Residents of Khawbung village in Mizoram, located along the India-Myanmar border, have come up with a unique way of overcoming the current cash crisis the whole county is going through.
PC Lalhmachhuana, owner of a hardware store in this eastern Mizoram village, has convinced his fellow villagers that they should use pieces of paper as promissory notes to replace currency till the situation eases and new notes come into circulation.
‘We have to find a solution as the cash shortage has hit the people hard. It is almost impossible to buy or sell anything unless we make an alternate arrangement,’ he said.
Following his suggestion, shopkeepers and vegetable-sellers have begun to accept pieces of paper as currency since Saturday. Customers, too, are happy to play along. The papers bear the amount and the signature of the issuer on them.
A local activist said such a system of financial transaction is practical and possible only in a close-knit society like that of the Mizos and, that too, only in villages. It is possible only because everyone knows each villager very well and no one will be cheated of their hard earned money.
The activist also said that the practice would be discontinued as soon as notes of smaller denominations as well as the new Rs 2,000 notes arrive in the village.
Unusual Transactions In Mizoram
But unusual transactions are not new to Mizoram. The small Northeastern state is well known for their unmanned street shops called ‘Nghahloh Dawr’ where customers can buy vegetables according to rates displayed on a leaf or plank and deposit money in a bottle at the shop.