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500 & 1000 rs notes stopped from tonight

tweaker

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sandeep Grand Master

sandeep

Posted
Posted
1 hour ago, mishra said:

Lets agree to disagree.

1. 30th dec is not far. If all the 500-1000 notes come back to bank, that will mean all black is now white. Black marketeers have outfoxed the system

That's a bit facetious.  How is a guy with crores of undeclared 'black' money going to deposit it without risking exposure to tax authorities?  If he does it himself, he can only do up to a few lakhs.  If he uses proxies, that just increases his exposure - do you think the proxies will be disciplined enough to stay within limits? i.e. not hire themselves out to multiple clients?  If a proxy gets tripped up, that will expose a domino of cheats.  This move has created a strong disincentive to hoard currency going forward.  Its not a magic wand that's going to eliminate corruption - The bribe takers and the corrupt will move to other mechanisms - gold, diamonds, bitcoin what have you.  

 

But at a bare minimum, this move has inflicted a 30-40% depreciation on ill-gotten gains.  In a country where for decades, there was simply no accountability for committing such tax fraud - i.e. low risk, high reward; the risk has just been raised.  That can only be a good thing.  

 

And on the 2nd point - I think the hit on finances for terrorism is massive, and unfortunately unquantifiable. Because there's no way to count the possible attacks or bombings that would have been financed, but couldn't because of this.  The biggest bang for the buck in fighting terrorism is preventing it before it happens, and in that, the best way to do this, is to attack their supply.  Terrorists need a lot of funds to buy arms, supplies, information - if that swamp is drained, the snakes will defanged, big-time.  

 

Anyone arguing against demonetization either has some ill-gotten gains as skin in the game, or someone who's directly or indirectly competing in Politics.  Else it just doesn't make sense to oppose this.  

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dial_100 Collaborator

dial_100

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The rumor is that D-company lost maximum because of demonetization. His entire nexus is run on black money and fake money. Both are hit hard. This will make him extremely weak and vulnerable.

 

There are lot of intangible benefits out of this demonetization move for the country.

 

Can someone really post on the voting survey and results etc. I read it on TOI but need more stuff to know the opinion of common people.

 

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Tibarn Community Regular

Tibarn

Posted
Posted (edited)
12 minutes ago, dial_100 said:

The rumor is that D-company lost maximum because of demonetization. His entire nexus is run on black money and fake money. Both are hit hard. This will make him extremely weak and vulnerable.

 

There are lot of intangible benefits out of this demonetization move for the country.

 

Can someone really post on the voting survey and results etc. I read it on TOI but need more stuff to know the opinion of common people.

 

http://businessworld.in/article/BW-Businessworld-CVoter-Survey-87-Backs-Modi-Government-s-Demonetisation-Move/22-11-2016-108625/#.WDRMLAkNpk4.twitter

 

There is C-voter

 

https://twitter.com/yrdeshmukh?lang=en

 

Edited by Tibarn
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dial_100 Collaborator

dial_100

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6 minutes ago, Tibarn said:

http://businessworld.in/article/BW-Businessworld-CVoter-Survey-87-Backs-Modi-Government-s-Demonetisation-Move/22-11-2016-108625/#.WDRMLAkNpk4.twitter

 

There is C-voter

It cant get more obvious than this that this move was successful. More strong measures to find those who tried to by-pass the system and it will make people feel good.

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mishra Mentor

mishra

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^ Some time back Modi has given general amnesty to declare black money. GOI didn't get response it was hoping  for.

So this was next move. Black money was every where. By end, it will be channeled to selected few peoples. I believe those selected few people who think are super smart are fooling themselves. Government may not take any action against covert black money siphoners this time. But guaranted, it has pottential and means to go after selected few. And it will go after them

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Singh bling Proficient

Singh bling

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Demonetisation fallout: Experts warn note ban will slow down Indian economy

http://www.hindustantimes.com/business-news/demonetisation-fallout-experts-warn-note-ban-will-slow-down-indian-economy/story-c0QaWLGmOQGY7DG0BindIN.html

This was only to be expected in a country which has 20% of its $1.8 trillion GDP and 80% of employment in the unorganised sector. Nearly half the population still does not have a bank account. Less than 300 million use the internet, and therefore the overwhelming majority cannot make electronic payments.

 

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Tibarn Community Regular

Tibarn

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3 hours ago, dial_100 said:

It cant get more obvious than this that this move was successful. More strong measures to find those who tried to by-pass the system and it will make people feel good.

