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Demonetization In India

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#1 by patilpuneet » Fri Nov 25, 2016 13:06

What are your views on current demonetization process in india ?
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#2 by BouldRake » Fri Nov 25, 2016 13:25

Well, it's a good move to help remove ill gotten gains from the economy, it's a start...but it's not going to fix your problems.

There's lots of corruption here too. To do something analogous, we could close the bank accounts of Google, Vodafone and Starbucks, removing their ill gotten gains from the economy - that does restore a tiny bit of equality, but doesn't suddenly build new homes for the homeless. That is, you can't create a decent standard of living for all by removing some money from the top.

You need serious investment in, well, everything, really.

A lot of that should be coming from us, since it's our historical empire that screwed you over in the first place, but most importantly, those of us in richer countries have to start paying more for cheap goods and services coming out of India (and many other countries). That's the only way to fix the actual problems at the bottom of the heap. There was a report a couple of years ago that suggested for shirts made in Bangladesh, the worker got 12c for a $15 shirt. Even if we doubled their wages, that's $15.12 for a shirt. I don't have figures for India, but it's not unreasonable to expect richer countries to pay more.

Basically, India's problem isn't so much the corruption, it's the rest of us taking advantage of you.
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#3 by True-Democracy » Fri Nov 25, 2016 15:31

In my country there's a shoe company that produces their shoes in Bangladesh for a cost of 17 Euros per one pair of shoes.
That includes shipping all produced shoes back to germany for selling. I found out that those exact same shoes are sold for a total price of 100 Euros in stores from that company called Gabor. Altough i would never buy shoes from them because they use animal skin to produce those shoes under horrific conditions for workers and animals.
So total production costs incuding shipping back to germany on a freight container is about 17 Euros for one pair of shoes, back in Germany those shoes sell for a total of 100 Euros giving a total amount of exactly 83 Euros pure profit for the company. The company just made more than 400% Profit off of one pair of shoes.
So yeah Bouldrake is right when he says that we are taking advantage of india and others.
Actually all workers should go on strike at the same time worldwide to send a message.
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#4 by Arvind9 » Fri Nov 25, 2016 16:12

Its only a way to collect taxes ,government cannot tax people directly,or else corruption black money is on the rise,people having black money are sitting preety,black money and corruption cannot be contained by just changing currency our system is so corrupt that people find a way to get things done,couple of people are being caught is no proof of what the government says its just an eye wash,first changes need to be bought into our system then steps to curb corruption and black money.
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#5 by tasman1 » Fri Nov 25, 2016 16:16

bad , no cash , small busines problem ,economy going back , they tried before once , was not working...WRONG

Indian economy dominated by cash transactions, the disruption has been huge. Certain vegetable sellers in Mumbai have been closing early or entirely. Grocers were said to have accepted the old money for vastly inflated prices. Even those with new money face the challenge of getting change when they try to spend it.

The demonetized notes composed 85% of India’s circulating money
Last edited by tasman1 » Fri Nov 25, 2016 16:20 » edited 1 time in total
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#6 by Arvind9 » Fri Nov 25, 2016 16:41

tasman1 wrote: bad , no cash , small busines problem ,economy going back , they tried before once , was not working...WRONG

Indian economy dominated by cash transactions, the disruption has been huge. Certain vegetable sellers in Mumbai have been closing early or entirely. Grocers were said to have accepted the old money for vastly inflated prices. Even those with new money face the challenge of getting change when they try to spend it.

The demonetized notes composed 85% of India’s circulating money

Thats right the poor are going to get crushed,GDP growth will go down by 2%,the rich are taking their money out from the country, three well known Mumbai builders have meet Donald Trump in an effort to shift business,people are hoarding money in just 10 days people have already accumulated RS1500000 in cash how?
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#7 by True-Democracy » Fri Nov 25, 2016 17:27

This reminds of what happened in Greece a year ago when the banks closed their doors.
>> Greece-crisis-banks-to-close-on-Monday
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#8 by patilpuneet » Sat Nov 26, 2016 00:42

My Views :

The good

While consumers could be cash-strapped for the next few weeks, which could hit spending, the move is a boost to India’s image and economic prospects in the long term. For one, Modi’s masterstroke would mean more people disclose their real incomes and pay taxes, which is good for the government’s coffers. (Only about 1% of the country’s population pays income tax currently). Brokerages have estimated that the clampdown on unaccounted cash could bring in as much as $45 billion for the government. This unprecedented stash of cash could help Modi spend more on education, health, and housing.

