Demonetisation and its Aftermath
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hotshot05
Herald
Some new methods to launder cash -
http://m.economictimes.com/news/pol...an-on-500/1000-notes/articleshow/55337271.cms
http://m.economictimes.com/news/pol...an-on-500/1000-notes/articleshow/55337271.cms
http://www.bbc.com/news/world-asia-india-37921672
Case study:
1. An ignorant rickshaw puller who neither has any ID proof nor a bank account.
2. A tourist who has no clue that she can exchange notes at airport.
Case study:
1. An ignorant rickshaw puller who neither has any ID proof nor a bank account.
2. A tourist who has no clue that she can exchange notes at airport.
http://www.hindustantimes.com/india...utside-bank/story-6rSStk8DPHOOeu2sqisE1N.html
http://www.ibtimes.co.in/rs-500-rs-1000-currency-notes-scrapped-2-dead-pil-filed-sc-quash-ban-703324
I just hope that somebody is not going to come up and say that this little girl dying should also be treated an acceptable sacrifice or a minor inconvenience.
Not sure what "necessary action" means? Are they going to bring back the women to life? Are they going to put the PM in jail for abetting death of this women?
The sudden ban created a severe scarcity of Rs 100 and smaller denominations yesterday. It was further worsened by the sick mentality of profiteering from bad situations that is so prevalent in India. This resulted in hoarding of currencies so that it could be sold for profits and many businesses could not operate because of lack of currency.
Also, a lot of people going to private hospitals suffered because of sudden ban as the 72 hour grace period was not applicable. Not everybody has access to credit/debit cards, but not every body could rely on the crappy medical care of govt hospitals either. People also had a tough time buying necessary medicines to due to severe shortage of smaller denominations. The pharmacy near my home was shut down yesterday for same reason.
http://www.ibtimes.co.in/rs-500-rs-1000-currency-notes-scrapped-2-dead-pil-filed-sc-quash-ban-703324
I just hope that somebody is not going to come up and say that this little girl dying should also be treated an acceptable sacrifice or a minor inconvenience.
Not sure what "necessary action" means? Are they going to bring back the women to life? Are they going to put the PM in jail for abetting death of this women?
The sudden ban created a severe scarcity of Rs 100 and smaller denominations yesterday. It was further worsened by the sick mentality of profiteering from bad situations that is so prevalent in India. This resulted in hoarding of currencies so that it could be sold for profits and many businesses could not operate because of lack of currency.
Also, a lot of people going to private hospitals suffered because of sudden ban as the 72 hour grace period was not applicable. Not everybody has access to credit/debit cards, but not every body could rely on the crappy medical care of govt hospitals either. People also had a tough time buying necessary medicines to due to severe shortage of smaller denominations. The pharmacy near my home was shut down yesterday for same reason.
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^^ Obviously, the reaction would be quite different if the same thing were done by a congress PM. Even for the same action, people react differently based on the person/people behind the action. I can even imagine what they would say like for example, that Sonia Gandhi is pulling the strings to destroy India's economy by making 87% of the cash invalid over night.
BJP is just as corrupt as congress, but there are enough pseudo-patriots in this country who feel the necessity to defend every such action without thought when its their favorite leader doing it and condemn it when its the other guy. They think its necessary for people to sacrifice (as long as they themselves do not have to sacrifice), because their leader said so.
I see no reason for even a single honest and hard working person (which is already a endangered species in our country) to suffer hassles or make sacrifices because of a process to curb black money.
BJP is just as corrupt as congress, but there are enough pseudo-patriots in this country who feel the necessity to defend every such action without thought when its their favorite leader doing it and condemn it when its the other guy. They think its necessary for people to sacrifice (as long as they themselves do not have to sacrifice), because their leader said so.
I see no reason for even a single honest and hard working person (which is already a endangered species in our country) to suffer hassles or make sacrifices because of a process to curb black money.
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The currency demonetization was proposed twice in MMS tenure, since MMS was a acting PM for 10yr & high command culture was prevailing, it wasn't carried out. Even demonetization of pre 2005 currency wasn't done during his tenure. He had pretty small say in the Remote controlled environment. How did this was allowed to happen? Because of equally corrupt, direction less, ineffective, ununited opposition led by LK & Co.
I sincerely believe this couldn't have been done by any Congress PM (they perpetuated these evils to their advantage), it could have been done only by a Non Congress PM. And Modi has done it. Even if Kejri or Mamta became a PM it'd have been done.
Its heartless to critically analyze someone's death for a brownie points during a discussion. Its equally heartless to use someone's death to score a political brownie point. Going by the article quoted - let me be very clear ; there's no medical term for death by shock secondary to a bad news etc . That happens only in movies much similar to Manmohan Desai films where three sons of different religions directly connect and transfuse blood to their lost mother. The layman understanding of shock and medical definition of shock are hell lot different. I can't go further without much details available ; but the death due to shock of hearing a bad news or adverse life event is far rare (especially in a otherwise healthy individual) than its depicted. Death due to shock of hearing a bad news is just an exaggerated artistic expression and should be approached with boxes of salt.
So are we going to give into the sensationalism of any dead body with old 500rs notes by the side ? If so, when are the post mortem political experts arriving at the spot? When's RG & Kejri expected at the cremation?
Equally corrupt, spineless, ununited, direction less opposition is a common & decisive variable in the life history of any dictator. RG and Kejri are proving to be just that, nothing more with such senseless demonstrations. There were many suicides post YSR (then AP CM) death, some continued for 6 months after his death - you very well know the truth behind them.