A large part is that the PM is so popular. The feeling from the different surveys over the last few weeks is that the people trust the PM and see it as a punch in the mouth of black money holders.  However they rightly were concerned with implementation of the project and are saying they are inconvenienced. I'm not sure if it was a generic PM the people would necessarily have supported the move.

 

Now that it is done, the center needs to work overtime to iron out the bumps before December. This approval of the move can't sustain on PM's popularity alone. There are rumors on twitter that there was fear of a leak and thus the PM moved up the announcement earlier than intended, supposedly Dec 1st. I'm not convinced that's true, but it could be why it's not as efficient as it should be.  

 

Some people think that the PM will give a major SOP to the rural poor after the move is done to stamp out any residual resentment. 

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jalebi_bhai Rising Star

jalebi_bhai

Posted
Posted
5 hours ago, Tibarn said:

A large part is that the PM is so popular. The feeling from the different surveys over the last few weeks is that the people trust the PM and see it as a punch in the mouth of black money holders.  However they rightly were concerned with implementation of the project and are saying they are inconvenienced. I'm not sure if it was a generic PM the people would necessarily have supported the move.

 

Now that it is done, the center needs to work overtime to iron out the bumps before December. This approval of the move can't sustain on PM's popularity alone. There are rumors on twitter that there was fear of a leak and thus the PM moved up the announcement earlier than intended, supposedly Dec 1st. I'm not convinced that's true, but it could be why it's not as efficient as it should be.  

 

Some people think that the PM will give a major SOP to the rural poor after the move is done to stamp out any residual resentment. 

I think the inconvenience is an unavoidable consequence. Secrecy is paramount for such an operation's success and the necessary trade-off is a few weeks of limited cash liquidity. People's grievances are very valid, no doubt, but they need to realize exactly how porous and treacherous the Indian bureaucracy is. We've had KGB and CIA stooges as cabinet ministers, so it is not hard to imagine how compromised the bureacracy is. Infact, one of the most effective political weapons of the Nehru family has been the bureaucracy that it has nurtured over nearly 60 years of rule. The rot runs very very deep.

 

Considering the above, it is incredible how the govt. managed to keep the news a secret for as long as it did. I personally believe that the 2000 note was strategically leaked by the govt. on whatsapp, so that hoarders would start hoarding their black money, and then the demonetization bombshell was dropped. I understand people are inconvenienced but I feel that the govt. has done a commendable job in implementing the scheme. A lot of provisions have been provided for those who have been inconvenienced. This is a necessary economic chemotherapy. 

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mishra Mentor

mishra

Posted
Posted (edited)
3 hours ago, radhika said:

My sabziwala got a card reader and now using Paytm. 

Got a bag ful of veggies and fruits.

 

3 hours ago, radhika said:

Checked out 8 ATMs around my place...not one line had more than 20 people around 12.30 pm

I will go when there are less than 10 people in the line.

:clap:Consumer confidence coming back.

 

BTW as per media reports,  Government is aware of certain section of society accepting in old notes. It has made arrests but still they  claim they dont know how the old money will be brought into the system.

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tweaker Grand Master

tweaker

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Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.

In the last 13 days, banks have been flooded with deposits in Jan Dhan accounts that have touched Rs 21,000 crore, sources said.

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Singh bling Proficient

Singh bling

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‘Taking bribe a necessity’: Corrupt UP babu rattled by currency ban

http://www.hindustantimes.com/india-news/shocked-betrayed-corrupt-babus-consider-life-after-currency-ban/story-SZjVQR9ANWHxO1UF3EKr5O.html

As long as this mentality prevails , how can be India be corruption free.After this Demonitisation Govt will get lots of money and they will put it back in system. But there is problem it will go through all corrupt Babu's  which are in Govt . So it will become black money again

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tweaker Grand Master

tweaker

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The government on Wednesday asked banks to waive the merchant discount rate (MDR) or transaction fee charged on debit card payments until 31 December to encourage more customers to use digital transactions.

All public sector banks and some private lenders have agreed to waive these charges, 

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Singh bling Proficient

Singh bling

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E-wallet cannot save famed Gurgaon chole kulche stall in times of cash crunch

http://www.hindustantimes.com/gurgaon/e-wallet-cannot-save-famed-gurgaon-chole-kulche-stall-in-times-of-cash-crunch/story-wMLcwOgownCXKfWVn1CStL.html

This is the condition of very famous Chhole kulche stall in millenium city of Gurgaon, who was accepting e-payments before demonitisation.Imagine what will be the condition in small towns?

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