New Delhi: Prime Minister Narendra Modi’s demonetisation move has evidently hit hard all the small cash-based businesses in the country. However, in a remote region of India’s northeast, a small town is doing what it best can to deal with the current presentiment.
Old notes of Rs 500 and Rs 1000 are no longer legal tender, which means that shopkeepers will no longer be accepting them. So in order to cope with the shortage of new notes, a small village called Khawbung, bordering Myanmar, has come up with the unique idea of signing ‘I owe yous’.
By signing an ‘I owe you’, buyers can hand the chit to the shopkeeper with his/her signature and then purchase the products. Eventually when the buyer withdraws adequate money from the bank, he/she will then reimburse the said amount.
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The brain behind this unique idea was PC Lalmachhuana’s, an owner of a hardware shop in the village market. Once he shared this idea with the local vegetable sellers and shopkeepers who are acquianted with the local people, they readily accepted the idea and implemented it immediately.
The currency crash hitherto has caused inconvenience to a large section of the society, especially the working middle class.