500 & 1000 rs notes stopped from tonight

[beetle]

29 minutes ago, Rohit S. Ambani said:

There are some very despicable posts made by Modi bhakats online, they often start their posts like - "The real fun will begin in last week of December", they are jubilant. Have no empathy for poors.

 

There is no sincerity in such people, for them it is entertainment at the expense of poor people.

 

I have visited bank 4 times, I felt richest among all rofl. There were no rich or big fish standing in line. Only aam aadmi is bearing the brunt.

Rich people use credit cards.

Poor people don't need to line up 4 times in ten days.

Most people shedding crocodile's tears in the name of the poor are crying for some other reason....

[BeautifulGame]

Rich people use credit cards.

Poor people don't need to line up 4 times in ten days.

Most people shedding crocodile's tears in the name of the poor are crying for some other reason....

Not every place accepts credit cards and there is a middle class section between poor and rich

[mishra]

17 hours ago, Singh bling said:

the way govt is changing rule on daily basis clearly indicate cash crunch by go

[mishra]

13 minutes ago, BeautifulGame said:

Not every place accepts credit cards and there is a middle class section between poor and rich

Move is to nudge people start doing that. I think BJP and its spin doctors are intentionally letting opposition and media make all these absurd claims so can tear apart publicly on later date

[Singh bling]

14 hours ago, mishra said:

People opposing this move still doesn't understand the amount of frustration general population has against black marketing. During war with Pakistan, when Shastriji called for nation to donate their gold, Indian women selflessly came forward and donated their jewellery, why, because they thought there was a threat bigger, and and were ok to take some loss of their wealth and they believed in their leader.

 

In current climate there are parallels. For Indians corruption and black money poses similar threat to that of one, once posed by Pakistan, And across religious lines people have overwhelmingly come to support the move. Everyone iin opposition is saying the implementation could have been better at the same time failing tto give one single constructive suggestion to improve implementation mechanism.

 

PS: Modi has proven to make executive unparalleled decisions. Be it foreign affairs, be it internal matters, be it on the border. This moove has let all political parties know what a national leader can deliver, all that is needed is will and ability

 

Most people hardly understand how economy runs. They don't even understand that they also have black money in their hand.Ask farmers who owns Foreign cows and Buffaloes that whether they support this move? Most will say yes, then ask them do they declare their income from those cattle to income tax . Most will say no. 

 

Just remember 5 years ago Anna hazare did agitation for Lokpal in the name of corruption , support from people grown tremendously , what was the net result , Delhi got Kejri apart from that nothing happened .

 

You need to take opinion of best economists of the worlds rather than AAM janta who can be easily fooled.

[Singh bling]

4 hours ago, radhika said:

Rich people use credit cards.

Poor people don't need to line up 4 times in ten days.

Most people shedding crocodile's tears in the name of the poor are crying for some other reason....

Quote

http://www.hindustantimes.com/india-news/demonetisation-leaves-lakhs-of-tea-jute-workers-in-bengal-northeast-unpaid/story-xLZweKgWR3aVDnUoPq1KiL.html

So these people are lining up 4 times in ten days?

[mishra]

10 minutes ago, Singh bling said:

So these people are lining up 4 times in ten days?

Contractors are offering a lot in advance. Somewhere in tune of few months to a years salary in advance. Personally my village shopguy was telling that, now, mandi houses are requesting him to accept rs 2 lakh now and supply goods later.

 

[Singh bling]

Quote

What Caused It?

According to Ben Bernanke, the past Chairman of the Federal Reserve, the central bank helped create the Depression. It wrongly used tight monetary policies. Bernanke highlighted several key Fed mistakes:

• The Fed began raising the Fed Funds rate in the spring of 1928. It kept raising it through a recession that began in August 1929. That's what caused the stock market crash in October 1929.When the stock market crashed, investors turned to the currency markets. At that time, dollars were backed by gold held by the U.S. Government. Speculators began selling dollars for gold in September 1931. That created a run on the dollar.
• The Fed raised interest rates again to preserve the value of the dollar. That further restricted the availability of money for businesses. More bankruptcies followed.
• The Fed did not increase the supply of money to combat deflation.
• As investors withdrew all their dollars from banks, the banks failed. That created more panic. The Fed ignored the banks' plight. It destroyed any remaining consumers’ confidence in banks. Most people withdrew their cash and put it under their mattresses. They further decreased the money supply.

Thanks to the Fed, there was just not enough money in circulation to get the economy going again. Instead of pumping money into the economy, and increasing the money supply, the Fed allowed the money supply to fall 30%.

https://www.thebalance.com/the-great-depression-of-1929-3306033

Reduced money supply was one of the reason for the great depression , Hopefully this will not happen in India

Edited November 20, 2016 by Singh bling

[Singh bling]

2 minutes ago, mishra said:

Contractors are offering a lot in advance. Somewhere in tune of few months to a years salary in advance. Personally my village shopguy was telling that, now, mandi houses are requesting him to accept rs 2 lakh now and supply goods later.

