500 & 1000 rs notes stopped from tonight

[New guy]

16 hours ago, G_B_ said:

dude the Assam and Chandigrah elections happened like a few days back. Both were not bypolls. They were proper elections.

 

With regards to economic policies and destruction, I think demon at max the impact will last 3 months. Ie there is no lasting damage.

 

With regards to Punjab, to be fair i would have agreed with you pre Chandigrah results. But Khattar was the star campaigner there and I was surprised the amount of people he drew to his rallies.

 

 

16 hours ago, G_B_ said:

I tend to agree SAD-BJP is on a weak wicket in Punjab. But I do feel BJP might not do too badly in the 26 seats they are contesting.

 

 

How can there be no lasting damage if you take out 80% of cash from a developing country? Small businesses will be completely hit. Anyways, here is what Japanese brokerage Nomura says about the impact

 

http://www.business-standard.com/article/economy-policy/nomura-growth-indices-plunge-to-lowest-level-since-1996-116122100612_1.html

 

Confirming fears of the demonetisation move hitting growth, Japanese brokerage Nomura on Wednesday said its proprietary indices have dipped to the lowest levels since 1996, with rural consumption showing the maximum impact.

 

"Our proprietary indicators suggest sharper near-term slowdown after demonetisation," it said, adding that while the slowdown is only partially visible in the November data prints, the full growth impact is likely to be seen only in the December data.

 

The report said that demonetisation move has hit rural consumption demand harder than the urban demand.

 

 

The Nomura Composite Leading Index (CLI) for India for early 2017 has slumped to the lowest level since the series began in 1996 and is consistent with GDP growth of below 6 per cent, it said.

[tweaker]

After the withdrawal of Rs 14 lakh crore–86% by value of Indian currency in circulation–the government has pushed for digital payments to counter the lack of notes in the economy. Of the 28 tribals IndiaSpend met in a state with more tribals than any other, all but two had a bank account (92.8%), 17 had a personal cell phone and knew how to use it (60.7), six owned an ATM card and knew how to use it (21.4%), and two knew about the Internet (7.1%), an indication of the the gulf between Prime Minister Narendra Modi’s vision of a “digital” or “cashless” economy and the reality in India’s most disadvantaged areas.

 

India has 104 million tribals, 8.6% of the total population. MP has 14.69% of India’s tribal population (15.3 million). Tribals have lower access to banking services, lower income, education levels, and health outcomes than the rest of the population, according to data from Census 2011, and the socio-economic caste census.

[tweaker]

[tweaker]

The Enforcement Directorate (ED) on Thursday conducted inspections in the state cooperative banks of Kannur, Kozhikode and Thrissur.

 

The Central Bureau of Investigation (CBI) also conducted inspection in Kollam and Malappuram districts.

 

The officials examined the documents of huge deposits after November 8 to 14, fake accounts and hawala deposits.

[kosingh]

I'd love the be a fly on the wall when Modi himself would try to use Paytm on his smartphone.

 

"Yeh phone bakwas hai. Dial tone bhi nahin"

[mishra]

5 hours ago, New guy said:

 

 

How can there be no lasting damage if you take out 80% of cash from a developing country? Small businesses will be completely hit. Anyways, here is what Japanese brokerage Nomura says about the impact

 

http://www.business-standard.com/article/economy-policy/nomura-growth-indices-plunge-to-lowest-level-since-1996-116122100612_1.html

 

 

 

The report says " near-term " . while everyone says if coupled with more reforms it will have +ve and lasting impact. Digimonetisation, decrease in taxes are allready couple of changes done. GST and  bureaucratic reforms like single window clearance will go very very long way.

 

It is time to forget Pakistan for good. India is destined to compete with China. And Indians from every walk of life have to understand that and take that challege.

[G_B_]

@MTC

 

impact will last max for 4 months from the start of 8th Nov.

 

 

[mishra]

1 hour ago, kosingh said:

I'd love the be a fly on the wall when Modi himself would try to use Paytm on his smartphone.

 

"Yeh phone bakwas hai. Dial tone bhi nahin"

TBH, 10 years down the line 50%+ transactions in terms of value will be digital and mostly by card. Paytm is stopgap.Unless off course Indian Government messes it up.

[Singh bling]

8 minutes ago, mishra said:

TBH, 10 years down the line 50%+ transactions in terms of value will be digital and mostly by card. Paytm is stopgap.Unless off course Indian Government messes it up.

