500 & 1000 rs notes stopped from tonight

[mishra]

20 minutes ago, Singh bling said:

1. According to Govt report ONLY 6% of BLACK MONEY is in the form of cash. With prevailing market rates of 20-30% cut many will be able to change it.So at best 2-3% black money will be affected.

2. Now coming to drawbacks..Legitimate business is standstill. News channels are already reporting at Farmers wholesalers have stopped supply so vegetables and fruits are going to shoot up in next coming days.

3. As far black marketing is concerned , everywhere smaller black market is running of note exchange

4. And now people will not stock cash but will move to other things like Bitcoins to store black money

1. May be true but I would like to see that report. Try buying a House and you got to pay 30-50% cash money. Amount is not as small. Whatever is coming back to system is white money. which is for time being is around 4 Lakh Croreres. What wont come back will be classed as black money. Just guessing,Take a last years printed 500 note and multiply it with its serial number. You might find a figure which will tell you how much is in circulation and how lil has been declared. At the end, black money was stiffling the liquidity.

 

2. Because buyer/wholeseller is definitely a black marketeer. Once again inconvenince of not getting Mutter Paneer or Murg Mussallam is Only 1% people pay the taxes. And still there are so many Roads, hospitals and so on. Think how much GOI will be able to afford by just getting 2% people pay the tax.

 

3. Do not underestimate power of legitimate Banking. Same money works much harder. In simple terms You can get 10 people to deliver 10 different things with one Rs 2000 if each of them can promise to pay each other after delivery of work.

4. Its a shakeup. Storm. A ship filled with black money on deck. A lot will fall in the ocean. This was a big ship. So storm needed bigger. Next time, ships will have few horders. Storm can be smaller.

 

[Tibarn]

11 hours ago, jalebi_bhai said:

I believe he corrected himself though. Called for a cash-control economy. But yea, cashless is not possible atm. 

 

What do you think about his suggestion of using non-banking financial institutions as credit providers to SMEs? He doesn't seem happy with the MUDRA banks.

I am fine with using NBFIs, but it will require competent government regulators to watch over them. 

[Singh bling]

1 hour ago, mishra said:

1. May be true but I would like to see that report. Try buying a House and you got to pay 30-50% cash money. Amount is not as small. Whatever is coming back to system is white money. which is for time being is around 4 Lakh Croreres. What wont come back will be classed as black money. Just guessing,Take a last years printed 500 note and multiply it with its serial number. You might find a figure which will tell you how much is in circulation and how lil has been declared. At the end, black money was stiffling the liquidity.

 

2. Because buyer/wholeseller is definitely a black marketeer. Once again inconvenince of not getting Mutter Paneer or Murg Mussallam is Only 1% people pay the taxes. And still there are so many Roads, hospitals and so on. Think how much GOI will be able to afford by just getting 2% people pay the tax.

 

3. Do not underestimate power of legitimate Banking. Same money works much harder. In simple terms You can get 10 people to deliver 10 different things with one Rs 2000 if each of them can promise to pay each other after delivery of work.

4. Its a shakeup. Storm. A ship filled with black money on deck. A lot will fall in the ocean. This was a big ship. So storm needed bigger. Next time, ships will have few horders. Storm can be smaller.

 

1) I know this business of real estate very well , already was trying to sell the house and buy new one . Thank god this did not happen in middle.And Yes I will prefer if I get 100% in cheque if I am able to buy new one with it 

 

2) Please ask Govt to tax rural people as long people have left this loophole nothing will change . people have lakhs of rupees worth Foreign cows and buffaloes but don't pay single penny as tax  even though dairy farming is taxable . Indirect taxes are best way to get in country where population exceed billions .

 

3)Just look at calculations 

Quote

We did the math: Replacing all the old currency will likely take several months

http://www.hindustantimes.com/static/demonetisation-2000-rupee-notes/

It will take months to replace old currency .What will happen to trade , businesses ?

