500 & 1000 rs notes stopped from tonight

[tweaker]

After the RBI’s latest revelations — of 99 per cent of the extinguished currency having returned to the banks — media pundits and economists have wasted no time in saying that efforts to obliterate black money have failed. However, the question that really needs to be asked goes beyond the economic merits of DeMo. It lies in the realm of ethics. Even if we concede that demonetisation did have some positive effects (arguably raising the level of tax compliance), can that justify the enormous pain it inflicted on those who are not responsible for the black economy? Couldn’t it have achieved its goal of smoking out black money by inflicting less pain on people?

[The Outsider]

7 hours ago, dial_100 said:

In the govt treasury when it is declared as income in the form of Taxes. When undeclared as a black money, govt doesnt get nothing. I am sure your chor congressi and leftist supporters carried all the black money and didnt wanna pay taxes. If you want to earn money by using resources of the country then you must declare it and pay taxes. Let the readers decide who the moron is here.

 

I knew it would come down to name calling. 

I know this doesn't get taught in shakhas, so here is my good deed for the day.

 

When people put money in banks, banks are supposed to pay interest on it. To do so they lend out that money (keeping some buffer) at a higher rate to businesses and individuals. That's how banks make money.

 

When so much of money comes into banks, they can't find enough borrowers for it but they still have to pay interest on it. To minimize their losses, banks deposit this excess cash with RBI to earn interest at a rate called reverse Repo. This money comes from the tax payers and what you are calling government treasury. So, the government treasury didn't get any money. On the contrary it is paying interest on all this excess cash which includes black and white money. This excess loss will be in tens of thousands of Crores  per year if the money isn't taken out. This has put additional stress on banks which were already in trouble.

 

Of the money that has been deposited some is black, but there is no way the government treasury is going to earn any significant taxes from it. The reason is that the IT department convicts around 25 people per year on average. Any recovery from this is going to be minuscule. Even if you ignore the loss to human lives and economy, demonetization is a loss making policy decision from a purely balance sheet perspective. This can already partly be seen in the fact that the RBI dividend to the government this year was 40,000 Crore rupees lower than expected. 

 

So so now you can forward this post in the Sanghi WhatsApp groups which told you that money has come into the government treasury and maybe some of it will filter through the cow dung in the skulls of Bhakts.

 

You are welcome.

[The Outsider]

This thread should be preserved so that when years from now this madness ends, and people are doing research to see how retarded Modi bhakts were this can be put to use.

 

Nano GPS Technology. I mean what level of a retard do you have to be for this one. 

 

Why Rs. 2k? Economy of scale so that Nano GPS technology can be worthwhile. Retard level - Uber.

 

Daily wagers won't see any impact because they don't get paid Rs. 500. Sure, because there are tons of Rs. 100 floating around!

 

Impressed with planning. People won't be inconvenienced because it's after Diwali.

 

Sale of gold and diamond will decline.

 

Corruption will reduce dramatically. Only few days of chaos.

 

Opposition is against it because they are all corrupt. BJP is the cleanest party in the solar system. UNESCO certified.

 

Surgical strike. Yay!

 

Mr. Crorepatis will become Mr. Lakhpatis or go to jail.

 

30th December, twenty sixteen. Judgment day. It's most certainly going to be a Happy New Year for India! You can bet your white money on it!

 

The real chors are screwed now.

 

Hawala finished.

 

Kashmir agitations solved. Stone pelting finished.

 

Scheme to end black money is working well because negative reaction is increasing.

 

Government should freeze money of Jan Dhan accounts, so poor cannot access their money.

 

Fake currency racket ki dukaanein band ho gayi hain.

 

This is like war against black money. We are soldiers standing in line fighting the enemy.

 

Some genius calculations estimating currency will be replaced by December 30.

 

Corrupt have lost all their money. Honest middle class feel rich.

 

Poor will suffer for month or two, but after that will be well paid in better jobs. Possibilities are endless.

 

Any slippage in GDP will be recovered in next quarter.

 

After demonetization, everyone is clean.

 

Rejoicing that Arhar Dal prices have come down to half. Yeah, because farmers were dumping their produce in trash.

 

Government is changing rules daily to combat black money hoarders. This is like guerrilla warfare.

 

Real GDP growth will not be effected. 

 

Terrorist snakes will be defanged. Anyone against this has skin in the game or is doing politics.

 

D-company is screwed. Fake money is gone.

 

Rs. 2k note was leaked strategically on WhatsApp by government so hoarders will hoard more money. Economic chemotherapy. 