It will take many many years in term of day to day transaction to be in digital mode, many small vendors already has taken down Paytm.One said that his paytm is full and he is unable to transfer, so don't expect digital transaction in country where therei s extreme poverty

[mishra]

17 minutes ago, Singh bling said:

It will take many many years in term of day to day transaction to be in digital mode, many small vendors already has taken down Paytm.One said that his paytm is full and he is unable to transfer, so don't expect digital transaction in country where therei s extreme poverty

How do you know that? Delhi still suffers from regular loadshedding. Gujrat (even small towns) has power 24X7X365 for past 15 years. There load shedding equivalent to Mumbai. Almost no outage.

If there is will, It can be done.

 

Edited December 22, 2016 by mishra

[Singh bling]

Quote

Modi’s Money in Small-Town India

At first, many people around me tolerated the scarcity created by demonetization. This was partly because Mr. Modi packaged it in the rhetoric of nationalism. As he announced the policy, the prime minister reminded Indians that in the history of every nation come times when “every person feels he, too, should be part of that moment” and “make his contribution to the country’s progress.” This, Mr. Modi also said, was much like performing the Hindu purification ritual “mahayagya.”

The government seemed to leverage this patriotism with tech savvy. There was a smartphone app that supposedly could determine whether the new 2,000-rupee bills were genuine or counterfeit: You’d scan them with your phone camera, and if the bill was real a speech by Mr. Modi would start playing. Rumor had it that the new notes were also embedded with GPS chips, so the bills could be tracked if they were misused or hoarded.

For a time, admirers of Mr. Modi were gloating about his technological prowess: Only he could have thought of this, they’d say. They are quiet now. It seems the app always played the speech after the bills were scanned, and that it was a prank anyway.

http://www.nytimes.com/2016/12/20/opinion/modis-money-in-small-town-india.html?emc=edit_tnt_20161221&nlid=10184212&tntemail0=y&_r=1

Bharat kaa bahut naam ooncha ho raha hai , India has become laughing stock in foreign newspapers

[Singh bling]

Quote

Now, Snapdeal delivers Rs. 2,000 at your doorstep

http://www.thehindu.com/business/Now-Snapdeal-delivers-Rs.-2000-at-your-doorstep/article16923793.ece

Now pay 50 rupees for this service

[Singh bling]

9 hours ago, mishra said:

How do you know that? Delhi still suffers from regular loadshedding. Gujrat (even small towns) has power 24X7X365 for past 15 years. There load shedding equivalent to Mumbai. Almost no outage.

If there is will, It can be done.

 

How is electricity related to digitalisation ? People want electricity while they are forced to go cashless .Indians are very much traditionalists when it comes to money .Despite our stock markets regulated very small population still invest in shares , mutual funds , debt funds , though many financial instruments are very secure.Despite so much cash crunch I have seen people particularly lower class refusing to go digital.The were ready to accept old notes or even give you credit but refused to go digital.

 

Also going digital mean you need hundred percent literacy , uninterrupted electricity and very good quality internet 24 into 7 And not to forgot security is very big issue .With cash in hand you can loose limited amount here your entire account can be cleaned up.

 

Recently a man lost 50,000 in ATM fraud case he went to cyber cell and they him they don't take cases below 2 lakhs go to local thana , means say good bye to your 50 k. The four international banks of USA are 1.5 billion dollars on  online security while GOI is hardly spending anything .

[mishra]

13 hours ago, Singh bling said:

1. How is electricity related to digitalisation ? People want electricity while they are forced to go cashless .Indians are very much traditionalists when it comes to money .Despite our stock markets regulated very small population still invest in shares , mutual funds , debt funds , though many financial instruments are very secure.Despite so much cash crunch I have seen people particularly lower class refusing to go digital.The were ready to accept old notes or even give you credit but refused to go digital.

 

2. Also going digital mean you need hundred percent literacy , uninterrupted electricity and very good quality internet 24 into 7 And not to forgot security is very big issue .With cash in hand you can loose limited amount here your entire account can be cleaned up.

 

3. Recently a man lost 50,000 in ATM fraud case he went to cyber cell and they him they don't take cases below 2 lakhs go to local thana , means say good bye to your 50 k. The four international banks of USA are 1.5 billion dollars on  online security while GOI is hardly spending anything .

1. You either found it too difficult to get the point or intentionally ignoring my point. Point was down to will of the eadership. Generaing transporting and delivering electricity 24X7X365 is more difficult then installing a bigger server and using existing telecom networks of towns to install swipe machines. Most of Gujrat has electricity. While Indias capital city cant manage. So think again.

 

2. Thats laghable excuse. What level of literacy you are talking about? How do "uneducated" people recognize its 10 Rupee note or 100 rupee note and count what amount shopkeeper should return? They can do some maths,read numbers or they use third party like a bystander or just trust shopkeeper if they are regular or their kids Why cant similar pincipal be applied?.

