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Demonitisation: Information series – Transition Stage – How to Overcome Problems
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As we come to a transition state in the demonetisation process. Some information being provided here will be helpful in tiding over the process. What will be the pros and cons are being mentioned below. As per RBI prepaid cards issued by banks can be used to withdraw cash from an ATM, purchase of goods and services at Point of Sale or online purchase and for domestic fund transfer from person to person. Such cards are known as open system prepaid cards. However prepaid cards issued by authorized non banking entities can be used only to purchase goods and services at physical or online stores and for domestic fund transfer from one person to another. These cards are known as semi closed system prepaid cards. They can be issued for amounts ranging form Rs.500 to Rs.50,000. They allow secure transactions without carrying cash and remove fear of compromising with security as the cardholder can only use it till the preloaded money in the card is completely used. If one is unable is unable to get small change for Rs2,000 notes. the only note being dispensed by ATM at most places as of now, people are paying salaries of servants and other people providing services through prepaid cards. Other than prepaid cards people can use different varieties of cards such as gift cards, travel cards, and petro cards depending on their requirements. If people want to use plastic money for giving pocket money to family members of others, there is the option of using ewallet cards being provided by many banks. These allow one to transfer money from ones main account without much effort. Cards like petro cards and others which are issued by commercial companies could be used at places where they are supposed to be used. Hope the information provided is of use do share the same with others and add any comments which you would feel would help in adding value to the information being provided.
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