500 & 1000 rs notes stopped from tonight

[Singh bling]

1 hour ago, urbestfriend said:

In Karnataka many officials got caught with huge sums of money in new denominations..It came to know that offcials are involved in converting black money for Janardhan reddy. I hear many stories of money bags (with new notes) getting caught. At least 5 cases were reported in Bangalore ( read bangalore mirror ) where police themselves acted as commission agents and looted money. 

India's governance system is corrupt, only corrupt people can get in and they can find multiple ways to convert their black money. It is poor and middle class who stand in line for their own money. Untill we bring an effective judiciary which acts on common sense and punishes the culprits in time bound manner, nothing is going to change.

It is not only judiciary , you have to increase number of Government employees rather than increasing their salaries.Judiciary will always ask other department to submit report and if they are corrupt or over worked they will submit it late or in favour of culprit

[mishra]

1 hour ago, Singh bling said:

This is the main point.Black money is just changing hands.So what is point of all those deaths , suffering ,job loss , business loss , economy slowing down?

 

Common man just supported move because they thought this move will make India black one and corruption free.The fact is state Governments are deadly corrupt and  central govt could hardly do anything about it. All their welfare schemes go through state governments and they will always take their cut

What job loss you are talking about. Daily wages laborers? The ones who stood in queue as job. Thats not even a proper job. They are used to going dry for weeks. If you fire workers simply because you cant deal in black money , then that means that job shouldnt been there.

Just today a newly built, building collapsed somewhere in Andhra killing few inhabitants.

isnt current system of corruption is responsible for that. And this happens every day somewhere in India and considered BAU among Indians.

 

Your death/price argument is hollow. It is so hollow that you have simply gone into mode of repeating the same statement.

You cant come up with single solution effective to curb black money.

 

FYKI, Judiciary is equally corrupt. Every government lawyer pays a lumpsum and monthly regular payment to which goes to ruling party fund. Judges to do get payed on judgements. Else bhujbal wont be watching tele in hospital when he should have been in jail. Every policeman pays black money to recruiter before he joins police.

 

Criticise the implementation. But then do give a suggestion to implementaion. But if anyone questions the move then honestly, he is simply the one paying the big price and others have no stmpathy with him.

Edited December 8, 2016 by mishra

[BeautifulGame]

Looking at hindsight , it does beg the question if the aim were cash less economy and rooting out corruption, then why was 2000 rs notes introduced.It has only enabled hording of black money only easier .

If they had only 100 rs notes it would have much harder to launder them .

After all this hard yards large sections of India are put through , if there is no tangible benefits , will be huge backlash

[Haarkarjeetgaye]

56 minutes ago, BeautifulGame said:

 

Looking at hindsight , it does beg the question if the aim were cash less economy and rooting out corruption, then why was 2000 rs notes introduced.It has only enabled hording of black money only easier .

 

If they had only 100 rs notes it would have much harder to launder them .

After all this hard yards large sections of India are put through , if there is no tangible benefits , will be huge backlash

cashless economy is a bail out. It does not require secrecy the way govt did it. black money in currency is insignificant. the aim could never have been to tackle black money with this note ban. Corruption is a trait. Cash is not the only weapon.

Edited December 9, 2016 by Haarkarjeetgaye

[Singh bling]

6 hours ago, mishra said:

What job loss you are talking about. Daily wages laborers? The ones who stood in queue as job. Thats not even a proper job. They are used to going dry for weeks. If you fire workers simply because you cant deal in black money , then that means that job shouldnt been there.

Just today a newly built, building collapsed somewhere in Andhra killing few inhabitants.

isnt current system of corruption is responsible for that. And this happens every day somewhere in India and considered BAU among Indians.

 

Your death/price argument is hollow. It is so hollow that you have simply gone into mode of repeating the same statement.

You cant come up with single solution effective to curb black money.

 

FYKI, Judiciary is equally corrupt. Every government lawyer pays a lumpsum and monthly regular payment to which goes to ruling party fund. Judges to do get payed on judgements. Else bhujbal wont be watching tele in hospital when he should have been in jail. Every policeman pays black money to recruiter before he joins police.

