A cashless society is impossible and it cannot be a reality at any point of time. The BJP Government at the centre may talk very high about digital transactions.
But there are people who still do not go for digital transactions, They just believe in cash exchange.
Demonetisation has affected each and every section of society – there is no denying that. But it has severely affected those sections that deal in cash.
And when they deal in cash, it means they do not have big money and cannot depend on net all the time. How can we then depend on digital transactions?
This cannot be called Modi’s war on corruption. It is Modi’s war on poor people said MIM leader and Hyderabad MP Asaduddin Owaisi.
The Sudhir Commission of Inquiry for Muslims of Tenlangana shows that 90% per cent of loan applications (made by Muslims) to banks and finance corporations are rejected.
The whole demonetisation exercise has completely failed and in the process, it has destroyed nearly 70% of the informal economy and 50% of white goods’ economy.
It has created havoc among the marginalised communities whether they are Dalits or Adivasi or Muslims or women. Since last one month half of the day is being spent by the people to go around banks and collect some money of their own.
The RBI in its Report of the Committee on Medium-term Path on Financial Inclusion using data from the All-India Debt and Investment Survey (AIDIS) showed how Muslims are excluded from all formal institutions like banks and cooperative societies. Their participation rate at 3% is lower than for single women, SCs and STs.
The Modi government will talk so many things, but without cash we cannot exist.
