to babies on birth to get that kind of penetration! That alone should tell you that the number is useless for anything more than propaganda. It is the total number of SIMs sold. Of them "active" - used once a month at a minimum - are 900 million. This number would also include dual SIM phones, SIMs used for non-phone devices (air pollution measuring devices, for example), multiple SIMs used for businesses and so on. This really tells you nothing about the kind of penetration that would allow cashless transactions. Far more accurate statistics with relevance to demonetisation are available for India that make it clear that India has 220 million (100 crore is 1 billion) smart phone users (not all of them have internet enabled).

For that, we must rewind a bit, to something I've mentioned briefly in previous articles and explore it in more details.

Worldwide, as banks fail to manage their money responsibly, we are seeing them flounder. Powerful companies and people writing and influencing monetary policies are encouraging cashless transactions - supposedly to improve the government's coverage for taxation, but in reality, in a country with 70% of its population only owning 10% of its wealth while the top 1% own almost 60%, the cost of digitizing the vast majority of citizens is not even going to be covered by anything that can possibly be recovered from their meagre income that is way below taxable limits. It doesn't take a hotshot economist to know that in a country where 1% of the population pays taxes, the "tax net" is unlikely to get any substantial benefits from being thrown over 100% to see who gets caught. The costs of such an exercise would outstrip any benefits.

What going cashless actually achieves is providing a lifeline to banks by:

  1. Getting most of the nation's money into them and shoring up their failing liquidity
  2. By generating an income for them from the routine transactions of every citizen's day to day living.
  3. Preventing withdrawal of cash from banks by people who want to make more economical choices instead of paying commissions for every use of money.

This happening in India is of a great deal of profit to the global banking elite as well, as credit card services, banks invested in India and other financial service providers generate an income for banks based outside India with their shares of the seemingly small transaction charges on day to day use of money in a country of 1.2 billion people.

There is a great deal of effort put into "encouraging" countries worldwide into adopting cashless transactions by the global financial elite and governments stumped by failing banks and the lure of improved tax collection are capitulating, though none fell as hard and recklessly as the Indian government.

The Quint had correctly reported that the USAID had launched the “Catalyst: Inclusive Cashless Payment Partnership”, designed to scale digital payments systems in India in partnership with India's Ministry of Finance on the 14th of October. This is the press release on the official USAID website. So it is unclear why The Quint updated its article to remove this information and instead add an update that it was initiated jointly by USAID and GOI, but commissioned on the 15th of November as though it didn't happen till it was commissioned. Regardless, this explains what Bill Gates was doing there at all to be commenting on the demonetisation - that should have been a domestic issue. Among the organizations partnering in the Catalyst is the Bill & Melinda Gates Foundation.

Also included in the list is the UN fronted Better Than Cash Alliance that India joined on the 1st of September 2015. To quote their website, "The Alliance is funded by the Bill & Melinda Gates Foundation, Citi Foundation, Ford Foundation, MasterCard, Omidyar Network, United States Agency for International Development, and Visa Inc. The United Nations Capital Development Fund serves as the secretariat."

So, Bill & Melinda Gates, Omidyar Network, Mastercard and Visa participate as themselves as well as as part of the Better than Cash Alliance. USAID participates through the BCA. World Economic Forum participates directly. Many Indian banks, and surprisingly PayTM as well as phone networks are included.

Way before anyone in India articulated a need for cashless payments beyond the normal use for convenience - and there was an existing natural rate of adoption, USAID and its allies seem to have got the bright idea that India needed to go cashless and moved to get India to participate. Not one, but two organizations created in their need to "save" India from itself. One wonders why. The economy was doing well, the government was already undertaking means to improve access and inclusion of more citizens in the banking system - for example, the Jan Dhan Yojana, the expansion of the DBTL scheme (both of which put citizen's money into banks, the second mandatorily) had both been launched before the government joining these groups for promoting a digital economy in India.

Given the catastrophic results of the demonetisation, and the complete absence of consulting with anyone in the country - the government's own economists, RBI directors or security agencies included, it becomes important to ask just who was consulted and the quality of information that was provided and whether it influenced decisions adversely for the country.

