It's becoming increasing hard to get cash in India - some people have resorted to ordering money online.
Cash-Crunched Indians Finally Access Rupee Notes Online
It's becoming increasing hard to get cash in India - some people have resorted to ordering money online. As many cashless companies continue to circumvent the nationwide Rupee ban, a few e-commerce online platforms have started delivering cash to people's doorsteps. Endless queues of Indians jostling for paper cash have now shortened as a result of this web-based access to the diminishing Rupee supply.
In a furious response to the Indian government's ill-timed ban on the dwindling paper currency, a couple of weeks ago, online money dissemination companies have found a new prof-making enterprise delivering expedited supplies of hard cash. The unprecedented directive slapped sudden sanctions on 500 and 1,000 rupee notes. This consumer-hostile executive order reduced the amount in circulation by a whopping 86%.
Snapdeal, a popularly renowned company majorly reckoned for its ubiquitous retail outlets through the Asian economic behemoth, has become the new source of money for daily use. With a peripatetic team of machine-wielding on-ground couriers that dashes from house to house, individuals can now swipe their debit cards to get instant cash right at their doorsteps. Users of this newfound service are able to access up to $30(2,000 Rupees) paper cash. The giant retail channel only charges a single Rupee as a commission fee for the hassle-free delivery.
Already a thriving business that has been in existence for quite some time now, Snapdeal offers many products with millions of faithful consumers across the map. Rupee notes are just a recent addition to their products. This pilot program has increasing won accolades on several consumer watch quarters since it debuted Thursday in major Indian cities and hugely populated towns on urban peripheries. Over the past four days, the currency circulation network has expanded exponentially beyond Bangalore and Gurgaon - the very two metropolises to launch the initial viability trials.
According to the tech-savvy company's spokeswoman who didn't however, cite exact figures, the venturesome corporate firm has been receiving inexhaustible requests for Rupee notes. Tired of waiting outside ATMs and wasting unbearably long hours queuing inside banking halls, millions of punters have also reportedly embraced various digital payment options. Preliminary inquests have also pointed out to a massive influx into the new commercial enterprise of exchanging e-cash for physical Rupee denominations.
Access Rupee Notes Online
In a country where many credible fiscal surveys have placed daily cash-based transactions at a record-setting 90%, the painful and hesitant shift from notes to e-money is taking its toll on almost every day-to-day transaction and commonplace trade operations. As one of the most biting trade-related repercussions of this historical ban, thousands of revenue-crunched businesses have confessed to has faced an all-time low in sales volume, and hence dwindled profits as a further punitive aftershock.
Some banking institutions have also started cashing in on the novel profiteering opportunity after witnessing Snapdeal's promising start. As such, buses loaded with ATM machines are a current street-to-street sight around all urbanised enclaves. These banks want to retain a defensive hold on a profoundly threatened client base as Snapdeal and other stakeholders eyeing quick profits in the newly created e-money-for-cash business opportunity.
An enlivening press statement by Snapdeal's co-founder, Rohit Bansal, ultimately gave money-crunched consumers a much-needed reason to smile, ultimately. The corporate guru reiterated the company's unceasing resolve to solve the cash crisis by supplying clients with enough paper notes for daily use. Bansal again expressed optimism that the unrivalled retail firm would expand operations throughout the country in the coming weeks so People can access Rupee Notes Online.