Demonetisation and its Aftermath

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Party Monger said:
Bhakt Spotted. Yes yes there will be an Electronic Property Passbook(EPPB), just like the chip in the 2000 Rs note. :D
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His bhakts & paid workers are everywhere.:laughing:
What these people don't understand & fail to understand is that people are not against erasing black money but against this stupid plan whose only outcome is troubling normal people & nothing much. Yes if this plan brings drastic changes property becomes more affordable, price reduced, money value increases then it would matter.
 
[DOUBLEPOST=1481222080][/DOUBLEPOST]http://www.urbandictionary.com/define.php?term=MITRON

MITRON
Noun

1. A large group of unsuspecting people, about to be hit by something they will take a long time to recover from.

2. A precursor to bad news for large groups of people.

Origin

India: from the Hindi word Mitron, ironically meaning 'friends'. In recent times, however, it has been used to brutal effect to make a series of anti-people announcements.

Pronounciation

Mitron / mit-rohn
'Mitron, from midnight of Novemember the 8th, the poor will get poorer'
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4,00,000 job cuts predicted for the short run due to poorly implemented demonetization.

http://www.huffingtonpost.in/2016/1...ead-to-at-least-400-000-job-cuts-across-vari/
 
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That was a kickass AIB. Funny UD definition too.

The actual events aren't so funny. Govt. says you can withdraw 24k/week. Most people are lucky if the bank gives em 5-10k :-/

Oh, and rbi says the whole cash crunch is because people are 'hoarding' cash and not spending it. If they spend it the problems will disappear. I visit ATMs about 4-5 times a week, lucky if I get 2.5k twice (100s). Why would i not save some cash at home for emergencies given that it might be days before i can actually get cash when i need it?
 
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^^ You are lucky to even find an ATM filled with cash. I have HDFC, Canara Bank, ICICI, SBI, Andhra Bank ATMs in close proximity to my house. Other than SBI and Andhra Bank, the rest have been shut down for last two weeks. SBI and Andhra Bank ATMs have 100-200 people queues forming when ever cash comes in.

Many of the bank workers and their unions are now demanding that the banks be shutdown till RBI can get sufficient cash printed. They are apparently going to go on strike soon.

Mean while Gali Janardhan apparently converted Rs 100 Crore in old currency to new ones. Another guy caught in IT raids in Chennai with 70 crore in new currency and 100 Kg of Gold.
 
Lord Nemesis said:
^^ You are lucky to even find an ATM filled with cash. I have HDFC, Canara Bank, ICICI, SBI, Andhra Bank ATMs in close proximity to my house. Other than SBI and Andhra Bank, the rest have been shut down for last two weeks. SBI and Andhra Bank ATMs have 100-200 people queues forming when ever cash comes in.

Many of the bank workers and their unions are now demanding that the banks be shutdown till RBI can get sufficient cash printed. They are apparently going to go on strike soon.

Mean while Gali Janardhan apparently converted Rs 100 Crore in old currency to new ones. Another guy caught in IT raids in Chennai with 70 crore in new currency and 100 Kg of Gold.
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Yep. Ditto. I had like 6 ATMs withing 1KM of my house. Only one of them is functional now and it has massive queues any time is gets cash. Personally isnt affecting me much since about 2k can last me a month easily but I can see why people are having problems.

Never thought we would get nostalgic over days when you could just walk into an ATM and take out 10k and not even think about it. Just routine stuff you take for granted. Acche din indeed. :D
 
Never thought we would get nostalgic over days when you could just walk into an ATM and take out 10k and not even think about it. Just routine stuff you take for granted. Acche din indeed. :D
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10k? I remember when I took out 50k right out of ATM to purchase my pc :)
 
adventureguy said:
10k? I remember when I took out 50k right out of ATM to purchase my pc :)
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Gone are those golden days, Now I'm afraid that they are never going to lift the ATM limit to the extent of old normal days of 40-50K in a day, so that they can push the public towards Digital India (Digital Payment).
 
paarkhi said:
Gone are those golden days, Now I'm afraid that they are never going to lift the ATM limit to the extent of old normal days of 40-50K in a day, so that they can push the public towards Digital India (Digital Payment).
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In a way that would be good. Hospitals charge huge amounts of money and prefer taking cash. Most common people will start paying using cards in these places as most won't be able to pay the required amount in cash. This cash is not entered in the books of many hospitals/nursing homes. Recently the IT Dept raided the owner of a small nursing home in the suburbs of Kolkata and recovered around 1 Crore in cash.

Indians don't like to flash their health insurance info while taking admission in hospitals as they (correctly) believe that hospitals will overcharge if they use cashless mediclaim facility. Private hospitals in metro cities in India are following in the path of US pharma.

[Rant]For an appendix operation in one top hospital in Kolkata, my friend was charged 96k last year. Office medical insurance covered it partially and he had to shell out 36k from his own pocket. This was for a 4day stay in a double sharing cabin (he made the mistake of believing the TPA who said that they will manage from their end if room rent was more than that covered by the policy). Just 50km away from Kolkata, this same operation would have had cost 15k-20k and he could have had stayed alone in a cabin. [/Rant]
 
Look, almost everyone in this country is doing something or the other illegally. Indians will choose a crooked route even if it's more difficult than the straight path. Usually to save a couple bucks.

But it's different when the govt. itself is practically ripping off the entire nation under the guise of a legal and lawful process, which they've themselves invented.

What i mean is the govt. shouldn't be resorting to such demeaning and unconstitutional tactics to get back at the entire populace...
 
Lord Nemesis said:
As failures that didn't serve a purpose.