There are reasons to believe that there may have been influence against National interest:

  1. Jaitley's direct quote of incorrect statistics allegedly provided to him by Bill Gates, that he used in order to justify the demonetisation at the Digi Dhan mela, even as all statistics of any reputable source point to the opposite. The RBI's data even shows that while the number of card transactions at PoS has increased (out of necessity), the value of transactions has actually gone down, clearly indicating a reluctance to adopt cashless transactions more widely than what was going on naturally.
  2. While in opposition, the BJP itself has pointed out that the CIA works through the USAID programme acting through philanthropic foundations to destabilize countries. There is considerable evidence to support this that BJP were already aware of. USAID has been implicated in covert operations to support subversive activities in countries from Cuba to Pakistan and notably the backing of Al Qaeda affliated rebels in Syria recently.
  3. Ford Foundation grants have in the past preceded at least two major political upheavals in the country - the Janlokpal Andolan and the creation of the Vivekananda International Foundation (which backed it and later ran subversive slander campaigns undermining the newly emerging AAP) were both preceded by grants by the Ford Foundation to their founding members or organizations. The Jan Lokpal Andolan discredited the government then in power. The Vivekananda International Foundation masterminded the rise of the current government, discredited the Aam Aadmi Party that was on the rise and now has an extraordinary number of members appointed to government positions, including the National Security Advisor Ajit Doval, under whose "able guidance", India's regional foreign policy has collapsed. There are allegations that he influenced a controversial supercession in the appointment of the next Army Chief.
  4. Contributed by reader Prem A (in comments below): The conflict of interest doesn’t stop there, Dr Nachiket M. Mor is the country directory of Bill & Melinda Gates Foundation and he is also one of the directors of RBI.
  5. Usual sources of reliable advice and information to the government appear to have been bypassed in this apparently "well planned" demonetisation, indicating that other sources of information were likely used - the government may potentially have been misled to use information that was not in national interest. This needs investigation given the mounting damage being inflicted on the country.
  6. Strangely, neither the government's joining the Better than Cash Alliance, nor the Catalyst were reported in India at all. For a government that proudly publicizes its every sneeze and hiccup that is dutifully given maximum publicity by a subservient media, if this were indeed a move that would benefit India, it is unclear why the Prime Minister would not proudly declare it.

25

It isn't just in India, that people are being forced to put money into banks. Banks worldwide are in trouble. Banks worldwide are needing bailouts. Demonetisation of notes is being considered as well as put into action in country after country - Europe (plan to not make 500 Euros post 2018), Venezuela (got reversed after protests from people) and now Pakistan (plan to demonetise Rs.5000 notes) and Australia (may abolish $100 note), though none of them have been as extreme as the abrupt discontinuation of 86% of the cash in the country, as India did. Governments are in difficult positions. If banks collapse, chaos will result. If they bail out banks, it is not sustainable. And worldwide, government and banks seem to have hit on the bright idea of using the people to get money into banks. Or rather, use the money of customers to continue with their mismanaged methods that have got them to this point. It wouldn't work, normally. One whiff of banks using the customer's money would have people withdrawing their money from banks. Unless - they couldn't withdraw, because there was no real way to do it.

The idea is simple. Go cashless - or as close to cashless as possible. With people unable to withdraw money, their money will remain in the banking system, even while they transact and it moves from account to account. Banks would have most of the money of the whole country to tap into. And no matter what happened, no matter how mismanaged, no matter how close to collapse, there would be no way for people in the country to prevent banks from looting them. Eventually you progress to what is called negative interest rates, where you pay banks for keeping money in them.

What could possibly go wrong?

Please note, I am not an economist. But it doesn't take rocket science to figure out that mishandled anything can only be fixed by handling it right. If banks are in a crisis, demonetisation may fill them flush with cash, but it cannot fix the problem. It will only give banks the freedom to make even bigger, catastrophic mistakes with money that isn't even theirs. Of course the government gets the side effect of unprecedented surveillance and control over lives of citizens. Soon, being harrassed by tax officials or being framed in cases would be the least of worries for dissenters. With very little effort, the government would have the power to cut off your access to all life essentials - or at least make access very difficult as yourself - your own money in your banks, access to cooking gas, your phone numbers... and it goes downhill from there. Whatever you have attached to this monolith.