 

4)And last not the least

Quote

Economy Known As Informal Sector

The main purpose of this currency swap-out scheme is the gloominess that over shadowed the economy and also known as the informal sector, the informal economy, System D, the grey economy, and often confused with the black market interpreted by the Hindu that 75 percent of India was employed by the shadow economy.

People who think that this is happening forcefully may turn to Bitcoin.”

 

– Sathvik Vishwanth, CEO of Unocoin

http://www.indianweb2.com/2016/11/16/indias-currency-demonetization-sparks-bitcoin-interest/

You have to accept realities of India..Large amount of India is very poor 10 day without work means they will starve long terms benefits can only be seen if you live.

[Singh bling]

Quote

500 Crore Wedding Pictures Of J. Reddy’s Daughter Are Out And Lavish Is An Understatement!

http://www.storypick.com/500-crore-wedding-lavish-pictures/

How come in midst of note crisis rich are doing 500 crore wedding. According to supporters of move They should had been worst hit?

[mishra]

43 minutes ago, Singh bling said:

2) Please ask Govt to tax rural people as long people have left this loophole nothing will change . people have lakhs of rupees worth Foreign cows and buffaloes but don't pay single penny as tax  even though dairy farming is taxable . Indirect taxes are best way to get in country where population exceed billions .

 

3)Just look at calculations 

It will take months to replace old currency .What will happen to trade , businesses ?

 

4)And last not the least

You have to accept realities of India..Large amount of India is very poor 10 day without work means they will starve long terms benefits can only be seen if you live.

2. Taxation is not being discussed here. No one is saying tax reforms are not needed.

 

3. Again, Its fault of that friggin trader who has hoarded the cash and if system wasnt corrupt we he would have been behind bars. For past 70 years they had made no profits, just bigger family and bigger shops. So they deserve to feel the pain. Trade and businesses are supposedly run by bank. IIRC there was a scheme few month back to declare black money. But they didnt. Government has simply decided to take the cash back, which traders everyyear said, by their books that it doesnt existed.

 

4.False.  Average Indian salary is 10 grand. Vast amount of India can live within the governments allowable limit. It is false to represent that  there wont be traders to pay those average Indian salary. IMO, It has made it difficult for them but Traders will survive.

Once again, Government will not have to replace all the money, This time it will replace 30% of it and that should do.

 

How do you buy bitcoin? Cash or bank?

 

PS: I am only arguing on basis of short term gains/problems. For long term, there is no argument, If you have then I will have what you are having. Cos its friday

Edited November 18, 2016 by mishra

[mishra]

13 minutes ago, Singh bling said:

How come in midst of note crisis rich are doing 500 crore wedding. According to supporters of move They should had been worst hit?

Paid in advance.

[Singh bling]

7 minutes ago, mishra said:

2. Taxation is not being discussed here. No one is saying tax reforms are not needed.

 

3. Again, Its fault of that friggin trader who has hoarded the cash and if system wasnt corrupt we he would have been behind bars. For past 70 years they had made no profits, just bigger family and bigger shops. So they deserve to feel the pain. Trade and businesses are supposedly run by bank. IIRC there was a scheme few month back to declare black money. But they didnt. Government has simply decided to take the cash back, which traders everyyear said, by their books that it doesnt existed.

 

4.False.  Average Indian salary is 10 grand. Vast amount of India can live within the governments allowable limit. It is false to represent that  there wont be traders to pay those average Indian salary. IMO, It has made it difficult for them but Traders will survive.

Once again, Government will not have to replace all the money, This time it will replace 30% of it and that should do.

 

How do you buy bitcoin? Cash or bank?

 

PS: I am only arguing on basis of short term gains/problems. For long term, there is no argument

Bhai mere

 

Why are you thinking that all traders deals only in black money? Farmers don't have tax on their income , do they deal in cheque? The fact is That only 32-33% Indians have access to financial institutions .If a farmer has stocked 500-1000 notes because banks are far away then what will he do? and rural banks will hardly pay cash as they will be worst hit by cash shortage.So who will compensate for the days he loose in work? Without cash how will he employ labour.

