Startups react to demonetization of Rs 500 and Rs 1000 notes

By Shishir Kumar

Posted on November 10, 2016

With startups rising exponentially it is important to know their views on demonetization of Rs 500 and Rs 1000 notes and cashless  transaction. Every startup business now provides cash related transactions. Below are statements from founders/leaders of well known startups. Their statement represents how startups react to demonetization to our current high value currency. Read news on Narendra Modi.

Vishwavijay Singh, Co -founder, Salebhai says ”We as a company never promoted cash transactions. In fact, we don’t offer COD. We have lost business on that count but never succumbed to pressure. We will continue to promote fair business practices. Demonetization and cashless transactions will expand the country’s economy, boost the banking sector, and curb the circulation of fake currency and black money.”

Vinamra Pandiya, Founder & CEO, Qtrove says “We at Qtrove.com wholeheartedly welcome this historic decision by the Prime Minister Modi & congratulate him for taking a decisive step towards curbing black money and counterfeit currency. This decision will give renewed impetus to digital payments thus keeping corruption and black money in check. After Mr. Modi’s historic decision, we have called and informed all our customers who had placed Cash On Delivery orders with us to kindly use denomination of Rs.100 , 50, 20 or 10 for all cash on delivery orders till the time new currency is injected in the system”

 Vivek Mathur, CEO at Giftease.com says “I believe this is a major & very progressive step towards cleaning up the economy. Of course while it has much larger ramifications for the economy, it is also very significant for the ecommerce industry. In the immediate term, with over 50% of ecommerce transactions being COD, there will be an impact on volumes, as customers will conserve cash available with them. However, over the medium term I expect this will be positive, as many customers will acquire alternate payment methods like plastic or online wallets, or will overcome the psychological barrier to using these for payments – which will be very beneficial for the industry if COD declines”.

 Sachin Bhandari, CEO at VTP Realty says “This is a great initiative by our government and this breakthrough decision was the need of the hour. Banks will be flooded with cash which might result in them giving out loans at better rates. In real-estate we do not foresee much of an impact in the market except for the initial anxiety amongst the customers. In the long run, this will be beneficial as it will certainly bring in a lot of transparency in the dealings. But for the developers who have limpidity in their practices will find it a lot easier. In summation, the organized real estate sector and the customers will definitely benefit out of it as it provides clarity in deals, this will be applicable for other sectors as well. We at VTP Realty welcome this decision and are looking forward for positive market sentiments related to the decision. “

I was happy to see how Startups react to demonetization, they are ready to lose out business from cash transactions to support Narendra Modi’s cashless move. Surprisingly the realty company CEO also supports cashless program, wherein this industry is known to have the highest cash transactions. This shows how Narendra Modi is uniting India to make this country the best place to live and do business. Read more Startup News.

 

Startups react to demonetization of Rs 500 and Rs 1000 notes