Here are some very possible scenarios the current debate on demonetisation does not cover adequately:

Shrinking of the economy

Economic migrants are returning to their places of origin by the hordes. Jobs are being lost in entire sectors. Tourism has as good as crashed without money to spend freely. Most tourism in India happens away from the city in small towns and remote places where internet connectivity can be iffy. No matter the propaganda on TV, very few will (or indeed are) risking travel without actual hard cash to back up any cashless plans. A friend in the adventure tourism industry reports of hotels running empty with Christmas coming up, even when they are giving rooms at off season rates. They actually made a tidy profit, because a large chunk of a trip's expense is hotel rooms, which they got for way less than what they budgeted for. So he should be thrilled, right? um... Nope. That one trip is the only business he has in sight at the moment. Usually, they don't have time to breathe in this season. Automobile manufacturers have stopped or cut down production drastically. Local markets everywhere are shrinking. Reduced number of sellers seeing some sales in essential goods creates an illusion of normalcy, but it is an illusion, because the number of sellers have reduced to the point where the few left can try to survive on half of what they used to earn.

Agriculture has been hit unevenly. Those who got their produce sold and new crops planted before demonetisation are relatively unaffected, but most farmers are facing severe crisis with an entire year's worth of profits wrecked. The season that was just over was good. Good rain leading to good harvests. Except demonetisation resulted in their crops selling at the rates of the dirt they grew in. Devastated farmers have dumped tomatoes on roads because the prices they get wouldn't even cover taking them anywhere to sell. As reports of farmers unable to buy seed created outrage, an oblivious government did the one thing it was doing rapidly - poked a few more holes in their grand demonetisation to temporarily allow farmers to buy seeds from government outlets using the old demonetised notes. The government still appears to be oblivious, because the biggest cost of sowing crops is not the seed, but the labour and related expenses that go into it. To add insult to injury, in several places (notably in Uttar Pradesh), the government shops didn't accept the old notes anyway, because the banks wouldn't accept the notes from them - under the directions of the government.

Small industries - garment manufacturers, beedi manufacturers, etc - are rapidly shutting down or drastically cutting down workers, leaving thousands out of work. The pundits of the "market" appear to think that once cash is back (and note, they aren't even talking cashless at this point), things will get to normal. I admit I don't have their knowledge of economics. But I have the experience of living in countless small towns, villages and remote places on shoestring budgets (or credit) and I can assure you, there is no such thing as a jobs bonanza. The jobs being lost as a tsunami had trickled into existence over decades. Banks may be ready and willing, indeed eager to give cheap loans, but other than big companies and their audacious attitudes, I cannot imagine people coming out of a money crisis even thinking of risking loans before their depleted savings are shored again and loans taken to survive are repaid. Because for these people, the consequences of not repaying loans are not write-offs.

To be blunt, even before demonetisation, we weren't really adding much jobs. If the loss of jobs can be reversed, it still isn't an impressive pace. And I don't think it will reverse with the ease it was broken. It will have to recover from this trauma. Less jobs and less incomes mean less taxes after this one time bonanza and more NPAs. So the government and banks may end up losing income while they gain access to use a lot more money of depositors. That way lies bad news, in my view.

Security risks

The overall situation of desperation puts India at risk of unrest and lawlessness. We already see increased violence at banks. That is the most obvious. People want money, banks don't have money, anger happens, bankers are overtired, something blows on occasion, more frequently as time passes and the pressure does not relent. The government appears to be oblivious to this, as the usual propaganda channels are recklessly blaming banks for black market trading of cash, telling people via television that there is plenty of money and so on. Bankers have died of stress at work. There has been a suicide as well. This is bad news waiting to happen unless the government wakes up fast. Which it does not seem inclined to do, given that it is still trying to prevent a "cut" of demonetised money from being deposited at all and their absurd rules and roll backs and new rules to try and make it happen are further stressing banks and depositors. But still, this is the most obvious.

Situations of mass desperation are ripe for creating hostility and generating violence with rumors and incitement. With elections coming up in several states, this is a very real risk. Given that the ruling party seems to consistently profit from elections held after riots, I don't know whether they see this as a bug or a feature.

Another kind of security risk that would be very high right now is internet banking crimes. With most of the country's money in banks, bankers overworked, and a lot of new people beginning to use cashless transactions, India right now is ripe for internet banking crimes. Furthermore, the government's reckless promotion of services like Paytm, with no liability to protect users from fraud and unknown security measures and unaccountable management, the risk is magnified drastically. Several serious issues leading to loss of money crop up daily on social media, including organized fraud and tax evasion. Our own Godavar found that Paytm has an absurd process for responding to the loss of a phone with a Paytm app on it. The Cyber Appellate Tribunal being non-functional for the last five years is the icing on this cake.