 

Criticise the implementation. But then do give a suggestion to implementaion. But if anyone questions the move then honestly, he is simply the one paying the big price and others have no stmpathy with him.

Job losses are real , factories are shutting down , daily wage labourers are not getting any work ,just watch TV every maket they are showing businessmen are saying sales are severly affected.Could you imagine the situation of familes where there are no reserves of more than 15 days.

 

As your building collapse argument , it is hilarious. that is work of corrupt politicians , buruecrats and builders.Hardly any of big of them is arrested or hurt by this move.None of them is caught.So how will this move will eliminate that buildings don't collapse in future.

 

And there are many suggestions which I could give

 

1) Abolish long term gains on property and introduce PPT , property transaction tax just like STT in shares.Ask state governments to take stamp duty not on actual sale price but circle rate.Plus all properties over 10 lakhs must be attached with pan including agriculture.How difficlut is this to implement?.

 

2) Just yesterday Govt introduce some incentives for going cashless, how difficult it was to give incentives earlier for cashless transactions

 

A team of good economists can also give so many solutions without disturbing economy

[Singh bling]

4 hours ago, BeautifulGame said:

 

Looking at hindsight , it does beg the question if the aim were cash less economy and rooting out corruption, then why was 2000 rs notes introduced.It has only enabled hording of black money only easier .

 

If they had only 100 rs notes it would have much harder to launder them .

After all this hard yards large sections of India are put through , if there is no tangible benefits , will be huge backlash

The correct move should had been Govt saying will not print 1000 or 500 notes in future, slowly whatever notes of 500/1000 should had been replaced and then 1 day they should had been banned

[Singh bling]

Quote

Few gains, many losses: Industry comes to terms a month since demonetisation

http://www.hindustantimes.com/india-news/few-gains-many-losses-industry-comes-to-terms-a-month-since-demonetisation/story-fV5H3OpOwaKz3E8uucIftI.html

The standing committee on labour has sought a report from the government over job losses and non-payment of wages. According to the Centre of Indian Trade Unions, which claims to represent six million workers, more than half the units in the garment and hosiery hub of Tirupur in Tamil Nadu are shut. Those that are open have been paying only a fifth of a worker’s wages.

No no there are no job losses, these workers were paid with black money so they deserved to be kicked out

[mishra]

3 hours ago, Singh bling said:

Job losses are real , factories are shutting down , daily wage labourers are not getting any work ,just watch TV every maket they are showing businessmen are saying sales are severly affected.Could you imagine the situation of familes where there are no reserves of more than 15 days.

 

As your building collapse argument , it is hilarious. that is work of corrupt politicians , buruecrats and builders.Hardly any of big of them is arrested or hurt by this move.None of them is caught.So how will this move will eliminate that buildings don't collapse in future.

 

And there are many suggestions which I could give

 

1) Abolish long term gains on property and introduce PPT , property transaction tax just like STT in shares.Ask state governments to take stamp duty not on actual sale price but circle rate.Plus all properties over 10 lakhs must be attached with pan including agriculture.How difficlut is this to implement?.

 

2) Just yesterday Govt introduce some incentives for going cashless, how difficult it was to give incentives earlier for cashless transactions

 

A team of good economists can also give so many solutions without disturbing economy

Seriously, There is no data to backup job lossess and not even tv footage to back that except one in daily wages category. God help you if building collapse is hillarious for you and you cant see "cost of doing nothing against current setup " at the same time you find " inconveniences as too great price so we cant do something like demonetisation". Keep on selling this argument but dont be surprised to find no takers

 

1) 2) How does that helps curbing "black money" or changing "niyat" if by default human nature is to take advantage unless their are reprecursions?

[mishra]

8 hours ago, BeautifulGame said:

 

Looking at hindsight , it does beg the question if the aim were cash less economy and rooting out corruption, then why was 2000 rs notes introduced.It has only enabled hording of black money only easier .

 

If they had only 100 rs notes it would have much harder to launder them .

