Considering that 80 per cent of Rs 17 lakh crores worth of currency in circulation is in high-value denominations, it is a major move — almost a reboot of the entire currency system.This entire chaos is happening as there is no infrastructure in place to handle the current volume. Recently, I saw television pictures of 95-year-old Heeraben arriving at a bank in Gandhinagar to exchange banned high-value currency notes.I believe demonetisation is the most significant reform measure of Mr Modi’s tenure so far and an expeditious move to boldly counter the menace of black cash economy. After which new branches and ATMs and cards should come into play, only then will such a move be successful. Are the servers of our public sector and private banks capable of handling the extra load which will be put on them? The first weekend after demonetisation there were reports that credit card operations were being hampered as servers had become slow. So there is no way that with the existing infrastructure we can move ahead and become a cashless economy.The demonetisation move has the potential to transform and leapfrog India into one of the most progressive and digital nations globally. A sizeable population depends on agriculture and the unorganised sector.India now needs to tone up the infrastructure to support digital transactions so that mobile money awareness reaches rural areas.The demonetisation has suddenly increased the number of people opting for mobile money manifold. Farmers buy seeds, fertilisers and farm equipments in cash, pay their workers in cash, and traders and commission agents pay farmers in cash.  

All this is done in cash, as it is economically viable. In urban areas, day-to-day services like paying bills for food, cabs, hotels, flight booking, shopping, entertainment or phone recharge can easily be done by using a mobile wallet. We are seeing a massive increase in merchant sign-ups — both online and offline.The PM’s current move is an ill-thought-out one. It could even become Mr Modi’s greatest legacy point, with long-term gains for the country. The images reinforced an appeal to citizens by her son Narendra Modi — who happens to be the country’s Prime Minister — to bear with him in the battle against corruption and black (unaccounted) money.Let’s look at the ATM figures. These are the problems which are being faced by all of us. The cash economy should not be misunderstood with the black economy.Look at the back end issues.All this needs to change. The rural economy, on which 800 million people or 65 per cent of India’s population depend, is largely driven by cash. Online merchants who were relying on cash-on-delivery need an easy-to-use and ubiquitous solution. What has the government done in the last two and a half years to improve  Floor Graphics this figure?It’s a very easy back-of-the-envelope calculation: take the number of credit and debit cards and juxtapose them with the total population, and the answer will be clear. I am given to understand that there are a little over two lakh ATMs across the country.In how many small towns do you have online grocery shopping or shopping for daily needs? It will be a negligible figure compared to the number of districts India has.Mrinal Sinha is chief operating officer at MobiKwik, a mobile wallet company.

Take the case of truckers who are moving goods. I am not opposed to a cashless economy but we also have to take practical issues into consideration. We need to adopt cashless methods for transactions. But with the current infrastructure going cashless will only be a disaster for farmers and the poor. That’s the reason why mobile wallet companies clocked 137 per cent growth within a year. The recent move to demonetise currency notes has hit them the hardest. Once there used to be food rationing, and now there is cash rationing.First there should be several assessments about the ATMs-to-people ratio, cards-to-people ratio and banks-to-people ratio.As rest of the world comes to terms with US President-elect Donald Trump, Indians are standing in long queues at banks and ATMs to withdraw cash for daily needs.(As told to Ashhar Khan)Madhu Yaskhi Goud is a Congress spokesperson and a former MPThis move has potential to transform our countryIndia has always been a land of contrasts.There are over 225 million smartphone users today and the number is set to grow phenomenally in coming years. The government says it was working on this for the last six months. Going forward, people should be able to buy a car, an apartment or furniture by using a digital wallet.We should understand that there is an economy under the banking sector while the other is a cash economy. They all have cash as they have to meet their expenses in cash. Is it possible for any bank or infrastructure of roughly two lakh units to service 125 crore Indians? It is just not possible with the current ATM infrastructure in place. Indians by and large are known to adapt new technologies quickly. Then why were no arrangements made? Look at the lines across all banks and ATMs. Digital payments by mobile wallets bring in convenience with a few clicks, tendering exact change, and so on. The WhatsApp messaging app now boasts of 160 million monthly average users in India, which is the highest in any country worldwide. After all, good intentions backed with good rationale make for good governance. This is just the front-end problem which we all know about. Look at textile manufacturing units where wages are paid in cash or other smaller units where cash delivery is made. For offline merchants and delivery persons, mobile wallets are a logical substitute for cash. About 52 per cent of India’s population does not have a bank account.We have to take practical issues into considerationIndia is still an emerging economy