 

3.That is complete bullshit and scaremongering. If you collect the data, more cash is lost per day among inhabitants of a single city. IT Security is not perfect but still way better then allmost every other thing. In fact, for cases like above, in long run IT security providers (wallet companies) will be blamedand cost of loss will be recovered from them. In west most of the time they do it voluntarily unless they know they have a foul case or some other complication like  a deliberate case like RaGa and Congress sharing their twitter password with someone and claiming a hack.

Whole west/developed world  believes and uses cards,Third world nations use cash.

 

 

Edited December 23, 2016 by mishra

[kosingh]

14 hours ago, Singh bling said:

Now pay 50 rupees for this service

Saw shops doing this. I saw a lady pay a shop by credit card, and they returned cash to her after keeping 100 rupees.

[tweaker]

The Income Tax department today clarified that businesses and traders receiving cash in excess of Rs two lakh in any single transaction for sale of goods and services are required to report it to the authorities.

 

The clarification is on the reporting guidelines under Rule 114E of Income Tax Rules, 1962, which came into force from April this year, amid doubts expressed in certain quarters about reporting of cash transactions that aggregate to Rs two lakh.

[Singh bling]

9 hours ago, mishra said:

1. You either found it too difficult to get the point or intentionally ignoring my point. Point was down to will of the eadership. Generaing transporting and delivering electricity 24X7X365 is more difficult then installing a bigger server and using existing telecom networks of towns to install swipe machines. Most of Gujrat has electricity. While Indias capital city cant manage. So think again.

 

2. Thats laghable excuse. What level of literacy you are talking about? How do "uneducated" people recognize its 10 Rupee note or 100 rupee note and count what amount shopkeeper should return? They can do some maths,read numbers or they use third party like a bystander or just trust shopkeeper if they are regular or their kids Why cant similar pincipal be applied?.

 

3.That is complete bullshit and scaremongering. If you collect the data, more cash is lost per day among inhabitants of a single city. IT Security is not perfect but still way better then allmost every other thing. In fact, for cases like above, in long run IT security providers (wallet companies) will be blamedand cost of loss will be recovered from them. In west most of the time they do it voluntarily unless they know they have a foul case or some other complication like  a deliberate case like RaGa and Congress sharing their twitter password with someone and claiming a hack.

Whole west/developed world  believes and uses cards,Third world nations use cash.

 

 

You did not get my points

 

1) Electricity is basic necessity while going cashless is imposition .Developed nations has 24*7 electricity supply decades but they too are still dependent on cash .Modi was Gujarat CM and he gave people necessity which people welcomed while he has to impose cashless system

 

2) Persons with very low iq can do cash transaction while cashless transaction are done by those who are educated and have knowledge of these. moreover cashless is not hundred percent reliable  card machines hang, servers go down then what? Also many times you go to shopping with limited cash to control your spending. taking debit card means taking your entire savings with you.

 

3) I agree that cash is also dangerous but it is tried and tested method from centuries. People generally are not tech savy.let me give you example most people have these days What's app data and google maps. I received calls from delivery men that please tell me location. Itell them let me send you location through what's app but most refuse and go with method of asking guards , landmarks etc which are very unreliable.so people are not willing to change for their own benefit. LET ME TELL YOU ON GROUND LEVEL THERE IS ALMOST ZERO SUPPORT FOR CASHLESS APART FROM EDUCATED ELITE CLASS.

 

Its good to embrace technology but going ahead of time cost you badly , remember Pramod Mahajan's High tech campaign in 2004 , it failed very badly but it seem BJP did not learn from mistakes.

 

BTW 2 days ago I did payment of my electricity bill from Paytm "woh bhee darte darte" today I got sms of receipt and mode of payment is written cash.This is Govt system

[Singh bling]

Quote

PM Modi accepts demonetisation is a blunder in meeting with Telangana CM KCR

http://naradanews.com/2016/12/pm-modi-accepts-demonetisation-is-a-blunder-in-meeting-with-kcr/

Now what ? will suppoorters keep defending the move if this news is true?

[Singh bling]

Quote

Not Acche Din: PM’s note ban has dealt a severe blow to farmers, commodity prices plunge

http://naradanews.com/2016/12/demonetisation-impacts-on-farmers-and-economy/

Quote

Note ban woes: As tourists stay away from India, 50 mn livelihoods at risk

http://www.business-standard.com/article/economy-policy/note-ban-woes-as-tourists-stay-away-50-million-livelihoods-at-risk-116122300095_1.html

 

Edited December 23, 2016 by Singh bling

[Singh bling]

Quote

Amid cash crunch, Nigerian held with Rs 54 lakh. All in new notes!

http://www.businesstoday.in/current/economy-politics/amid-cash-crunch-nigerian-held-with-rs-54-lakh.-all-in-new-notes/story/242860.html

Nigerians ke achche din aa gaye Even Nigerians know how to exploit Indian system