A poorly planned and rushed idea that doesn't serve its purpose and causes more harm than good is any day worse than a well thought planned idea that takes so long that often times it doesn't even see the light. You don't jump to the wrong side of the road and speed your vehicle to 100 Km/hour just because you want to reach home ASAP.



Currency printing happens regularly and design changes too are done regularly even if they are subtle. There are valid reasons for minting new currency and a strike against black money is the last thing that comes to mind. In fact, often times large denomination notes were printed to ease hoarding. So, unless somebody is in such a rush as to reveal their plans, nobody needs to know how the new currency is going to be transitioned.



It doesn't require a genius to understand that what most normal people need for everyday needs is the smaller denomination notes. At the very least, somebody who claims that high denomination notes are used for hoarding ought to know that as well. RBI themselves made statements that Govt was advised that they should be printing smaller denominations, but was forced to print the Rs 2000 notes. In fact, they apparently didn't even stop after it was made clear in first few days itself. Does that mean that the govt thought they knew the economics of the country better than RBI? It may even be one of the reasons for the former RBI head to distance himself form that post as he may be aware of this and that the govt would try to make RBI take the blame when things go out of hand.



These are estimates made based on studies by various international financial firms and other bodies. The black economy of India is pegged at around Rs 38 Lac Crore. The entirety of the cash in circulation in the country is less than half of that.
The highest estimate on the cash share of the black economy that I have seen is 10%, but most normal estimates state it as 4 to 6%.



That is exactly what has happened. The govt is already worried that the currency deposits in the banks is way higher than expected and its only been 3~4 weeks. That means that either the black money in cash form which they expected to not get back into banks is either much lower than they expected or that almost every hoarder is able to exchange their black money at banks. In either case, this would prove that the suffering that other folk had to go through is utter waste.
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I have already said in other threads that I don't want to get into a competition to write longer and longer and even longer posts. So I will just say one thing - Back up your facts with proofs. No 4% by "various financial firms" because then that sounds like BS.
 
^^ Hmm. I don't remember this govt ever showing proof or even stating any meaningful statistics of their own before claiming that this would help with the black money problem. In fact, they have been changing their stories every day. Neither did you so far to justify that this move has even the minutest impact on black economy. Does that mean that you are talking out of your ass?

https://www.thequint.com/currency-b...000-currency-deposit-2000-jan-dhan-blackmoney

Here is one of many such sources. According to this, its 10%.

http://timesofindia.indiatimes.com/...-gain-on-black-money/articleshow/55532113.cms

A committee on 'Measures to Tackle Black Money in India and Abroad', set up by the finance ministry in 2012 and headed by the chairman of Central Board of Direct Taxes (CBDT) had said that "demonetisation may not be a solution for tackling black money in the economy, which is largely held in the form of benami properties, bullion and jewelry etc."

So, estimates for illegal cash range from 3% to 5% of the total black economy.
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According to this, based on studies conducted by CBDT

http://www.hindustantimes.com/india...me-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html

Here is another statistic from IT Dept according to which,. in all the income tax probes they have done, the cash component typically found is 5-6%. This despite the fact that cash and gold is much easier to locate in sudden raids than benami properties and the like which cannot all be tracked down.
 
I guess this is what this country is all about these days. People who exchange black money at night and ridicule others who are facing problems and then get paid for making these sort of posts. I wonder if these people declare this income or pay taxes on it?

https://www.thequint.com/currency-b...ytrend-demonetisation-fake-tweets-factordaily

thequint%2F2016-12%2Ff31aa15a-70ef-4e10-98a3-99ef4281f2b7%2FPaid%20news%20note%20ban%20photo.jpg
 
Lord Nemesis said:
I guess this is what this country is all about these days. People who exchange black money at night and ridicule others who are facing problems and then get paid for making these sort of posts. I wonder if these people declare this income or pay taxes on it?

https://www.thequint.com/currency-b...ytrend-demonetisation-fake-tweets-factordaily
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Do they really have to be paid? I personally know bhakts in the office who are doing this for free.

Although conspicuously most of them have gone totally radio silent after payday. No more "small pain for huge gains" or "think of our soldiers who stand at the border" messages to whatsapp groups in the last couple of weeks or so. Nothing cleanses your political fanaticism like lining up infront of an ATM for an hour and having it run out of cash infront of you. :happy:
 
https://www.thequint.com/currency-b...ine-approach-cyprus-banking-crisis-neoliberal
http://www.washingtonsblog.com/2015/05/why-the-powers-that-be-are-pushing-a-cashless-society.html

A number of ATM's (particularly of private banks) are already shutdown or in the process of being shut down. Expect severe restrictions on online transactions and removal of interest on savings and deposits or in fact even a negative interest rate (tax) for bank accounts. Also, as pointed out earlier, regardless of how much money is held in banks, a bank is not legally obligated beyond a sum of Rs 1 Lac and holds the freedom to refuse any offline or online transaction without a valid reason. Soon, any large transaction can happen only after govt approval and through sanctioned loans. Private banks may also be gradually banned from operating in favor of banks that are under total govt control and not just govt regulation.

Every political outfit in power in every democratic country dreams of getting dictatorial control over the country and its the people that keep it from becoming that way by keeping such attempts in check. When they don't, those countries will ultimately loose their freedom. India was never keen on its freedom and the slavish mentality is ingrained into the very genes. Excessive craze over sportsmen, movie actors and politicians to the extent of worshiping them is proof of that. You only have to look at the current affairs in Tamilnadu. So 2017 or 2018 maybe the year that India becomes the new North Korea where people are totally at the mercy of their govt's whim's and fancies.
 
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