When it was announced on November 8th, 2016, that Rs. 500 and Rs. 1000 currency notes would not be legal tender from that day forth, people of India have been rushing to banks and ATMs to withdraw and/or exchange their money. Taking into consideration, the enormous population of India, the government of India had decided to impose a limit on the amount of money that could be withdrawn by a person in a single day (Rs. 2000). This has led to people facing a cash crunch and till today, people are eager to exchange their demonetized Rs. 500 and Rs. 1000 notes. However some startups in India have made merry from the distress arising out of the demonetization move. One such startup is the Noida – based website, www.tailmill.com.
This startup does the inverse of cash – on – delivery! It is in collaboration with TWF Flours. TWF Flours sells premium quality flours, dal, grains, rice and other kitchen items online. The offer is that if people order groceries worth at least Rs. 160 from TWF Flour’s website, they can also have home delivery of valid currency notes upto Rs. 1,000 from tailmil.com! The customers can even choose what valid denomination of currency notes they want, whether Rs. 100 or the new Rs. 500 notes in TWF Flour’s website. “It is a simple formula, whatever cash we have collected in the last 15-20 days after demonetization, we are offering it to our customers. They just have to buy any TWF product online and from there they can click on delivery of cash. Currently, we have a cap of Rs. 1,000 per day per customer”, co – founder of tailmil.com, Arjun Rungta said. “In the last 15 days, we have collected new currency through various cash-on-delivery options. Now, we have enough cash to go with the formula. It is completely legitimate. The consumers have to pay Rs. 1,000 plus the commodity cost and we will give them valid currency notes without any additional charges”, Arjun Rungta added. Read more on Demonetization
The minimum order is Rs. 140 for an existing customer and Rs. 160 for a new customer. For now this startup and convenience is limited only to Noida L While existing customers can get Rs. 1000 per day, first time users will only get upto Rs. 500 the first time. “We fully support the move towards a cashless economy. We believe that this facility by tailmill will be of great use to our customers”, K Dutt, Head of Consumer Insights at TWF Flours said. To become a regular customer, new customers will also have to refer at least six customers to TWF Flour’s website.
This is truly a brilliant idea by the co – founders of tailmill.com and TWF Flours has made a wise move in collaborating with the startup tailmill.com. Ever since the demonetization, people of India have been and still are eager to exchange their demonetized currency notes. Sometimes people have had to stand in long queues in front of banks or ATMs to get or exchange their money. Sometimes it has also happened that, half – way through the queue, somebody would announce, that the ATM or bank has run out of cash and people would get frustrated to the core and would have to start looking for another ATM or bank all over again. The facilities offered by tailmill.com certainly eases the burden off customers. Previously, people had to first exchange and/or withdraw their money before they could buy anything. But now people who still have the old Rs. 500 and Rs. 1000 notes can buy groceries and simultaneously get valid currency notes, that too delivered to their homes! This will save TWF Flour’s customers a lot of time and efforts, which would have otherwise been wasted in standing in long queues in front of ATMs or banks. It’s too bad that tailmill.com and TWF Flours are offering this facility only to Noida’s customers. If they were an All – India Company, their business would have boomed to unimaginable levels. The government of India should promote more innovative companies like TWF Flours and tailmill.com Read more on Startup News
Are you intrested to become guest author and write about business, Leadership or finance? Register and start Contributing your knowledge and experience.