India’s banking sector, which is fighting toxic loans and liquidity problems, should also bring in benefits. Some Rs1.5 lakh crore ($22 billion) in deposits have been collected by banks since the demonetisation announcement, the Times of India reported on Nov. 14. Banks can use these funds to address their liquidity requirements. Meanwhile, those with no bank accounts would now be forced to open one in order to deposit the now-illegal notes, in turn helping Modi’s Jan Dhan Yojana (people’s wealth program),

India’s internet startups are cashing in on the opportunity, too. For instance, ride-hailing startup Ola—Uber’s competitor in India—and Paytm, a mobile wallet firm, have seen a surge in new registrations as people move from cash to digital payments. Within 15 hours of Modi’s announcement, Ola saw an increase of 15 times in recharge volumes on its e-wallet. Cash-on-delivery transactions, costly and time-consuming for e-commerce retailers, should drop at least temporarily.

The bad

As the supply of money dries up, small and medium-size business are finding it difficult to pay daily wages and raw material costs, among other expenses. (Indian small businesses typically rely heavily on cash for their day-to-day operations.) While the government on Nov. 14 tweaked certain rules and increased withdrawal and deposit caps, it should still be a tough few weeks.
Some critics say not enough measures were taken to handle the deposits and withdrawals that were expected following the announcement. Others question the timing of the move and allege political motivations, particularly with key states preparing for elections. It is important for the ruling Bharatiya Janata Party (BJP) to win them if it is to continue to show its strength in the country.

Some Indians have devised workarounds to use up the banned notes. Certain government services such as the railways still accept these notes. So those with the now-invalid notes book expensive train tickets, cancel them, and get refunded in new notes. So the Indian Railways had to stop refunding in cash.
Gold prices in India are up as many people with undeclared income rushed to buy gold soon after the announcement.
Weddings are getting postponed as bills to wedding halls, florists, and caterers are typically paid in cash across India.

The ugly

For some, the long queues turned fatal. There have been suicides reported, too. In the state of West Bengal, a man allegedly murdered his wife after she returned home from the ATM with no money; reports indicated that he expected her to wait in the queue longer.

There have been reports of doctors denying treatment because patients had only Rs500 and Rs1,000 notes on them. Some hospitals have refused to admit even critically ill patients. In Patna, Bihar, the family of a three-year-old rape victim reportedly had trouble getting an ambulance driver to take her to the hospital as he allegedly refused to accept the banned currency.
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#9 by arunthk20 » Sat Nov 26, 2016 02:16

self invited recession , worst move ever
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#10 by truptigije » Sat Nov 26, 2016 02:21

PM had taken the right decision to Demonetization of indian currency ban on Rs 500 & Rs 1000 Note. Since Ordinary People are facing problem of exchange and even to withdraw the same. still the black money had not come out from several Business man and politicial people there was no action, seen just oridinary people and poor are facing problem for this there should be some extra provision should be provided for the normal people who standing in queue for day.
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#11 by suni373 » Sat Nov 26, 2016 05:11

This is also just like a war. In a war only Soldiers are involving and suffering directly, but in this case each and every individuals are involving directly.
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#12 by True-Democracy » Sat Nov 26, 2016 05:12

patilpuneet wrote: My Views :

The ugly

For some, the long queues turned fatal. There have been suicides reported, too. In the state of West Bengal, a man allegedly murdered his wife after she returned home from the ATM with no money; reports indicated that he expected her to wait in the queue longer.

Wow :silent: , i mean what is more important your wife that you fell in love with or a pile of empty cash ?
If i where that man then i wouldn't have cared about that empty ATM machine and instead would have huged my wife and told her don't worry at leased we still have each other.


patilpuneet wrote: The ugly

There have been reports of doctors denying treatment because patients had only Rs500 and Rs1,000 notes on them. Some hospitals have refused to admit even critically ill patients. In Patna, Bihar, the family of a three-year-old rape victim reportedly had trouble getting an ambulance driver to take her to the hospital as he allegedly refused to accept the banned currency.

