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Demonetization Effect: India does have some Wealthy Wives in the Country

The money is saved from bargaining at markets, buying second hand school books and stretching the dough

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Indian currency. Pixabay
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November 22, 2016: Mothers often stow money. They save the money from the expenditures and hide it away so that the money could be used in emergencies. This is not just an Indian stratagem; women around the world do the same. In Japan, there is even a word for it: “hesokuri” or money hidden in the navel.

Times of India reported a case of Dadar, where a housewife Kavita Kishore saved about Rs. 2,50,000 from the allowances and all the birthday envelopes. Her husband runs a cut piece cloth shop in Dadar. Since last year, for every month, her husband has been giving her Rs. 20,000 for the household expenditures. When they got married 30 years ago, he used to give her Rs. 500 in tens and twenties and told her to keep the change.

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The money is saved all these years from bargaining at markets, buying second hand school books and stretching the dough. Last week, she had to dig out all the money stashed in the house and at her sister’s place. Her husband was surprised to see all the money she had saved in all these years.

Although he has promised her that he will withdraw the money whenever she needs it, she believes she will have to start again from scratch.

Women in India despair demonetization because their cash reserves were the funds they kept out of sight of their husbands. Now, they have to forfeit all the money.

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The Japan Times cited a survey last November conducted by a life insurance company. The results were astonishing. The average savings of a woman in Japan was Rs. 7.8 lakh in Indian currency.

South African financial journalist, Sasha Planting, believes there is nothing wrong with a secret stash. She thinks stash is prudent. Keeping it a secret is totally up to the people.

Pamela Gomes, a 40 year old private tutor in Bengaluru, saved about Rs. 32,000 after her husband didn’t approve her buying expensive jackets. She thought that she is an independent woman and she don’t need any lectures when she is contributing her share to the house.

Prepared by Diksha Arya of NewsGram. Twitter: @diksha_arya53

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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.