 

I am so thrilled my sabziwala got PayTM. Demonetization rocks!

 

80% of counterfeit currency comes from Malda that's why Mamta is whining.

 

Niti Aayog has far superior economists than MMS.

 

GDP will be down only by 0.25%.

 

Government should do this regularly without revealing. Will keep black money hoarders on their toes.

 

I feel so good that I am using only checks and credit cards for payments.

 

Guys who are converting black into white will be so done.

 

People standing in line with me were feeling so proud. Ambani wasn't there, but the PM's mother was put up for a photo op.

 

People also die while voting, so what is they are dying while taking out their own money.

 

This is Artha Kranti. Whatever the faack that is.

 

The cashless economy! 

 

Pakistani counterfeiters are committing suicides. 

 

Some genius was arguing more money coming back would be a windfall for government. More is also windfall, less is too.

 

NPA problem is effectively over.

 

No riots when Jayalalitha died because all the black money is gone.

 

Government seeing all the money flooding in - 'you can't deposit more than 5k now in an account'. Bhakt - 'Masterstroke from Modi. If you haven't deposited till now, it's black anyway'.

 

Growth will hit 10% in 2018.

 

Impact will last max 4 months.

 

Trafficking industry is finished. It was 20% of India's GDP.

 

With data analytics all the tax evaders will be caught.

 

This is a country where people commit suicides to get loans waived off, so what if they are also dying while trying to access their money.

 

Modi tried to do something about fake and black money. That is a great development. What happened to the poor and the economy, why would I give a facck. I buy sabzis using PayTM.

[tweaker]

Banned currency notes made their way to Mumbai's most popular Ganesh pandal - Lalbaugcha Raja - this year with devotees offering over Rs one lakh in demonetised currency to the Lord.

[coffee_rules]

Now we know what AAPis trade on Whatsapp!

[dial_100]

On 9/10/2017 at 2:17 AM, The Outsider said:

I know this doesn't get taught in shakhas, so here is my good deed for the day.

 

So so now you can forward this post in the Sanghi WhatsApp groups which told you that money has come into the government treasury and maybe some of it will filter through the cow dung in the skulls of Bhakts.

 

You are welcome.

Go find your masters to argue with. May be RG or Lallus offsprings would be best fit for you. As you are not able to fool anyone here. If you want to discuss anything, go learn some manners first and I am game for discussion.

 

FYI: 2014 elections are over and results wont change anymore. So whatever is stuck, remove that first. It might help allay some of the burns.

[jusarrived]

16 hours ago, coffee_rules said:

Now we know what AAPis trade on Whatsapp!

lol I have seen all these forwards from Cong/App supporters .

Morons where sharing jokes on GST a day after its launch , while most economists where not sure about its immediate impact ..these guys who probably heard the term couple of weeks back where absolutely sure prices will shoot up post GST .

[jusarrived]

On 10/09/2017 at 0:47 PM, The Outsider said:

I know this doesn't get taught in shakhas, so here is my good deed for the day.

 

When people put money in banks, banks are supposed to pay interest on it. To do so they lend out that money (keeping some buffer) at a higher rate to businesses and individuals. That's how banks make money.

 

When so much of money comes into banks, they can't find enough borrowers for it but they still have to pay interest on it. To minimize their losses, banks deposit this excess cash with RBI to earn interest at a rate called reverse Repo. This money comes from the tax payers and what you are calling government treasury. So, the government treasury didn't get any money. On the contrary it is paying interest on all this excess cash which includes black and white money. This excess loss will be in tens of thousands of Crores  per year if the money isn't taken out. This has put additional stress on banks which were already in trouble.

 

Of the money that has been deposited some is black, but there is no way the government treasury is going to earn any significant taxes from it. The reason is that the IT department convicts around 25 people per year on average. Any recovery from this is going to be minuscule. Even if you ignore the loss to human lives and economy, demonetization is a loss making policy decision from a purely balance sheet perspective. This can already partly be seen in the fact that the RBI dividend to the government this year was 40,000 Crore rupees lower than expected. 

 

So so now you can forward this post in the Sanghi WhatsApp groups which told you that money has come into the government treasury and maybe some of it will filter through the cow dung in the skulls of Bhakts.

 

You are welcome.

Who made these claims to start with ? I have made the same exact argument with haters who claimed that Govt took this decision to save banks/defaulters . 

I have said here right from the start , the objective was always expanding the tax base which you see the current figures is happening and am pretty sure its going to be much better this FY , the target was rather Grey economy than Black economy .