As SMBs and their workforce embark on their digital journeys, they need to protect themselves against  China Canvas&Textile Suppliers cyber attacks.In a first, Lockheed Martin of the United States on Thursday announced an initiative in collaboration with Nasscom’s Data Security Council of India (DSCI) to help small and medium enterprises secure their data from cyber attacks. Under the programme, DSCI would forge alliances with relevant stakeholders including industry bodies, development centres, technical education boards and others. It is also intended to drive engagement within the SMB community through materials for businesses to train their workforce using computer based training modules, video messages and computer games about online safety. These stakeholders would promote the programme and key messages about online safety and security. This collaborative effort will contribute to two key programmes — Make in India and Digital India. The portal would promote responsible online behaviour and provide guidance on designing secure IT systems. The pilot will begin in August or September, and the project will start running by the end of 2016," Phil Shaw, chief executive, Lockheed Martin India, said.

The initiative includes an interactive cyber security awareness web portal with resources for businesses to safely manage their digital presence."The idea is to raise awareness about cyber security so that these businesses protect themselves from online threats to their data and intellectual property (IP).The partnership also includes stakeholder engagement activities.Rama Vedashree, CEO, DSCI, said: "Digital technologies will play a key role in enhancing SMBs competitiveness and their growth agenda

Currently B2C commerce leads the market  in India, while B2B is limited to organisations that drive online sales while trying to cut costs in dealing with their partners and distributors," said Gene Alvarez, managing VP, Gartner. "India represents a $7 billion market, growing at more than 40 per cent every year.India is now one of the fastest growing digital commerce markets in the Asia-Pacific region led primarily by mobile commerce, which counted for almost 40 per cent of the total digital transaction in 2014. According to Gartner Inc, the digital transaction using mobile devices are likely to exceed 50 per cent in 2015.. He added that there is a lot of hype due to high growth and high expectation of the market, and many companies are fast expanding to grab market share and increase visibility. However, the fierce competition is pushing up costs while the average order value remains low, he added. window film SuppliersDue to the low internet penetration in India, consumers are using mobile as a primary channel for online shopping. Digital commerce is at a nascent stage in India, and it accounts for less than one per cent of total retail sales in 2015

Nomura said the negative effects of demonetisation on growth are likely to be transitory as demand conditions are likely to re-surface after remonetisation and the economy is expected to see a V-shaped recovery.New Delhi: Money in circulation is rising again in India post demonetisation and at the current rate, currency-to-GDP ratio will reach about 9 per cent by March — sufficient to stabilise economic activity, says a report.5 per cent as of January 20..9 per cent on January 6; since then, it has risen for two straight weeks to 6.

This suggests that remonetisation is progressing well, as deposits of old notes into banks (currency outflow) has stopped (the window to deposit old notes ended on December 30), while the Reserve Bank is printing new notes (currency inflow) for circulation," Nomura said in a research note.It believes that at the current pace, the currency-to-GDP ratio will rise to around 9 per cent by March end."We expect the release of pent-up demand after remonetisation, wealth redistribution and lower lending rates to  China Textile Printing suppliers result in a V-shaped pick-up in both growth and inflation in the second half of 2017," the report said.According to Japanese financial services major Nomura, from 11. "In our view, this will be sufficient to stabilise activity since some part of the earlier cash was hoarded and partly due to a larger digital footprint," it added.8 per cent of GDP on November 4, 2016 (pre-demonetisation), currency in circulation dropped to all-time low of 5