After all this hard yards large sections of India are put through , if there is no tangible benefits , will be huge backlash

No one, including media insiders had no clue what it them. First they thought it was just note ban, till Government announced that they are going full on with digitisation, at the same time giving hint that next move will be direct attack on "Benami properties".

If you see it all falls in place sequential.

1. Government ask to declare foreign souces and foreign reserves of Indians. It then contacts various governments. It may have found that next step is time consuming for both hoarders and government. May take few years.

2. Give opportunity to everyone to come clean. IDS

3. Demonetization and digital push. There was this Bengali economist which wrote in around Apr 2016 an article on some magazine that amount of cash flow in market has increased so rapidly that probably demonisation is coming up. Did government let cash flow increase intentionally? Who knows?

 

4. Benami property is probably next

5. The amount of gold as declared by FM per person gives the clue about what will happen to gold hoarders. Government will probably go after them too. You can not have a economy where jewellers start ruling the system.

6. I still think there will be another round of demonetization after 7-8 years for Rs 2000 notes. And that time lessons learned this time and infra developed will come into great aid. So Rs 2000 is being used as bait.

Edited December 9, 2016 by mishra

[BeautifulGame]

No one, including media insiders had no clue what it them. First they thought it was just note ban, till Government announced that they are going full on with digitisation, at the same time giving hint that next move will be direct attack on "Benami properties".

If you see it all falls in place sequential.

1. Government ask to declare foreign souces and foreign reserves of Indians. It then contacts various governments. It may have found that next step is time consuming for both hoarders and government. May take few years.

2. Give opportunity to everyone to come clean. IDS

3. Demonetization and digital push.

4. Benami property is probably next

5. The amount of gold as declared by FM per person gives the clue about what will happen to gold hoarders. Government will probably go after them too. You can not have a economy where jewellers start ruling the system.

6. I still think there will be another round of demonetization after 7-8 years for Rs 2000 notes. And that time lessons learned this time and infra developed will come into great aid. So Rs 2000 is being used as bait.

Govt has already released new 500 notes and also confirmed new 1000 rs notes will be introduced later as well.

So to suggest 2000 is used as bait is silly to say the least

So what will they do then after demonetize 2000 when everything is again converted into 1000s and 500s?

Keep demonetizing every few years ? Our economy will go down the drain .

.

[Singh bling]

1 hour ago, mishra said:

Seriously, There is no data to backup job lossess and not even tv footage to back that except one in daily wages category. God help you if building collapse is hillarious for you and you cant see "cost of doing nothing against current setup " at the same time you find " inconveniences as too great price so we cant do something like demonetisation". Keep on selling this argument but dont be surprised to find no takers

 

1) 2) How does that helps curbing "black money" or changing "niyat" if by default human nature is to take advantage unless their are reprecursions?

Do you seriously think that after demonitisation  Corrupt politicians , Buruecrats and Busimessmen will out of system , if yes then good luck.

 

As far job losses are concerned do read daily news and also go on ground you will get facts

Quote

Demonetisation could take away 400,000 jobs;e-com to be worst hit

http://www.hindustantimes.com/business-news/demonetisation-could-take-away-400-000-jobs-e-com-to-be-worst-hit/story-Fum0FvfDkp7ClUyYfTjvrM.html

You and me are both here I seriously wish that I will be wrong in future and all you hoping will become true,good luck

[mishra]

57 minutes ago, BeautifulGame said:

 

 

Govt has already released new 500 notes and also confirmed new 1000 rs notes will be introduced later as well.

So to suggest 2000 is used as bait is silly to say the least

So what will they do then after demonetize 2000 when everything is again converted into 1000s and 500s?

Keep demonetizing every few years ? Our economy will go down the drain .

.

I am not saying another demonetisation as certainity but a possibility. 

how do you say economy will go down the drain when everyone , even fiercest critic of Modi are ageeeing that this step is undoubtedly beneficial in long run?

[Rohit S. Ambani]

Modi's one more new joomla

 

Govt to Print Plastic Currency Notes to Check Counterfeiting

"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.

