Real McCoy Posted July 20, 2021 Share Posted July 20, 2021 2 minutes ago, urbestfriend said: Whats your opinion? Why are you ranting on and on about paying cash to maid etc.. ask your friend. why are you on my case Link to comment Share on other sites More sharing options...
urbestfriend Posted July 20, 2021 Share Posted July 20, 2021 Just now, Real McCoy said: ask your friend. why are you on my case Running away with tails between the legs..Cant answer one straight question... Link to comment Share on other sites More sharing options...
Singh bling Posted July 20, 2021 Share Posted July 20, 2021 16 minutes ago, bharathh said: I still don't see how you conclude that it has to be black money. Can the party not spend the money given to them? Is there a ceiling for that as well? Financing Indian elections: Black all the way https://www.thehindu.com/opinion/op-ed/financing-indian-elections-black-all-the-way/article28475007.ece Link to comment Share on other sites More sharing options...
bharathh Posted July 20, 2021 Author Share Posted July 20, 2021 1 minute ago, Real McCoy said: You tell me where you work and I'll tell you where I live. You want my information but not willing to back up your claim by providing your info You ask me how I pay my maid and then called me a liar when I tell you how I do so. I talk about something else and you call me a paid shill because it doesn't align with your rants. I live in Bangalore - I think that's a like for like. Link to comment Share on other sites More sharing options...
Trichromatic Posted July 20, 2021 Share Posted July 20, 2021 1 hour ago, bharathh said: That is the official amount. I don't think there is any estimate on how much money got destroyed that was outside of the system. The burned/destroyed cash. If you have a source that estimates it would be happy to read. Money outside system meaning fake notes? Notes in circulation is printed RBI only. Be it black white money. Are you saying notes are printed outside system and not accounted for in this? Link to comment Share on other sites More sharing options...
Real McCoy Posted July 20, 2021 Share Posted July 20, 2021 2 minutes ago, urbestfriend said: Running away with tails between the legs..Cant answer one straight question... Im right here buddy. it seems you are not asking your friend the same question. Link to comment Share on other sites More sharing options...
Real McCoy Posted July 20, 2021 Share Posted July 20, 2021 2 minutes ago, bharathh said: You ask me how I pay my maid and then called me a liar when I tell you how I do so. I talk about something else and you call me a paid shill because it doesn't align with your rants. I live in Bangalore - I think that's a like for like. no I asked you which company you work for not where you live Link to comment Share on other sites More sharing options...
bharathh Posted July 20, 2021 Author Share Posted July 20, 2021 1 minute ago, Real McCoy said: no I asked you which company you work for not where you live Why? So you can tell me I'm doing PR for my company again? Link to comment Share on other sites More sharing options...
bharathh Posted July 20, 2021 Author Share Posted July 20, 2021 12 minutes ago, Singh bling said: Financing Indian elections: Black all the way https://www.thehindu.com/opinion/op-ed/financing-indian-elections-black-all-the-way/article28475007.ece If what this opinion piece says is true - then the EC should act on it. Apparently it is no secret in terms of where the money is spent and how much of it is spent. Why is the EC not able to take action with some much supposed overwhelming evidence against candidates? Link to comment Share on other sites More sharing options...
rkt.india Posted July 20, 2021 Share Posted July 20, 2021 (edited) 6 hours ago, Trichromatic said: 10,000 crores INR, not notes. Cost of printing new notes - 8000 crores. https://economictimes.indiatimes.com/news/economy/finance/banknotes-printing-cost-rose-to-nearly-rs-8000-crore-in-demonetisation-year-govt/articleshow/67148332.cms Reminds me of friend who drove for 80 km back to get his 100 rupees slippers from road. At least he had fun driving Not even considering loss in GDP here. Stand Corrected. In my opinion, black money is an important part of our culture. With low per capita income, black money is what keeps our economy going even in bad times. Govt wastes a lot money through useless half baked social schemes through govt depts where corrupt employees/officers keep filling their pockets. Edited July 20, 2021 by rkt.india Link to comment Share on other sites More sharing options...
