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Impact of demonetisation on education industry 2017

Wednesday, January 25, 2017

Dr. Sandip Jha, Chairman of Sandip University, talks about the effect of demonetisation in the field of education

Demonetisation is a very positive move, most transactions happen through cash or cheque these days. Usage of such plastic or online transactions are more transparent as it reduces the risk of corruption and is feasible to use. These can be used to not only buy stationery but also to pay tuition fees in various institutes. There are many other payment alternatives available and hence there is no major impact of demonetisation in the field of education.
There are various mobile wallets or apps that have mushroomed in the last few months, I want such mobile wallets to become the next big thing, along with the usage of paper currency should be reduced. This will lead to lesser robberies and Hawala transactions can also be contained. Cash should just be 10% of all expenses in an individual’s life, ours is one amongst the very few countries that rely on cash more than plastic money.

There are many institutes that rely on  capitation fees, this is the money paid to the educational institute by parents of such students who have underperformed in their academics, but who get admission based on capitation fee. This has been a commonly prevalent practice in the Private Education sector within our country. Demonetisation will help create an equal platform for aspiring and deserving students as many will not be able to pay the capitation fees.

Schools and other institutes should also follow suit and opt for a cashless transaction. Fees in our university is through Demand Drafts or online payments. It is essential to encourage the digitalisation of transactions. Institutes should spread awareness by insisting on payment of fees through Demand Drafts or online payments. Canteens or book stores should use smart cards for convenience. Parents also should learn to safeguard themselves and their belongings from stealing and also to ensure there is a control over economy.

There is no construction without destruction, it is visible that education does not have a huge impact of demonetisation. It is also important to clean all the dirt within our country once in a while so I consider it to be a nice move. Despite mopping the house clean, if any window is left open then there are chances of dirt creeping in. Similarly, it is essential to not only nip the flower at the bud but also to implement certain policies that will ensure that the eradicated issues do not crop up again. Despite, the availability of technology, there is a need to get everyone adapt to technology especially for future generation.

There will not be much impact on the staff within the education sector. But, just like Right to Information (RTI) it is essential to have a 'Right to Services' option that will help keep a tab on the services provided by the various institutions and will also give the public a free hand to complaint against such service providers.

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