The loss form RBI dividend will be easily offset and eventually when the economic activity picks up in the next few quarters , lending should pick up so thats not a long term problem . 

 

There are lot of moving parts here , it will take some time to show real positive impact but if you talk to people at the ground level you will know why this will work . People getting convicted means very little in the long run , you cannot have a fool proof system and make 100% comply , but in a country where probably less than 20%( could be a lot less )  people who should be playing taxes actually pay taxes there is a huge opportunity to first fix loop holes which allows so many to getaway . if you go with and open mind and check each and every step they have taken in last 3 years , the idea has been simple , Make tax paying easy and evading difficult . if you think this is not an effort worthwhile , I have no arguments here . 

 

 

[coffee_rules]

Modi Kambhakts are very impatient. They want to turnaround 70 years of inept rule  within 3 years of Modi era. Well, it has just begun it's rule until 2029 ( 3 terms for Modi), so bear with it.

[Singh bling]

2 hours ago, jusarrived said:

Who made these claims to start with ? I have made the same exact argument with haters who claimed that Govt took this decision to save banks/defaulters . 

I have said here right from the start , the objective was always expanding the tax base which you see the current figures is happening and am pretty sure its going to be much better this FY , the target was rather Grey economy than Black economy .

The loss form RBI dividend will be easily offset and eventually when the economic activity picks up in the next few quarters , lending should pick up so thats not a long term problem . 

 

There are lot of moving parts here , it will take some time to show real positive impact but if you talk to people at the ground level you will know why this will work . People getting convicted means very little in the long run , you cannot have a fool proof system and make 100% comply , but in a country where probably less than 20%( could be a lot less )  people who should be playing taxes actually pay taxes there is a huge opportunity to first fix loop holes which allows so many to getaway . if you go with and open mind and check each and every step they have taken in last 3 years , the idea has been simple , Make tax paying easy and evading difficult . if you think this is not an effort worthwhile , I have no arguments here . 

 

 

Increasing tax base because of demo is highly disputed, 

https://thewire.in/173706/demonetisation-income-tax-base/

 

[jusarrived]

2 hours ago, Singh bling said:

Increasing tax base because of demo is highly disputed, 

https://thewire.in/173706/demonetisation-income-tax-base/

 

I am sure you dint read the article  . Again !!

Clue : its 12 sep 2017 today . 

[tweaker]

Ten months after the note-ban which saw the scrapping of the 1000 and 500 rupee notes, nearly 70 per cent of the population want the Rs 1,000 banknotes back, says a survey.

[tweaker]

The demonetisation exercise "worsened" the financial position of newspapers due to fall in advertisements, the Indian Newspaper Society  said today,

[The Outsider]

On 9/11/2017 at 4:34 PM, jusarrived said:

Who made these claims to start with ? I have made the same exact argument with haters who claimed that Govt took this decision to save banks/defaulters . 

I have said here right from the start , the objective was always expanding the tax base which you see the current figures is happening and am pretty sure its going to be much better this FY , the target was rather Grey economy than Black economy .

The loss form RBI dividend will be easily offset and eventually when the economic activity picks up in the next few quarters , lending should pick up so thats not a long term problem . 

 

There are lot of moving parts here , it will take some time to show real positive impact but if you talk to people at the ground level you will know why this will work . People getting convicted means very little in the long run , you cannot have a fool proof system and make 100% comply , but in a country where probably less than 20%( could be a lot less )  people who should be playing taxes actually pay taxes there is a huge opportunity to first fix loop holes which allows so many to getaway . if you go with and open mind and check each and every step they have taken in last 3 years , the idea has been simple , Make tax paying easy and evading difficult . if you think this is not an effort worthwhile , I have no arguments here . 

 

 

There was no objective to demonetization. New objectives were concocted everyday as and when previous ones were shown to be bunk. Has happened to digital transactions as well now recently and tax collection. The expansion in tax base is at a similar rate as before demonetization. There is only one proven way to increase tax compliance - a reasonable rate and simple tax structure. Bhakts like you can keep on pointing to some fictitious gains years from now, but the ground reality is that demonetization has destroyed the economy, left millions jobless, and caused grief to hundreds of millions of people. 

[The Outsider]

On 9/11/2017 at 4:04 PM, jusarrived said:

lol I have seen all these forwards from Cong/App supporters .

Morons where sharing jokes on GST a day after its launch , while most economists where not sure about its immediate impact ..these guys who probably heard the term couple of weeks back where absolutely sure prices will shoot up post GST .

