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A Mason in Jharkhand became the First Groom to opt for a Cashless Wedding

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Hindu marriage. Pixabay
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January 10, 2017: Taking forward Prime Minister Narendra Modi’s initiative of a cashless country, a mason in Jharkhand became the first groom to opt for a cashless wedding. The wedding took place in Badiya village of Musabani under East Singhbhum district on January 9.

The Deputy Collector of Chief Minister Camp Office, Sanjay Kumar, convinced 30-year-old Subhash Nayak of Badiya village to marry Sunita of Chakradharpur in the first cashless wedding of the region.

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The wedding was completely dowry-free. All the payments including vegetables, ration, tent house, jewellers and even the priest were paid through cheque.

The manager of Bank of India visited the venue of the wedding and opened a savings account for the newlywed and handed over the debit cards.

According to PTI report, the wedding was attended by BJP MLA Laxman Tudu, DSP Ajit Kumar Bimal, Environment activist Jamuna Tudu, Mukhiya Dulari Mumru and Circle Officer of Musaboni, Sadhu Charan Devgam. All the invitee handed the cheques as gifts to the newlywed.

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Sanjay Kumar, Deputy Collector, gave a cheque to the priest after the wedding. All the arrangements were done by the groom side.

Everyone in the village was excited to witness the first cashless wedding of the region. Kiran Tent House, Priest Vikas Mahapatro, and vegetable vendor Chakraborty accepted cheques as the payment of the wedding.All of them were quite positive with the initiative. Vinod Pandit, the jeweler, gave silver jewelery to the bride as the gift.

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The cashless wedding took place the Naya Tola Mandir at Badia in East Singhbhum district. The groom’s houses did not have a toilet. Kumar got it constructed within 11 hours. He said, “The toilet was also built without using cash. The mason was paid through cheque.” Prior to the wedding, family members from both the sides volunteered in the construction of a toilet in the groom’s house.

Groom’s Uncle Madan Nayak said that all the arrangements including ration, jeweler vegetables, tent house and priest were paid through draft, swipe machine or cheques.

Prepared by Diksha Arya of NewsGram. Twitter: @diksha_arya53

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The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

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Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

demonetization
An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

demonetization
Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

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“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)