 

Now let me tell you how transport system work .This what I asked from a driver. He told me that owner of truck give you fix amount of cash so you can pass your truck through various points.This cash include all the bribe which you pay.It is upto the driver how he manage all this. Now will this note ban will make all Govt servants honest so they will allow all trucks to pass without bribe?again this business is also going to be very badly hit. which means cities will not get essential supplies.

 

Cash dealings are major part of trade and it does not mean all that money is black .Without currency in circulation all that trade will be badly hit.And worst hit will be unorganised employees and daily wage labourers.How will they manage upcoming days only god has answer. Hoping for the best

[Singh bling]

Quote

http://bitzuma.com/posts/the-secret-to-buying-bitcoin-with-cash/

https://en.wikipedia.org/wiki/Bitcoin

Bitcoin is complicated system but favourate illegal currency worldwide.1 bit coin is worth 50k ,Now so Indians will keep their black money in bitcoins as hardly IT department will tract them

[mishra]

52 minutes ago, Singh bling said:

Bhai mere

 

Why are you thinking that all traders deals only in black money? Farmers don't have tax on their income , do they deal in cheque? The fact is That only 32-33% Indians have access to financial institutions .If a farmer has stocked 500-1000 notes because banks are far away then what will he do? and rural banks will hardly pay cash as they will be worst hit by cash shortage.So who will compensate for the days he loose in work? Without cash how will he employ labour.

 

Now let me tell you how transport system work .This what I asked from a driver. He told me that owner of truck give you fix amount of cash so you can pass your truck through various points.This cash include all the bribe which you pay.It is upto the driver how he manage all this. Now will this note ban will make all Govt servants honest so they will allow all trucks to pass without bribe?again this business is also going to be very badly hit. which means cities will not get essential supplies.

 

Cash dealings are major part of trade and it does not mean all that money is black .Without currency in circulation all that trade will be badly hit.And worst hit will be unorganised employees and daily wage labourers.How will they manage upcoming days only god has answer. Hoping for the best

 

Bhai mere!

Part 2 . You are advocating to go back to good old days where cash is king. Problem you are mentioning is of same period. Since you got cash in hand >>> Cash in bank, So corrupt official will ask for cash in hand.  What is indeeed needed is trade to be done with cash in bank >>> Cash in hand.

Paragraph 3: Its not just inconvenient, Its is going to be difficult. Best case scenario is for GDP to catch up in next quarter. But at the end of day, despite all medical advancements, For addicts, best way to quit smoking is to go cold turkey. Indian are addicted to corruption and cash

 

[tweaker]

Indian Banks' Association today said all banks will serve only their respective customers tomorrow and will not exchange the old Rs 500 and Rs 1,000 notes from customers of other banks.

"All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. We, from IBA, have taken a view that tomorrow, that is, on Saturday we shall be exclusively doing work for our own customers. And tomorrow we will not be doing exchange of notes (for outside customers)," IBA chairman Rajeev Rishi told reporters here today.
 

[BeautifulGame]

Bhai mere

 

Why are you thinking that all traders deals only in black money?

Considering only 2% of Indians pay tax that is pretty accurate .

IT have already started issuing notices.

[Singh bling]

4 hours ago, mishra said:

 

Bhai mere!

Part 2 . You are advocating to go back to good old days where cash is king. Problem you are mentioning is of same period. Since you got cash in hand >>> Cash in bank, So corrupt official will ask for cash in hand.  What is indeeed needed is trade to be done with cash in bank >>> Cash in hand.

Paragraph 3: Its not just inconvenient, Its is going to be difficult. Best case scenario is for GDP to catch up in next quarter. But at the end of day, despite all medical advancements, For addicts, best way to quit smoking is to go cold turkey. Indian are addicted to corruption and cash

 

Still no answer to my question, 50-60%  of Indians still don't have access of financial institution .How will they end up changing their notes?