 

This is old currency black market , people will offer old currency here and their. But how will this help war against black money? The entire India will be just juggling money in upcoming days rather than doing productive work.Now the shop guy will accept old currency but will he be able to pay his workers in old currency?  so as long he will not be able to change those notes he will not employ people which means country will be loosing hours and hours of precious productive work which drives the economy

[mishra]

Bhai mere! When so called aam aadami like Kejri, mulayam maya laloo mamata sharma are making commotion while corp world/public is quite, goes to proove that PMO is doing someting right.

if this moove is followed by few tax reforms then Modi has changed India for good

[mishra]

15 minutes ago, Singh bling said:

This is old currency black market , people will offer old currency here and their. But how will this help war against black money? The entire India will be just juggling money in upcoming days rather than doing productive work.Now the shop guy will accept old currency but will he be able to pay his workers in old currency?  so as long he will not be able to change those notes he will not employ people which means country will be loosing hours and hours of precious productive work which drives the economy

70 years of inaction has brought us where we are now. If You cant see that , you need to do some reading. Why cant shop guy pay his workers in their bank account?

Edited November 20, 2016 by mishra

[tweaker]

Only six people earning over Rs 50 crore believed to have filed returns in 2012-2013, despite there being an estimated 2,100 ultra-wealthy Indians whose net worth exceeds Rs 340 crores.

[mishra]

^ nearly 30+ years back i lived in kolkata. Bada bazaar. My frnds were all Business men family kids from Marwadee community.

Now here is what i came to know.

There lived a book keeper nxt to our house. He recorded every transaction value down by 2 decimal places. For examle if stock bought was wort say rs 1560 , recorded transaction was rs 15.60

and he told me this is what every one in community does. So books allways match. Only problem came when their was a raid by taxmen where stock value on paper was about 1% of stock.

Hope now u understand scale of problem

Edited November 20, 2016 by mishra

[tweaker]

After targeting jewellers, bullion traders and hawala operators, the income tax department has launched a countrywide 'survey' on leading builders and their commission agents after intelligence reports indicated that some of them were accepting banned Rs 500 and Rs 1,000 notes to be “adjusted“ in fresh property deals.

[beetle]

2 hours ago, BeautifulGame said:

Not every place accepts credit cards and there is a middle class section between poor and rich

All ATM cards are debit cards.In time of need people should use them.

Most ration shops and petrol stations are using old currency.

Govt hospitals are using old currency.

 

It is the middle class that is most supportive of the move.The service class that is sick of being the only ones to pay income tax.

The poor are having a tough time and the rich are hurting from either loss of black money or not having money to splurge like usual.

The middle class is mostly fine.They know how to  live  with less for some time.There is less crime,no money to ask and give bribes,ration shops are full and offering essentials on old currency. There is hope for a better tomorrow....if not ,just seeing the tax evaders squirm,cry and lose their money itself is a big benefit for the mddle class.

[BeautifulGame]

All ATM cards are debit cards.In time of need people should use them.

Most ration shops and petrol stations are using old currency.

Govt hospitals are using old currency.

 

It is the middle class that is most supportive of the move.The service class that is sick of being the only ones to pay income tax.

The poor are having a tough time and the rich are hurting from either loss of black money or not having money to splurge like usual.

The middle class is mostly fine.They know how to  live  with less for some time.There is less crime,no money to ask and give bribes,ration shops are full and offering essentials on old currency. There is hope for a better tomorrow....if not ,just seeing the tax evaders squirm,cry and lose their money itself is a big benefit for the mddle class.

Most of the hotels (restaurants) don't have swipe machine in tier II/III cities (let alone rural areas ) neither do markets .

Also no petrol station in where I live accepts 500/1000.Heck they don't even accept 2000 because they don't have change .Suggesting using ATM card everywhere is simply not practical .

Whether the middle class is happy or not one will only know in the long term .

And it's the middle class who evade paying tax the most .Poor don't have taxable income and rich wealth is accounted for certain extent (remaining is stashed abroad anyway ) , but it's middle class avoid paying tax and most afraid of this action .Saying they are happy just basing it on us service sector people isn't accurate.Doubt the tax paying middle class makes up even 10% of actual middle class population in India.

[Singh bling]

Just Switch on TV AND WATCH aaj tak. Railway gave 5000 rupees of old notes to victims of Patna Indore express.This is the amount of cash shortage in country where Govt itself is distribuiting old notes

[Rohit S. Ambani]

Why RSS is not coming to rescue of TIER II, III, villagers ?

According to them rapes only occur in India not in Bharat (small towns and villages). If they could distinguish in case of rape then why not in matter of corruption ?

Why double standards from RSS/BJP, Modi Bhakats care to tell us ?

RSS will lose all moral rights if it keeps unleashing modi on aam aadmi.

 

 

 

[Singh bling]

2 hours ago, mishra said:

Bhai mere! When so called aam aadami like Kejri, mulayam maya laloo mamata sharma are making commotion while corp world/public is quite, goes to proove that PMO is doing someting right.

if this moove is followed by few tax reforms then Modi has changed India for good

The opposition is sensing a kill , for first few days everybody was quite because nobody knew How this will work, but after 10 days these leaders have realised that disaster is coming so they don't want to waste opportunity.

 

Today I had tea with my tenants , a lovely young couple from uttarkhand, they are now dead against this move , were telling how their village don't have any cash. also told me that towns of Punjab like Mansa have not received a single new note as one of bank manager is their friend .Were telling me how marriages day to day life is affected in small towns villages.  Also same thing that blind supporters of Modi in their family are justifying this move.day by day things are going bad to worse 

[Rohit S. Ambani]

7 hours ago, Mariyam said:

Why eat qaddu when the 2000rs note can get you caviar?  /

Bhai sahab Qaddu was for raita, I don't like Qaddu ki sabzi at all.