Those aren't from WhatsApp forwards. They are all quotes from Bhakts in this thread. I am sure there are a couple of gems from you there as well. Oh yeah, one is about this being a country where people commit suicides to get loans waived off, so what if few are also dying standing in lines to get access to their own money.

[mishra]

On 9/11/2017 at 4:34 PM, jusarrived said:

..

. if you go with and open mind and check each and every step they have taken in last 3 years , the idea has been simple , Make tax paying easy and evading difficult . if you think this is not an effort worthwhile , I have no arguments here . 

 

 

 

2 hours ago, The Outsider said:

There was no objective to demonetization. New objectives were concocted everyday as and when previous ones were shown to be bunk. Has happened to digital transactions as well now recently and tax collection. The expansion in tax base is at a similar rate as before demonetization. There is only one proven way to increase tax compliance - a reasonable rate and simple tax structure. Bhakts like you can keep on pointing to some fictitious gains years from now, but the ground reality is that demonetization has destroyed the economy, left millions jobless, and caused grief to hundreds of millions of people. 

Money went to bank because banker involved in fraud. Fine.

4 lakh shell companies unearthed.

http://timesofindia.indiatimes.com/india/4-lakh-companies-face-deregistration-for-not-filing-i-t-returns/articleshow/58232239.cms

 

Note ban: Rs 2.89 lakh crore deposited by 9.72 lakh people under scanner, says I-T department

http://timesofindia.indiatimes.com/business/india-business/rs-2-89-lakh-crore-deposited-post-note-ban-by-9-72-lakh-people-under-i-t-radar/articleshow/60308828.cms

 

Black money: DRI probing illicit outflow of $505 billion during UPA rule (2004-2013)

http://indianexpress.com/article/india/india-news-india/black-money-dri-probes-illicit-outflow-of-505-billion-during-upa-rule/

 

And Sabaka Baap! Aadhar Card becoming biometric mandatory and linking with allmost everything Financial or Government related

 

 

 Just because Government went after Kashmiri Militant funding (shell companies), Political symbol of Corruption Gandhi Family and Laloo ji or Gun/Don Symbol Dawood Ibrahims assets doesnt mean it cant go after others. Its step by step.

 

Long back I said on this thread. At the end all these smartass Accountants, Bankers, Hawala Operators who are turning black into white have no clue how many digital footprints or trails they will be leaving behind which in turn will give government Complete control to deal with big men behind all this.

[jusarrived]

4 hours ago, The Outsider said:

There was no objective to demonetization. New objectives were concocted everyday as and when previous ones were shown to be bunk. Has happened to digital transactions as well now recently and tax collection. The expansion in tax base is at a similar rate as before demonetization. There is only one proven way to increase tax compliance - a reasonable rate and simple tax structure. Bhakts like you can keep on pointing to some fictitious gains years from now, but the ground reality is that demonetization has destroyed the economy, left millions jobless, and caused grief to hundreds of millions of people. 

And you know that how ?

I havent seen any Govt statement claiming they would stop terrorism in Kashmir or phase out human trafficking by this move . 

 

lol at reasonable tax rate ? all these theories applies for mature economies like US/EU , India is a different animal and your text book method of solving this was never going to work . 

[jusarrived]

4 hours ago, The Outsider said:

Those aren't from WhatsApp forwards. They are all quotes from Bhakts in this thread. I am sure there are a couple of gems from you there as well. Oh yeah, one is about this being a country where people commit suicides to get loans waived off, so what if few are also dying standing in lines to get access to their own money.

I will rephrase this for your benefit  

A country where Farmers are  kiling them self for loan waiver  or where people die cos they cannot access their money for few days , you still want everything to get fixed by itself and the govt maintains the status quo ? 

[coffee_rules]

Every person and his/her pet in India is an avid economist, environmentalist, scientist, historian and anthropologist! 

[Tibarn]

Hmmm al baghdadi's pet lizard seems to either be showing his poor reading comprehension skills or is purposefully misrepresenting what people wrote in the thread.

 

   

Here he says

Quote

They are all quotes

he tries to shadow box with me here by claiming I said this

Quote

Real GDP growth will not be effected.

Here is what was actually said 

Quote

the effect on real gdp growth is possibly going to be minimal

One can only conclude that ISIS's mascot, Lizard al-Baghdadi, either has poor reading comprehension skills (a proxy for poor IQ), or he has poor character, after all, who else would misrepresent what someone says in a failed attempt to score political points.  

Edited September 23, 2017 by Tibarn