A Unique Experiment Underway In Telangana’s Food Market, Buy Vegetables With Tokens Instead Of Currency

The Logical Indian

November 24th, 2016

Aadhar Card Vegetables

Source: The Times of India | Representational Image: dawn | Uday India

Most of India’s business environment has been shaken up by the recent move of demonetization by the government. People are facing problems due to cash crunch and markets have been affected due to the scrapping of the currency notes. Many efforts are being made by individuals to find loopholes to ensure smooth transactions in the absence of new notes.

In a bid to cope with the scarcity of the new currency notes, the Telangana State Marketing Department has set up an Aadhar card-based micro ATM counter at Kukatpally Rythu Bazaar (Farmers Market) which dispenses tokens to buy groceries.

The Customers who have an Aadhaar-linked account can take tokens of Rs 5, Rs 10 and Rs 20 denominations from the counter of Industrial Development Financial Corporation (IDFC)  by providing their bank account details and thumb impression and then use those tokens as money to make purchases at the market.

This eased the cash crunch problem of the people visiting the market. The money is debited or deducted from their bank account and the vendors accepting these tokens also get money credited to their accounts immediately.  Leftover tokens are handed back to the IDFC counter te receive that amount in cash.

IDFC representatives also help the vendors and farmers who have no bank accounts open new accounts.

“Ninety-five consumers used the facility during the experiment timing from 9 AM to 6 PM on Friday. The trial will be extended further if it turns out to be successful,” said T Harish Rao, Minister of Irrigation and Marketing, who visited the mobile counter, as reported by The Times of India.

State Bank of India also started a similar initiative in Andhra Pradesh to help people make purchases without any cash.

Share your thoughts..

Related Stories

RBI Has Not Printed Any Rs 2000 Notes For 5 Months, To Focus On Rs 200 Notes Instead

Kerala: Rs 2 Lakh For Families Of Those Who Died In Queues After Demonetisation

Rs 40 Crore Deposited In Old Notes In An Axis Bank Branch, Hints At Money Laundering By Bank Officials

UPI Apps

Use UPI Apps From Major Banks To Instantly Receive Money In Your Bank Account

Nepal Bans New Indian Currency Notes

Nepal Bans New Indian Currency Notes: Know About It

500 Rupees Note

Two Types Of New Rs 500 Notes Surface In The Market, RBI Says Printing Defect Due To Rush

Latest on The Logical Indian

Fact Check

Fact Check: Did UPA Invite Taliban Leader To Speak At Think Fest In 2013?

Editor's Pick

A Common Man Turned Into A Brutal Murderer, Courtesy Social Media

My Social Responsibility

He Is Spending 40% Of His Salary To Run A School For The Children Who Cannot Afford Quality Education

News

Honor-Killing: Death Sentence To 6 Including Father-In-Law For Murdering A Dalit Engineering Graduate

My Social Responsibility

This Tribal Village Is On A Mission To Become The First English Literate Village Of India With The Help Of Their Local Language

News

Why Is The Transgender Community Upset About The Transgender Bill?