Why don't we see the fact that, the black money isn't just about tax evasion? Its a bread and butter for many criminals, smugglers, drug peddlers, terrorists, political kickbacks, child trafficking etc. Would it have been OK that someone could have died in a terror strike or smuggled for slavery to middle east? The government could be held equally guilty for not building the hospital by the side of the kid's house. Let's be logical.
I'm not saying that nobody is affected, the severity is much less than what opposition wants to portray. The middle and the working class are pretty happy with the decision, only the hoarders and politicians are crying foul, including our famous anti corruption crusaders.
BTW why there aren't widespread protests by the opposition politicians like Delhi chalo etc, everywhere? Oh, I forgot you need a Biryani, a bottle and 1000 Rupees per head to gather a mass, and most of it is driven by accumulated black money. If the hoarders are willing, they can still gather masses till Dec 30th, but Everyone seems to be busy with minimizing their losses I believe.
** conditions apply
there are a few doubts here, the current RBI governor was on financial advisory panel for Reliance industries before joining the post. Launch of Jio, splurging of Ambanis wealth by giving free data which is also free till Dec 30th, and timing of demonetization, is it a coincidence?
Anyways personally I was feeling it hard to teach the kids to work hard, be ethical and excel in academics, rulings like these make a perfect reason to believe in natural justice & clear my doubts on what should we teach our children.
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dafreaking
Innovator
The problem isn't just demonetisation of the old currency but the adequate supply of smaller denomination currency to replace it. The banks are giving 2000 Rupee notes. How the f**k does one pay for things if no one has smaller currency to return as change. Luckily the store under my house accepts cards.
I withdrew 10K a few days before for household expenses. It's useless till this situation stabilises. My cleaning maid has been collecting money for her daughters wedding. Poor thing has been converting to cash because the vendors she can afford don't accept anything else.
I withdrew 10K a few days before for household expenses. It's useless till this situation stabilises. My cleaning maid has been collecting money for her daughters wedding. Poor thing has been converting to cash because the vendors she can afford don't accept anything else.
http://www.mid-day.com/articles/new...-security-features-in-few-months-das/17748175
Now they are going to bring in new 1000, 100 & 50 rupee notes in new colours and security features in coming months. I think all this sudden removing of notes happened because the quality of counterfeit notes of 1000 and 500 were so good that RBI couldn't make out the difference between good and bad currency. The only way to kill the bad currency market was to remove every single one of the good and bad notes in one sweep.
Now they are going to bring in new 1000, 100 & 50 rupee notes in new colours and security features in coming months. I think all this sudden removing of notes happened because the quality of counterfeit notes of 1000 and 500 were so good that RBI couldn't make out the difference between good and bad currency. The only way to kill the bad currency market was to remove every single one of the good and bad notes in one sweep.
I am pretty sure that people dying due to lack of immediate care or being struck at private hospitals without treatment ,medicines and food and in pain is just minor inconvenience for you when its not hapenning to you or your own family members., But the question to ask is whether this severe and potentially life threatening situation was even a necessity for curbing black money in the first place
I myself could not buy medicines in last two days and I am mostly stuck to eating only once per day due to lack of money and the online delivery services staying too busy to deliver. I am getting a few things from big basket by tomorrow through online purchase, but imagine the plight of people with who are struck without credit and debit cards and internet banking access.
Nobody is denying that removing the bigger denominations is a great move. The only reason big denominations of currency are introduced by govt's is mostly just for the convenience of black money hoarders most of whom are people who are part of the govt's or close to them. You can simply assume that introduction of any currency > Rs 500 by any govt is only to aid black money hoarding. Such higher denomination currencies can be found only in countries with rampart corruption.
leaving aside the fact that the govt is again introducing even higher denomination notes now, the way the ban has been handled is not acceptable at all. Apparently, it was planned quite a while back that these currency notes would be phased out and it was just a matter of when. So why was it done in such an unprepared manner? They could have easily started moving the Rs 100 and 50 notes and even the newer currencies into the banks before they even announced the ban publicly. There are long queues in Banks and ATM's and most people are unable to get any currency as its running out. Some of the banks are handing out 2000 Rs notes which currently are as worthless as the older notes due to not enough smaller change being in circulation.
Also from what I heard from a colleague who is connected to BJP political circles, this info was leaked to the big wig politicians and those close to BJP and and even to other parties and even tough they didn't have an exact date when its going to happen, most of them already got rid of their hoarded Indian currencies or at least to the extent they could. So they are not as hugely affected as people think. In any case, the largest scale hoarders will have their investments in foreign currency or properties outside the country.
Non political hoarders like most doctors, lawyers, Chartered accountants, businessmen etc did have a major shock and that is definitely a great thing, but its not acceptable for it to come at the expense of inconvenience to public at large.
I personally hate dealing in cash and only keep small amounts of money in cash for emergencies. Even for my flat registration, I paid online though it meant paying Rs 4000 extra as transaction charges. But now, I am struck without cash for anything including paying the wages to the maid. Imagine what her situation is like. Even If I would like to help them, I have no means of helping currently.
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PoBoy
Innovator
http://www.deccanchronicle.com/busi...eposits-till-midday-after-demonetisation.html
That's just one bank. Rs 53,000 crore.
That's just one bank. Rs 53,000 crore.
letmein
Herald
Great way for banks to improve their balance sheets considering the huge amount of NPAs. Now they're going to lend this money again to industrialists.
hotshot05
Herald
hotshot05
Herald
Withdraw from multiple accounts (mother, father, wife etc) using cheque.
And for small business men, more cash may have been provided.
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