Money becomes paper- This is what Mizoram village did to deal with cash crunch
Residents of Khawbung village in Mizoram have come up with a novel idea to cope with the scarcity of Rs.500 and Rs.1000 notes, which were banned by the government on November 8.
Khawbung, Nov 18: Residents of Khawbung village in Mizoram have come up with a novel idea to cope with the scarcity of Rs.500 and Rs.1000 notes, which were banned by the government on November 8.
The villagers have started using pieces of paper as promissory notes to cope with the situation, said reports.
These pieces of paper have the amount mentioned on them along with issuer's signature. The residents of the village began using this system from Saturday and greatly reduced the inconvenience with this novel idea.
"Such a system of financial transaction is practical and possible only in a close-knit society like that of the Mizos and, that too, only in villages," Northeast Today quoted one of the local activists, Mapuia, as saying.
He
said
that
people
know
each
other
and
are
assured
of
the
fact
that
they
will
not
be
cheated.
The
government's
move
had
become
a
major
inconenience
for
the
people,
who
have
been
queuing
up
in
front
of
banks
and
ATMs
for
lower
denomination
notes
across
the
country.
Prime Minister Modi, had on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions in a bid to tackle hoarding of black money, corruption and terror financing.
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