FCMA Sawinder Singh Chug


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 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 current junction  will be reduced to large extent.

(Author is a Practicing Cost Accountant and can be reached at  [email protected])

More Under Fema / RBI


  1. Sawinder Singh says:

    Agreed. Transfer the amount into e purse at the time of purchase. It takes very less time. This looks only the best solution to handle current mess created by demonetization. Govt. should also exempt service tax on swipe transactions.

  2. visu iyer says:

    but Sir ji..
    there is a service tax at every swipe… which increases the cost.

    when we have e purse/e wallet. the amount loaded in the purse does not bear any interest. if the amount is retained in sb account there will be interest atleast. indirectly the public losing money either in the form of interest or with additional cost on service tax.

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September 2021