Real McCoy Posted July 20, 2021 Share Posted July 20, 2021 1 hour ago, bharathh said: Why? So you can tell me I'm doing PR for my company again? You are the one who asked me where I live to which I asked where you work. if you don't want to answer it, stop asking me where I live Link to comment Share on other sites More sharing options...
coffee_rules Posted July 20, 2021 Share Posted July 20, 2021 (edited) Pretty good analysis of the demonetization effects. Highlighting the positive ones, we all know from others above how bad it was ... https://thelondonglobalist.org/the-effectiveness-of-demonetization-in-india-3-years-later/ Quote The Economic Impact of Demonetization Today: After demonetization, 99% of the cash was returned, and only 5% of that was classified as black money. This could mean that holders found other ways to put their black money into bank accounts or invest in physical assets before the end of the period. Not linking the money deposited to known sources of income could have caused most of the unaccounted money to reenter the banking system, enabling the same owners to launder the same money back into the economy as well. It is challenging to determine the net amount of black money circulating in the economy, so the impact of demonetization on black money cannot be predicted accurately. Nonetheless, it is notable that the Reserve Bank of India has reduced printing Rs.2000 notes by approximately 50% every year since demonetization. In fact, they have not printed any this year. Such high denomination notes potentially defeat one of the core objectives of demonetization, to curb the use of black money. Quote While demonetization did not reduce the use of cash, it increased the amount of accounted, disclosed money that enters the banking channels in other ways. Since demonetization, the total number of taxpayers has increased by 38%, which represents a 17% increase in tax revenue for the government as well. With financial tracking systems linked across India, anecdotal evidence shows that people are now more cautious about making non-income based transfers because they are afraid of being queried by the Income Tax Department. With intense tax scrutiny, it is more challenging to hold unaccounted money. The change in the Indian population’s psychology, where people now fear the government and law more, is a fundamental shift that will have long-term benefits for the country. Additionally, demonetization decreased the number of counterfeit notes from 400,000 in 2016 to 45,400 in 2019. The increased proportion of accounted money could support the reduction of interest rates, the availability of credit and economic growth in general for the future. GDP quarter by Quarter went down from 7.9% to 5.6%, the first quarter after demo, but it recovered year on year. Basically, a lot of reduced economic activity mainly due to over dependence on cash. The digital economy is still not rising as expected, as India has 21 trillion is cash circulation still. 17% increase in tax revenue! Edited July 20, 2021 by coffee_rules Link to comment Share on other sites More sharing options...
Real McCoy Posted July 20, 2021 Share Posted July 20, 2021 https://thelondonglobalist.org/about/ About us The London Globalist is a student-run international affairs magazine based at the LSE. We are part of the Global 21 Network, a network of international affairs magazines published in top universities around the world including Oxford, Cape Town, Jerusalem, Paris, Peking, Sydney, Toronto and Yale. The LSE chapter was established in 2010. Though we operate out of the LSE, we hope to tap into talent right across the University of London and beyond in order to get the broadest possible coverage. Link to comment Share on other sites More sharing options...
Trichromatic Posted July 20, 2021 Share Posted July 20, 2021 34 minutes ago, coffee_rules said: 17% increase in tax revenue! How much time taken to increase revenue by 17%? 2-3 years. Direct taxes 2000-01 68,305 crores 2004-05 132,771 crores (80% increase in 4 years) 2008-09 3,33, 318 (150% increase in 4 years) 2012-13 5,58,568 (67% increase in 4 years) 2014-15 6,96,000 (24% increase in 2 years) 2016-17 8,49,818 (22% increase in 2 years) What's so special about 17% increase in span of 2-3 years? And that too after going through so much trouble. Singh bling 1 Link to comment Share on other sites More sharing options...
coffee_rules Posted July 20, 2021 Share Posted July 20, 2021 2 minutes ago, Trichromatic said: How much time taken to increase revenue by 17%? 2-3 years. Direct taxes 2000-01 68,305 crores 2004-05 132,771 crores (80% increase in 4 years) 2008-09 3,33, 318 (150% increase in 4 years) 2012-13 5,58,568 (67% increase in 4 years) 2014-15 6,96,000 (24% increase in 2 years) 2016-17 8,49,818 (22% increase in 2 years) What's so special about 17% increase in span of 2-3 years? Well, to point that it was not at all bad. Plus there are other factors pointed out that will be effective in the long term. Also, significant 38% increase in taxpayers. For the cheating business class that hides behind cash transactions, this is a significant increase by DeMo alone. I have known many in India who are stinking rich, but don't pay income tax as they show very little on paper. With that money back in economy is a good thing. Banks and Govt have more money now to work on infrastructure programs, new parliament building, vaccines etc. Link to comment Share on other sites More sharing options...