How will poorest will get their daily jobs , wages..The first thing people do in economic crisis is not employ people and throw the employed people out of work.Who will cater the poorest in these financial crisis days

[Singh bling]

Quote

Rs 60,000 is the new Rs 1 lakh in Uttar Pradesh real estate market 
 

Read more at:
http://economictimes.indiatimes.com/articleshow/55494670.cms?track404=1&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Quote

Cash crunch: Howrah wholesale fish market on the verge of closure.

http://www.hindustantimes.com/kolkata/cash-crunch-howrah-wholesale-fish-market-on-the-verge-of-closure/story-zD3wmksCSIPuSyjXmT6vkO.html

 

Edited November 18, 2016 by Singh bling

[Singh bling]

4 hours ago, BeautifulGame said:

Considering only 2% of Indians pay tax that is pretty accurate .

IT have already started issuing notices.

2% India pay taxes because large section of society is still very poor .75% Indian earns less than 5000 a month how will make them pay tax?

http://edition.cnn.com/2015/08/02/asia/india-poor-census-secc/

Edited November 18, 2016 by Singh bling

[mishra]

27 minutes ago, Singh bling said:

Still no answer to my question, 50-60%  of Indians still don't have access of financial institution .How will they end up changing their notes?

How will poorest will get their daily jobs , wages..The first thing people do in economic crisis is not employ people and throw the employed people out of work.Who will cater the poorest in these financial crisis days

You question is now switched to methodology, Anyhow, My home town Villages, people have never visited the bank. But they are visiting now. My village (2000+ family) and there are about 30+ such or smaller village served by one bank. There was no very long queue as reported in tele on any day. Yes they ran out of money one day only but people dont mind another day out to shops. My brother brought my dads pension from city and he said there is no queue at local bank. If only he had known, he would have got his money encashed at village one.

 

You should have watched NDTV reporter yesterday. They had 1 hr program. Whole village had gathered. Nearest bank was 40 Km away. And only one person needed some money to be changed. Other one has already done it. Reporter asked to one female, if you have no business, how will you survive, like fruit veg. She responded "chutney aur namak se roti khaa lenge".  So that is village my friend. They havent got no money. Thye arent complaining.

 

 

 

Edited November 18, 2016 by mishra

[mishra]

Looks like government has allready gone some distance at reviewing/confiscating benaami properties on or around Highways.

This is going to really hurt Big people including lawyers docs judges, police, engineers, accountants, taxmen. Builders, corporates, politician, mafia

Edited November 18, 2016 by mishra

[vvvslaxman]

On my facebook feed this issue has polarized people.  Both the arguments have some merit, some holes. 

[dial_100]

Both the sides are not even arguing the same thing. One side is against black money and  has taken steps to eradicate it while the other side is arguing about the way it is being carried out. I don't think the real trouble is in the views of the above two sides. The main issue is that some are demanding rollback. None of the opposition parties are trying to get the bloody point that with better preparedness and or planning the whole secrecy would have been compromised. Had they had made such mistakes these same jokers would have been crying wolf about the execution of the same. They are not even constructive in their opposition. But most are acting up in frustration because they very well know what government is trying to say about the whole demonetization exercise.

 

I thing it is a clear result of Government 1, opposition 0.

Edited November 19, 2016 by dial_100

[coffee_rules]

http://www.hindustantimes.com/columns/why-prime-minister-narendra-modi-has-already-won-the-demonetisation-gambit/story-gD3gx4RgTLCUmKDo7nALGL_amp.html

Quote

Even though people have suffered greatly, and many have lost portions of their hard-earned illicit money, it is hard to dispute that the government has performed a moral act. Surprisingly, the government has been able to communicate the reasonable message widely and deeply. It is rare for people to have an accommodating view of a sudden policy that only has long-term benefits, especially one that has hurt them. But there is observable evidence that the general public is with Modi on this.

Manu Joseph (remember radia tape) says people have hard earned illicit money. Indian communism at it's best..wah wah No wonder there is only 2% paying IT.

 

Edited November 19, 2016 by coffee_rules

[BeautifulGame]

2% India pay taxes because large section of society is still very poor .75% Indian earns less than 5000 a month how will make them pay tax?

http://edition.cnn.com/2015/08/02/asia/india-poor-census-secc/

How do we know 75% of them earn less than 5000 is accurate when it is unaccounted money and cash transaction ?