Thousands protest across India against currency policy

He suggested that young people should come forward and teach about mobile banking and other e-commerce technology to at least ten families and this way it would help them in learning technology and also to come out of the cash crush.

The government says the bank-note ban announced on November 8 is aimed at cracking down on corruption, people with unaccounted wealth, and counterfeiting of notes.

Today the PM talked at length about the importance of digitisation and how it would prove to be beneficial for the masses on his monthly radio programme “Mann Ki Baat”.

“A very stringent law to deal with benami transactions is being implemented, that will make such things (transactions) very hard”.

“Prime Minister’s address to the nation, be it from Red Fort of Delhi or from elsewhere, is considered to be the words or promise made to the entire country”.

Last week, former Prime Minister Manmohan Singh told Parliament the demonetization move was a “monumental management failure” and “a case of organized loot and legalized plunder of the common people”. Following the law or not is your wish – that the law will take care of.

Don’t play with lives of the poor by depositing illegal money into their accounts. “I thank you all”, he added. “This is among the largest initiatives of demonetisation ever undertaken”, said PM Modi.

“Addressing the BJP parliamentary meet today, the honourable Prime Minister Narendra Modi ji said that our fight against black money and the amendments in the income-tax law is an initiative aimed at benefitting the poor”, said Union Parliamentary Affairs Minister Ananth Kumar after the meeting. As people struggle to exchange their now invalid banknotes for the valid ones, the need for a global currency like Bitcoin that is not at the mercy of the whims and fancies of the government has emerged.

“The government does not want the people to face such difficulties”, Modi said. This may not be achieved immediately.

Some research suggests that a shift away from cash transactions in India may have been imminent without the push from Modi.

It’s co-founder Upasana Taku pointed out that the drastic move to “vanquish black money” has been a catalyst to eliminating unwillingness to try out digital payments as an alternative to cash. Small traders say business has plummeted.

The Congress demanded Prime Minister Narendra Modi’s intervention in the matter. This will prevent their exploitation, he said.