The banks are also vulnerable to threats from terrorists or other enemies of the country. Attacks on the banking system at this point have the potential of bringing the entire country to a complete standstill. And they don't even have to involve theft of funds. Even simple DoS attacks preventing cashless transactions from succeeding would create considerable disruption. It is unclear whether the government has even prepared for such an eventuality.

Money being funnelled out of citizens and into banks and foreign services

When you spend Rs.100 as cash, and the next person spends Rs. 100 as cash and so on, the Rs. 100 remains Rs. 100. If you swipe a card and incur a 2% charge, With every transaction, the Rs.100 bleeds money to service providers and there is a continuous loss of value that can be recovered from it. Rs. 100 becomes Rs. 98, which becomes Rs. 96 and so on (yes, I know I should be getting into decimals and more accurate percentages. Too lazy). This is a tremendous bonanza for banks and other service providers. It doesn't get any more free money than this. For them, not you. Keep servers running, completely automated transactions keep dumping money at you. Is it any surprise that there is a rash of providers applying to become payment banks? It is likely that rates would be lowered. And why not, if they are able to get a cut on literally every single time anyone transacts for any reason - doesn't even have to be business - say someone giving their child pocket money? But the money with people will keep shrinking like this.

Worse, we will be bleeding money out of the country with every use of payment systems owned fully or partially by foreign companies. The government may well promote fully Indian solutions (not in a hurry, Paytm is 40% Chinese and the government is promoting it the most right now). But even with Indian solutions promoted, there will be considerable use of companies like Visa and Mastercard by those who need compatibility outside India - online purchases, travel... I am no economic expert, but I cannot imagine this to be a good thing - for foreign companies to profit from massive amounts of routine transactions in India. Would probably have serious implications for the trade deficit or something.

Collapse of banks

Here I say with even more stress that I am not an economist. But I don't see how this would not happen. Even with withdrawal of cash prevented, the flow of funds from one bank to another cannot be prevented without completely ending all pretense at an economy. Sooner or later, banks with accounts of mostly spenders and small businesses will start collapsing, because money from those accounts will be used to pay those with accounts in bigger banks. Smaller businesses would be more vulnerable for collapse and NPAs given to them will disrupt matters further. Now here is the irony in this. The banking crisis is largely of banks lending to big corporations. They are the ones most likely to cannibalize smaller banks with far less NPAs. Saraswat Bank for example apparently has a pretty healthy 2.6% of NPAs. If this happens (and I hope it doesn't - as a result of failure to go cashless), it would be like punishing banks for not serving problem customers.

Where does this end?

What this whole circus achieves is cosmetic covering up of the problem. Preventing the money of citizens from being withdrawn to prevent collapse of banks cannot be a functional solution to anything. It is a violation of citizen rights. It is an exploitation of their money. It does nothing to prevent banks from taking their mismanagement further into a loss making zone, confident that the customers money cannot escape. What would a point be where anyone says "enough"? What comes next? Any other asset citizens can use to escape the banks? Gold? Silver? Diamonds? Real Estate? How many of our rightful and honestly earned possessions will be regimented for this forced rescue of banks? What point is enough? And why is it not "enough" right now instead of pulling this horrendous attack by a government on the country at the behest of businesses?

It is alarming that when some global opportunistic plan says "jump", our government doesn't even ask how high, it throws the country off the cliff.

4

Over the last few days, I've had many discussions with various people about going cashless. So far, I haven't met anyone who applied for internet access if they didn't already have or installed a payment app if they didn't already have, contrary to reports in media (which may possibly be largely limited to the metros). Here are some reasons I found out.

Ours is an area that would classify as a town though it has now been clubbed with several other towns into a city. It is close to Mumbai and a lot of people who work in Mumbai but can't afford to live there live here. About half the population is lower middle class and tenants in the properties of people in Mumbai who have purchased flats here as an investment - me too. There are also several people who are quite poor and live in slums and old buildings in small cramped quarters. In other words, there are few people who'd qualify as rich in this area or even well off enough to not care about monthly budgets - perhaps some of the more prosperous shop owners. Our building is probably among the most "posh" in this area and there are maybe 6 cars parked in the compound with a few hundred flats, and 3 of those are cabs.

