A surprise trigger was dropped on the Indian economy on November 8, 2016, when our prime minister Shri Narendra Modi banned the use of existing 500 and 1,000 Rupee notes. The most significant point to remember here is that these notes account for 86 percent of the total currency in circulation in India. As expected, and as conveyed by the government as well, there was some short-term pain for everyone after the announcement. Note that the word “short-term” in itself is subjective and varies from industry to industry as well as person to person.
Yes, trade across all facets of the economy was disrupted, and cash-centric sectors like agriculture, fishing, and the voluminous informal market were virtually shut down, with many businesses and livelihoods going under completely. (Not to mention the economic impact of millions of people standing in line for hours to exchange or deposit canceled banknotes rather than working or doing business.)
This all happened with a higher goal in mind that will become apparent in the coming years (despite the skeptics screaming otherwise). Remember, “short-term” is subjective.
I run Mypoolin, a fin-tech venture, so the whole economic machine is of keen interest to me. I had also been thinking for a long time about living a completely cashless life on a daily basis. This seemed like the perfect time to begin my journey and leave cash behind altogether. Note that the real test here was to see two things for myself:
Whether living completely cashless is even possible in such a nation (or in some cities).
If yes, then how easy/comfortable would life be after going cashless?
This is an excerpt from the article published on Tech In Aisa. You can read the full article here.
 "Pro tips to live completely cashless for 50 days")