Trichromatic Posted July 20, 2021 Share Posted July 20, 2021 3 minutes ago, coffee_rules said: Well, to point that it was not at all bad. Plus there are other factors pointed out that will be effective in the long term. Also, significant 38% increase in taxpayers. For the cheating business class that hides behind cash transactions, this is a significant increase by DeMo alone. I have known many in India who are stinking rich, but don't pay income tax as they show very little on paper. With that money back in economy is a good thing. Banks and Govt have more money now to work on infrastructure programs, new parliament building, vaccines etc. And yet points raised in favor are mostly opinion based. When govt started publishing numbers, the data mostly shows it in bad light. Case in point, how 17% increase in revenue is touted as some sort of achievement when it it is lower rate than earlier. It's like one year company asks you to work overtime for 20 days. Forget about compensating for overtime, company gives you salary hike lower than previous years and say wow you got salary hike, Be happy. Link to comment Share on other sites More sharing options...
Singh bling Posted July 20, 2021 Share Posted July 20, 2021 32 minutes ago, coffee_rules said: I have known many in India who are stinking rich, but don't pay income tax as they show very little on paper. With that money back in economy is a good thing. Meet the Lok Sabha MPs who own big cars but pay small taxes https://www.indiatoday.in/diu/story/meet-lok-sabha-mps-who-own-big-cars-but-pay-small-taxes-1648125-2020-02-19 And of them elected in lok sabha in 2019 so what they lost? Real McCoy 1 Link to comment Share on other sites More sharing options...
coffee_rules Posted July 20, 2021 Share Posted July 20, 2021 34 minutes ago, Trichromatic said: And yet points raised in favor are mostly opinion based. When govt started publishing numbers, the data mostly shows it in bad light. Case in point, how 17% increase in revenue is touted as some sort of achievement when it it is lower rate than earlier. Not true. All of it is not opinion based. Even theWire estimated a modest increase in tax collection. This article cites the same data published earlier. https://thewire.in/economy/vast-problematic-difference-demonetisation-achieved-perceived Link to comment Share on other sites More sharing options...
Trichromatic Posted July 20, 2021 Share Posted July 20, 2021 46 minutes ago, coffee_rules said: Also, significant 38% increase in taxpayers. Again not sure what's the time frame for this 38%. Maye 2 years as article was written in 2020. For a year govt told us that it increased by 25% in a year. Quote For previous years -- taking the entire financial year -- tax returns have grown at an equal or even higher pace, rising from 31 per cent in 2012-13, to 38 per cent in 2013-14. The growth fell to 15 per cent in 2014-15, before rising to 27 per cent in 2015-16, and settling at 22 per cent in 2016-17. https://www.ndtv.com/india-news/did-demonetisation-increase-tax-base-not-really-1772370 Again what's so special about increase %? Link to comment Share on other sites More sharing options...
Trichromatic Posted July 20, 2021 Share Posted July 20, 2021 16 minutes ago, coffee_rules said: Not true. All of it is not opinion based. Even theWire estimated a modest increase in tax collection. This article cites the same data published earlier. https://thewire.in/economy/vast-problematic-difference-demonetisation-achieved-perceived Rate of increment has been lower or same as previous years. Increment discussion makes sense only if you cites similar metrics before demo and after demo. So what's the gain of hardships that was put on people if rate of increment has remained same or lower? In a high scoring game where team is already scoring at 7 RPO till 40th over, your batsmen scores at 6 RPO and you will say it's been attacking innings? You can celebrate it only if it was higher than previous rate, right? So far I see only opinion based advantages being mentioned. Link to comment Share on other sites More sharing options...
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