Note: I am neither for, nor against the use of cashless transactions. It is a useful method for those willing to spend that little bit extra for convenience. It is invaluable for doing online payments and a handy record of spending in bank account doesn't hurt for those, like me, who cannot remember where they spend money five minutes later. However, forcing people to go cashless is extremely unwise, in my view. Regardless, this is merely a disclosure of where I stand and the below are not my views. 

Domestic workers

I spoke with several of these. My regular maid usually gets paid into her bank. Another I hired to help her out financially takes cash. Apart from these two, I spoke with about 4-5 others. Only one of them who was previously getting paid in cash is getting paid by cheque this time (she will be withdrawing the money for use, not spending cashless). Among the others, reasons varied. They found the bank intimidating and cash easy and familiar - is a common sentiment. All but one of the others didn't have their own bank accounts and did not want to deposit their income into the accounts of their husbands or other family members. The remaining one had a bank account in her village, and when she applied for a new cheque book, it got delivered to her village address, so she wants cash till she has a way to withdraw money. Only my maid has a smart phone that is compatible with an app (she didn't buy it, she is using my old one) and she uses it without an internet connection. The phone automatically connects to the WiFi when she comes into range, but she has never shown any interest in using the internet and is reluctant to do it now. In any case, I would never advise her to begin her introduction to the internet with a high stakes thing like payments.

Vegetable vendors

I've spoken with about a dozen of these. Most of them didn't know about apps. I informed them. They don't think their transactions are large enough to afford commissions to receive money on. Additionally, there aren't people buying. No one seems to have asked them if they will accept an app payment, so they don't think there is any point in using it unless people in the area adopt it.

Grocers

Business is very low for grocers, but none of them showed any interest. When people have money, groceries are a priority, and they usually offer credit to regular buyers at such times, so they don't think an app will add any business for them. Like the vegetable vendors, no one has offered to pay them by app so far.

Car mechanic

I spoke with one. Business is down enough to be as good as zero. No work other than emergencies like punctures is happening. No one has offered to pay him by app before, but he would consider it if there promises to be a good amount of business. We speculated on the possibility of vehicle owners being likely to own phones that could install such apps and perhaps trying to pay that way if he put up a board, but he didn't sound anywhere like he was headed for a download. He would have to upgrade his own phone first - it is not a smartphone. Another reason he was reluctant is that he would likely have completed the work first and then if the payment did not happen, he could suffer a loss. I explained that there was very little chance of that happening, but it is unfamiliar tech and he is not internet savvy and I couldn't with any sense of ethics recommend it beyond discussing it as a possibility for the same reasons as my maid - first experience of the internet being payments is asking for trouble.

Garments shop

I spoke with two. Both had near zero business and were very interested in the app. They had smartphones and had even experimentally downloaded after seeing all the ads. However, the problem is that no one is coming to their shops at all. Whether paying with cash or cashless. There are no customers at all.

Housewives

I spoke with several asking if they had considered buying using an app. All of them had some money (one of them having borrowed from me). All of them had priorities and were managing those priorities in the cash they had, which admittedly is very little. None of them were interested in using an app to buy anything. They would rather cut corners and buy when they had the money. Some were making do with dal and pulses and onions and potatoes they could get on credit from the grocer and skipping buying vegetables when they didn't have money, but they weren't interested in installing an app so they could buy clothes - for example.

I am also a stay at home mom, but I am cashless enabled, so to say, so writing my experience separately, because it is different from theirs. I follow news rapidly, and anticipated the problems with cash that would happen, so within the first few days, I had my money converted locally - without paying a single rupee as commission - in medical shops and such. I further withdrew money from ATMs at the crack of dawn to find smaller queues, knowing that people would be needing to borrow as well as my second maid would need a salary. I have cash. There is a Reliance Fresh where I can swipe my card, but I have not used any cashless payment at all since demonetisation, because I believe those unable to accept cashless methods are really suffering for business, so I'd rather spend in their shops.

People with jobs in offices

Most of these in our building are male, but there are a few women too. They mostly seem more inclined to save mone rather than use cards or apps. Most of them have cards. Most of them use cards to withdraw money from ATMs as possible. None of them use cards for anything except withdrawing money from ATMs, though they are aware, and one of them had used cards to make payments before and knows how to do it.

I didn't find any credit card users other than myself in our building and among people I spoke with. One woman whose husband works abroad has an add on card to his credit card for emergencies, but she has never used it. She is also the one who has used a debit card for purchases before.