First salary day after demonetization, know the alternatives if you face shortage of cash.

It’s first salary day after demonetization implemented by Govt. of India effective from 8th November, 2016. There has been cash crisis since the demonetization came into effect and long queues are common outside banks & ATMs. People whose salary is credited in bank account may face severe shortage of cash as the above situation is expected to remain for this month at least. Buying grocery, milk, vegetables, payment to maid, electrician, construction laborers and others, money in physical form is required for various purposes. But in this hour of cash crisis, it’s darning to go the cash points and spend hours in long queues. Situation worsens when ATM or bank counter becomes out of cash when you are about to approach. No worries, there are many ways through which you can avail many things without disturbing your work.

All you need to have a smart phone with internet which most of us has. There are many applications through which we can do cashless transactions and these applications are easy to install and operate. Here are some reliable and popular mobile wallet apps –

PAYTM – Must have heard, PAYTM karo … One of the most popular e-wallet service in the country, PAYTM offers Rs. 10,000 transactions in a month and as per guidelines of RBI, the limit can be exceeded to Rs. 100,000 after verification. After demonetization, PAYTM is widely used by sweet shops, grocery shops, online shopping marts and even by electricians, auto mechanics and vegetable vendors. PAYTM can also be used for cab services, DTH, mobile recharges, paying utilities bills and other essential services.

Cash wallets and money transfer application – MobiKwik, Freecharge, Jio Money are some other payment wallets which can be used as the same purposes as of Paytm. Some money transfer services like Airtel Money, Vodafone M-Paisa, HDFC Bank Chiller etc can be used to transfer money from one person to another. These applications are very easy to use and has wide network throughout the country.
Cheques and NEFT – If you have money in your account and are not able withdraw it from the bank, there are many alternatives through which you can easily make cashless transactions. Due to Jan Dhan accounts campaign, a big part of the population has got access to bank accounts. You can pay money to people through cheques, NEFT & IMPS. Through IMPS, money can be instantly transferred into beneficiary’s account with few details like bank IFSC number and beneficiary’s account number. All merchants and individuals have started accepting these payments modes in the cash crisis.

Still need some cash? Do some daring and go to bank or ATM to withdraw money, you may have to stand in a long queue for some time and face inconvenience but to meet your cash needs, you will have to. There is a daily & weekly withdraw limit, so keep yourself updated with latest withdraw limit and try to get maximum cash at one time so that you need not to visit again to the bank.

The situation is improving with queues outside bank and ATMs getting shorter but many take a month time to normalcy get restored. For the time, use above modes to minimize inconvenience being caused and manage your money in a cashless way. It is better to avoid chaos and use these convenient and easy to use applications.