 

http://www.news18.com/news/india/have-decided-to-print-plastic-currency-notes-government-tells-parliament-1321091.html

[mishra]

11 minutes ago, Singh bling said:

Do you seriously think that after demonitisation  Corrupt politicians , Buruecrats and Busimessmen will out of system , if yes then good luck.

 

As far job losses are concerned do read daily news and also go on ground you will get facts

You and me are both here I seriously wish that I will be wrong in future and all you hoping will become true,good luck

No I do not. If there isnt a stick no one takes the carrot. Lack of opportunity is equally important. I live in a system where I can see how government has introduced lack of opportunity to stop corruption in various areas. I also know that this system will fail if everyone had cash in hand.

 

BTW that Bangla economist on ABP news who wrote about demonitasation in April, by sound of it, he sounded as if demonitisation was a absolute and only route for RBI in economic terms. So somewhere, in all this there is a real economic pressure too. May be @Tibarn can understand that angle. But it was down to something to do with some sort of acceptable liabilty on RBI.

[mishra]

23 minutes ago, Rohit S. Ambani said:

Modi's one more new joomla

 

Govt to Print Plastic Currency Notes to Check Counterfeiting

"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.

 

http://www.news18.com/news/india/have-decided-to-print-plastic-currency-notes-government-tells-parliament-1321091.html

We have £5/- notes in plastic and Hindus are opposed to using it in temples because it has animal fat in it

[BeautifulGame]

I am not saying another demonetisation as certainity but a possibility. 

how do you say economy will go down the drain when everyone , even fiercest critic of Modi are ageeeing that this step is undoubtedly beneficial in long run?

Because the cost of replacing old currency with one in the system is huge .As a one off we can cope but if it became a repeated thing as u suggested it will pull down our economy down the drain.

The only only other country as far as I know who has doen this repeatedly is Zimbabwe and their economy is a joke .

We have to see how much long term benefits this has on the economy anyway .There are economists on both sides praising or criticising it either way .

Also what's the point of again demonetizing 2000 notes again few years down the line if it would already be again converted into 500 and/or 1000s

Also I earlier said introducing 2000 completely only makes it far easier for laundering the black money .Keeping it with 100 notes would have made far more harder for black money hoarders.Can u really explain the logic behind this .Because even the govt has so far skipped around this issue .

[mishra]

^ chk what is Zimbabwe and why deminitization happened there before comparing it to India. Hence i say, if it works this time, why cant it be used again.

 

who are we kidding with storage argument. storage of black money was never a issue. Its cash in hand to pay the policeman, taxman government man, that was the issue. 

 

A direct result can be seen now because they cant pay back. Bhujbal case fast tracked, Air Marshall from Augusta Westland deal arrested, money handler of Paneer Selvam  arrested with money.

 

A MCD employee i know was complaining. Everymorning he went out he used to put rs 20,000 in his pocket for day expense. He is finding it realy hard to give up that lifestyle 

Edited December 9, 2016 by mishra

[Singh bling]

Those who know Delhi Gurgaon and JMD building of MG road , this is condition of ATM at 6:30 pm

Quote

RBI has issued 19 billion notes since demonetisation: Urjit Patel

http://indianexpress.com/article/business/economy/rbi-has-issued-19-billion-notes-since-demonetisation-urjit-patel-4415080/

If RBI figures are correct then why people are standing in such long queues? Where has all the money gone

Edited December 9, 2016 by Singh bling

[randomGuy]

^ bro...we have arnd 40 notes of 100 at the moment...I think 100 re. notes are aplenty.

 

Let's say 19 billion new notes of 100 only : means 1900/30 = 63 notes per family of 4 people if i am not wrong.

 

what do u say?

Edited December 9, 2016 by randomGuy

[Singh bling]

Quote

Oct IIP falls 1.9%; road-bumps ahead as cash ban hurt spending Factory output could get worse in the coming months with households putting off purchases and companies deferring investment hit by an economy-wide cash-crunch following the unexpected ban on Rs 500 and Rs 1,000 currency notes. 

Read more at: http://www.moneycontrol.com/news/economy/oct-iip-falls-19-road-bumps-ahead-as-cash-ban-hurt-spending_8093741.html?utm_source=ref_article