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The surge in cashless transactions since Nov. 8th is not a sign of India moving towards a cashless society. It is merely a sign of merchants making do, while situation the gets better. From what I see, the "situation" has gotten worse and is expected to be that way until the new Rs. 500 notes get into wide circulation.

When I make a cashless transaction these days, I avoid the possibility of long queues at ATMs or banks and perhaps some fringe benefits, aka cashback. But I am also shifting my inconvenience to the merchant with whom I am transacting.The merchant, in turn, could shift their inconvenience to their employees.

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Here is a comparison of charges, limits and key features of mobile wallets in India. This is a guest post byPranav Date - the guy singularly responsible for making the monthly returns calculation such as this possible: November 2016: Equity Mutual Fund SIP, Lump sum returns & capture ratios.

The yapping below is mine. Pranav supplied the key data and insights which made this post possible. He does not endorse all my opinions about wallets 🙂

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Here are few lessons l learnt about ATMs usage in the wake of demonetization of Rs. 1000 and Rs. 500 notes. These are observations based on an evening walking tour of about 15 ATMs around my house for the past three days.

First, a quick note about Kirti's detailed review of my new book with Subra(money.com) You can be rich with Goal-Based Investing at Bemoneyaware

Should you buy the book, You Can Be Rich With Goal-based Investing. We believe  You will be the same person in five years as you are today except for the people you meet and the books you read.   This book is a simple full of common sense, practical questions and solutions. No mathematics equations, good and appropriate pictures. We have given highlights of the book (see we have read the book :-)) and you can try out the calculators too.  There are many books in the market regarding Indian Finance and the money in buying book is well spent.

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Did you know that the govenment would collapse if it did not borrow money?! Its expenditure is much more than its income (revenue), aka fiscal deficit. It has borrow considerably sums of money from you and me (diretly or indirectly) to service its debt. Therefore, the government is in a debt trap (which is quite common!).

If a bank is requested to lend money to us, it wants to know how credit-worthy we are or what our CIBIL score is. We lend money to the government all the time - as often as each month (or less). Do we stop to ask, What would be the CIBIL Score of the Indian Government?!

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My mother retired 13 years ago and started receiving a pension that was indexed to inflation. Not only did it increase twice a year, thanks to DA hikes, it also increased as a result of pay commissions. The average year on year growth of her pension is close to 13%. This is an astounding number - not for her, but for the government who has to pay a similar pension to the lakhs of central and state government pensioners.

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