In my country even if a homeless person is injured or sick and needs some kind of medical help an ambulance driver or hospital cannot refuse him as a patient, it would be considered an act of negligence and illegal.
Besides what ever happened to compassion ?

Sad to see that many already have died and probably will die in future but not just in India because India is not where this will stop. Country for Country will be put so deep into debt until we are slaves to the system given to us by a small number of elite rich families already pulling all the strings behind the scenes and have been doing so for generations. It's all slowly coming together one piece at a time, slowly but surely. Genius perhaps dangerous for certain.

The movies "Zeitgeist" by Peter Joseph and the book "1984" by George orwell are eye openers.

Okay before i get carried away i will make this quick, the bottom line is like in that incident (above) showing the man killing his wife just proves to me we all need to keep our paranoia in check and not loose control of our ability to use common sense and reasoning.

Hopefully India will return to normal soon without any further people getting killed or injured in the process.
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#13 by Arvind9 » Sat Nov 26, 2016 05:53

truptigije wrote: PM had taken the right decision to Demonetization of indian currency ban on Rs 500 & Rs 1000 Note. Since Ordinary People are facing problem of exchange and even to withdraw the same. still the black money had not come out from several Business man and politicial people there was no action, seen just oridinary people and poor are facing problem for this there should be some extra provision should be provided for the normal people who standing in queue for day.

Dont worry no politician or big business house will be exposed,politicians fight only in public but belong to the same community big business houses fund political parties they are protected only the common man who elects a government suffer
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#14 by PkNayar » Sat Nov 26, 2016 06:22

The stupidest decision taken by any Govt. anywhere in the world. Nobody anywhere is able to tell me how it is going to stop Black Money or Corruption.
All the Govt supporters are calling it the greatest decision ever by any Govt. anywhere. I am unable to understand what is so great about it. How is it going to stop corruption or new Black Money ? It is just an eyewash and the common people
are all just ignorant about the economic implications of such a move .
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#15 by Arvind9 » Sat Nov 26, 2016 07:40

PkNayar wrote: The stupidest decision taken by any Govt. anywhere in the world. Nobody anywhere is able to tell me how it is going to stop Black Money or Corruption.
All the Govt supporters are calling it the greatest decision ever by any Govt. anywhere. I am unable to understand what is so great about it. How is it going to stop corruption or new Black Money ? It is just an eyewash and the common people
are all just ignorant about the economic implications of such a move .

Its nothing Mr Nayar its a test to see how good people are in understanding what is right or wrong,most people understand when things go badly wrong and its too late to correct we are a democracy power is with the people lets hope people can correct it in time.
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#16 by patilpuneet » Sat Nov 26, 2016 12:40

truptigije wrote: PM had taken the right decision to Demonetization of indian currency ban on Rs 500 & Rs 1000 Note. Since Ordinary People are facing problem of exchange and even to withdraw the same. still the black money had not come out from several Business man and politicial people there was no action, seen just oridinary people and poor are facing problem for this there should be some extra provision should be provided for the normal people who standing in queue for day.

Thank you trupti for supporting our PM . I am with modi sir and I also strongly condemn the Bharat Bandh on 28th nov Protest called by Illiterate Politicians like Rahul Gandhi and mamatha banerjee .
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#17 by patilpuneet » Sat Nov 26, 2016 12:41

arunthk20 wrote: self invited recession , worst move ever

But its for the betterment of our country Dude.
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#18 by tasman1 » Sat Nov 26, 2016 12:53

India is trying to go to digital world but India is not ready yet . India is different world , extreme rich and advanced but not for all , billion are still not there .Indian govt must look much more what is good for poor as poor are still majority
To take out 85% of all circulated money is plain stupidity
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#19 by Charez » Sat Nov 26, 2016 13:05

They banned (or planning) to ban gold import also. Weird :?
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#20 by patilpuneet » Sat Nov 26, 2016 13:34

charez wrote: They banned (or planning) to ban gold import also. Weird :?

Are you into Gold import Business :P
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