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Amid Cash Crunch, a Man gets Rs 20,000 Currency in 10-Rupee Coins from a Delhi Bank

"Though I was concerned on how to carry it (the bag full of coins) but I gladly agreed... at least it is valid money,' Mr Alam said after he got Rs. 20,000 in 10 rupee coins from the bank

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Indian Coins. Pixabay
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New Delhi, November 19, 2016: A PR professional, Imtiaz Alam after standing in the bank queue for four hours, his pockets finally got heavy, literally. The bank gave him Rs. 20,000 in 10 rupee coins, according to NDTV report.

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Mr Alam, on Friday, stood in line for four hours outside the Jamia Cooperative Bank to exchange his Rs. 500 and 1,000 notes. He was told by the manager that the funds were not sufficient and that he could only exchange Rs. 2,000. After Mr Alam explained to the manager that a larger amount is needed, he finally agreed, but said, he will get all money in 10 rupee coins.

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“Though I was concerned on how to carry it (the bag full of coins) but I gladly agreed… at least it is valid money,’ Mr Alam said.

Coins. Pixabay
Coins. Pixabay

Mr Alam already used some of the coins for cab fares and restaurant bills.

The demonetization move was announced suddenly by Prime Minister Narendra Modi on November 8 in order to fight against black money and counterfeit notes.

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In the past 10 days, the government made several additional announcements to ease the crisis for people.

by NewsGram team

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Copyright 2016 NewsGram

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BHIM app: All about going Cashless

The BHIM app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi.

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BHIM app works across all bank accounts. Wikimedia commons
BHIM app works across all bank accounts. Wikimedia commons

The act of demonetization by the government last year had simply made us stand on our heels. People were fighting their way out in the absence of hard cash and thus made us oblige to the digital platform.

BHIM app is one of the various digital money transfer app (application) which uses UPI (Unified Payments Interface). The app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi. It aims towards bringing Financial inclusion and making us a digitally empowered society.

BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay
BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay

Here, we will help you to walk through the procedure involved in the better use of BHIM app.

How to download BHIM app

  • You can download and install BHIM from Google play store for Android and Apple store for IOS.
  • Select whichever language you prefer.
  • Select the mobile number which is registered with your bank.
  • Set a 4 digit password to log in.
  • Link a bank account.
  • Now, you need to set a UPI pin by providing the expiry date and last six digits of your debit card.
  • Your account is now registered and you are ready to go cashless.How to use BHIM without internet
  • You can dial *99# from your phone and you will be able to avail the same features of BHIM on your mobile.
  • *99# can also be used to register for BHIM.
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay

Features of BHIM app

Send Money
With this feature, you can send money by scanning a QR code, combination of Account Number and IFSC by using Virtual Payment Address (VPA).

Request Money
This feature allows you to send a collect request by entering VPA. Also, through BHIM, you can transfer money using a Mobile that is registered with BHIM or *99#.

Scan and Pay
This feature allows you to pay by scanning the QR code.

Transactions
This one will show your transaction history. It shows pending UPI collection request, so you can approve or reject payments. Also, there is an option to report if a user wants to raise any complaint.

Profile
This option will help you to view the static QR code and Payment addresses that are created. The QR can be downloaded and also be shared through WhatsApp or Email.

Bank Account
This feature enables you to check the bank account (which is linked to BHIM). You can set or change your UPI pin or the bank account linked with BHIM App by clicking on ‘Change Account’. You can also check your account balance using this feature.

BHIM is not a wallet. It is a payments application which allows users to make instant bank transfers. Pixabay

Why should you use the BHIM app?

  • It works across all bank accounts.
  • You can access it without internet.
  • BHIM is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM).
  • It has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option.
  • All in all, BHIM has turned out to be the safest and most reliable cashless payment option against competitors like Paytm.