Demonetisation and its Aftermath
- Thread starter psyph3r
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Let's hope something good happens.
I wonder how many people realized that the timing to remove notes was so wrong on 7/8th.
People get their salary in cash/cheque or credit to the ac on those days. And the first 15 days always goes into paying all sorts of bills in cash. Add this is the time when people don't have much money in the pockets. So removing all the cash from the country in the first week of pay was a really stupid idea IMO.
More and more I think about this, the more I feel like punching the guy who gave this idea.
Mr.J
Innovator
Party Monger
Juggernaut
The fact that we can tolerate such shoddy planning in the name of "greater good" or "surgical strike on black money" with no clear explanation, staggers me. These people should be charged for all the deaths that have occurred cause of their mismanagement. Modi's 2002 riot scheme was a lot better planned than this.
Today, I had to go to the airport and found that the SBH ATM there had money, I waited in queue for over an hour and managed to withdraw a couple of 2000 Rs notes (using 2 cards). I also tried my luck at the petrol bunk (since the govt announced that people will be able to swipe a card and get money from petrol bunks, but the guy said that they though they got the orders, they didn't get any currency notes to actually implement it. My cab driver told me that they themselves are accepting Rs 500 notes from customers since not doing so would mean loss of customers for them.
drone
Discoverer
Exchanged four old 500 Rs notes in UBI bank yesterday they are taking a Xerox copy of Voter Card / Adhar card or any photo ID proof , had to fill up a form , followed by verification of documents by an official then to another counter , after that received the new Rs 2000 Bank Notes , suprisingly i dont know if this is happening in other places also , the UBI bank officials put ink on my finger , same way when we go to caste our votes , just that the same person cannot exchange twice . Is this legit ? The Indian Bank Association never mentioned this in theier circular , or the UBI bank is playing a trick , god knows .
adventureguy
Innovator
^ Its been on the news past couple of days? They put ink so that same persons can't stand in line once again to exchange money for a few days
G
geekwithlens
^ Won't that effect people who are going to have elections in their places soon? Like U.P. elections.
kidrow
Herald
^They've been asked to put the mark on the hand that is different from the one that is generally used for marking a voter. So right hand instead of left (or vice versa). (The instructions are clear about which hand, but I forget which one exactly. So I've stated it in this fashion).
All 5 Banks in my area are only exchanging notes only for their respective customers. All the 7 ATM's are out of order. Everywhere there is queue of around 60 people in line. No separate queue for people only wanting to withdraw currency. Had to come back empty handed since I didn't have cheque book with me. I wonder how many weeks this will go on...
Mr.J
Innovator
Who knows. Feels like govt and RBI are just making stuff up as they go along.
http://indiatoday.intoday.in/story/demonetisation-narendra-modi-note-ban-modifications/1/812086.html
http://indiatoday.intoday.in/story/demonetisation-narendra-modi-note-ban-modifications/1/812086.html
They are doing what they always do. Acting late after something happens. I bet they didn't even think about the consequences of removing two major notes from the system suddenly.
Didn't they just decrease the amount of withdrawal to 2000 per person, day before yesterday? All this changing things every other day is only going to confuse everyone.
Didn't they just decrease the amount of withdrawal to 2000 per person, day before yesterday? All this changing things every other day is only going to confuse everyone.
G
geekwithlens
From the reports, I'm getting it is evident that most people with black money [cash] were able to adjust them successfully. People will lose some percentage of black money but that won't be returned to the system and also won't affect the net worth of any black money hoarders.
But there is one major consequence/issue which I bet Government didn't planned carefully for. Job Cuts and Low direct tax receivables. In a week, 2 Lakh Gold workers have been fired from their job out of the total 12 Lakh gold workers who work in Mumbai. Most of them have went back to their village and most of these workers are from Kolkata and Rajasthan. Issue is that these guys are paid daily wages and if this situation prolongs they will suffer terribly. These guys don't having savings or low savings. If they stays without work for even 3 months then you can't just imagine what will happen to their livelihood. Another major thing is that all luxury segments and consumer business segments have been badly affected. Car sales have stopped. Just think how much low income they are going to report in this quarter and the coming quarter. Low income will result in low payment of taxes to the government by these companies. That amount will likely be more than they will recover from this scheme. FIIs selling in the equities market is going at a rapid pace due to uncertainties of our Economy. You can get the figures from BSE/NSE website. At personal level, I feel this move is going to affect our economy badly and may put us 1-2 year back. People thinking that this move will curb all fake currencies should just wait a little as it don't take long in today's technology efficient world to print new fake currencies. Fake currency is a big business for Pakistan and they won't just sit. In the end, poor will suffer and that you can already see that.
But there is one major consequence/issue which I bet Government didn't planned carefully for. Job Cuts and Low direct tax receivables. In a week, 2 Lakh Gold workers have been fired from their job out of the total 12 Lakh gold workers who work in Mumbai. Most of them have went back to their village and most of these workers are from Kolkata and Rajasthan. Issue is that these guys are paid daily wages and if this situation prolongs they will suffer terribly. These guys don't having savings or low savings. If they stays without work for even 3 months then you can't just imagine what will happen to their livelihood. Another major thing is that all luxury segments and consumer business segments have been badly affected. Car sales have stopped. Just think how much low income they are going to report in this quarter and the coming quarter. Low income will result in low payment of taxes to the government by these companies. That amount will likely be more than they will recover from this scheme. FIIs selling in the equities market is going at a rapid pace due to uncertainties of our Economy. You can get the figures from BSE/NSE website. At personal level, I feel this move is going to affect our economy badly and may put us 1-2 year back. People thinking that this move will curb all fake currencies should just wait a little as it don't take long in today's technology efficient world to print new fake currencies. Fake currency is a big business for Pakistan and they won't just sit. In the end, poor will suffer and that you can already see that.
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http://www.indiasamvad.co.in/specia...pm-modi-atm-dispense-half-printed-notes-17935
Now you have the privilege of showing off your patriotism by waiting for 6 hours or more in queues before an ATM (if the money lasts that long) to get half printed currency notes.
Such a well planned and executed surgical strike... on the tax payers whose money is funding this whole absurdity.
Maybe, Hafeez Saeed doesn't even need to bother with his retaliation plans since we are already under strike by our own govt. Its absurd that people have their blood boil when ever they hear about casualties in terror attacks to the point that they want to nuke Pak in retaliation. They feel sympathy for those who lost their lives in a train accident, but its somehow fine if its our own govt being the cause of casualties because of its incompetency, negligence and poor planning and the causalities are put off as necessary sacrifices.
Now you have the privilege of showing off your patriotism by waiting for 6 hours or more in queues before an ATM (if the money lasts that long) to get half printed currency notes.
Such a well planned and executed surgical strike... on the tax payers whose money is funding this whole absurdity.
Maybe, Hafeez Saeed doesn't even need to bother with his retaliation plans since we are already under strike by our own govt. Its absurd that people have their blood boil when ever they hear about casualties in terror attacks to the point that they want to nuke Pak in retaliation. They feel sympathy for those who lost their lives in a train accident, but its somehow fine if its our own govt being the cause of casualties because of its incompetency, negligence and poor planning and the causalities are put off as necessary sacrifices.
Mr.J
Innovator
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