Modi takes out ₹500 and ₹1000 rupee notes from circulation tonight!

[Slog]

In a month or two , the cash flow will be back to normal , people will move on and all will be forgotten.

The only thing most people are going to remember about this episode come election time is that the PM tried to do something about tax evasion rather than the flaws of implementation.

Wow you are so heartless

People are dying because of this but in a month or two they will be forgotten and people will move on from them

 

[Thomaskutty]

Wow you are so heartless

People are dying because of this but in a month or two they will be forgotten and people will move on from them

Many of the deaths reported in that widely quoted huffpo piece had nothing to do with demonetization.Just lazy journalism.
Not that I'm denying the poor have been hit hard with this move.The govt should have the streamlined the process and been more prepared for the fallout.

http://www.opindia.com/2016/11/how-demonetisation-was-wrongly-blamed-for-some-unfortunate-deaths/

 

[Pakistanian]

This has been disastrous for India according to the news i been hearing.

 

[LastManstanding]

Many of the deaths reported in that widely quoted huffpo piece had nothing to do with demonetization.Just lazy journalism.
Not that I'm denying the poor have been hit hard with this move.The govt should have the streamlined the process and been more prepared for the fallout.

http://www.opindia.com/2016/11/how-demonetisation-was-wrongly-blamed-for-some-unfortunate-deaths/

Opindia's owner Raval is a certified bhakt. Do you really think they will publish anything against Modi?

 

[kabbirann]

Defects in the new Rs 500 notes- such shoddy workmanship at such high level.
RBI ko izzat raas nai aai.
This is what happens when you replace someone meritorious like Raghuram Rajan for a sycophantic yes man like Patel

 

[petercat]

Opindia's owner Raval is a certified bhakt. Do you really think they will publish anything against Modi?

NDTV HUffington post and co. are unbiased media?

 

[petercat]

Defects in the new Rs 500 notes- such shoddy workmanship at such high level.
RBI ko izzat raas nai aai.
This is what happens when you replace someone meritorious like Raghuram Rajan for a sycophantic yes man like Patel

You have issues with everything that Modi does.I wonder how does it affects you in Australia?

 

[petercat]

This has been disastrous for India according to the news i been hearing.

Depends upon who you are.Middle class is largely doing ok.The black money hoarders are in trouble but the amendments to tax law may just be able to give them some respite in return of penalties.

 

[petercat]

Wow you are so heartless

People are dying because of this but in a month or two they will be forgotten and people will move on from them

Dont believe everything that media is saying.And at the end of the day if Modi wins the elections then it will mean what he did passed the test of the people and thats what matters in democracy.I as a middle class salaried India is very happy.

 

[JaDed]

Wow you are so heartless

People are dying because of this but in a month or two they will be forgotten and people will move on from them

True this has been hard for people and 20 people have died,do you know how many die in South Asia alone due to religion every year?

 

[Slog]

True this has been hard for people and 20 people have died,do you know how many die in South Asia alone due to religion every year?

Yes because 20 people die due to reason X every year it's fine if 20 more people die due to reason Y

More heartlessness

 

[JaDed]

Yes because 20 people die due to reason X every year it's fine if 20 more people die due to reason Y

More heartlessness

No both are avoidable that's my point.Banning notes has proved very hard esp for farmers but so does religion and we should move the China way but will you personally support that?

 

[CricketCartoons]

Can't wait for this government to fall. Has caused a lot of trouble to the common man, but has also managed to hide their failure behind pseudo nationalism. Go to hell BJP.

 

[LastManstanding]

True this has been hard for people and 20 people have died,do you know how many die in South Asia alone due to religion every year?

Easy to preach when you aren't the one who has suffered.

People die because of plenty of reasons, there is no need to add any more.

As if poor hadn't it difficult in our country, now they have to stand in queues for hours and miss the pay day to withdraw their own money.

And all that when a bjp mp is spending billions on his daughter wedding, does it get more obvious than this where the black money actually is?

It was a good initiative but the implementation has been shambolic to say the least.

And if government actually wants to bring black money, how about IT raids on top 100 businessmen, jewellers, ministers and bureaucrats and contractors in every city? They will find more money there without making the life of poor more miserable.

 

[JaDed]

Easy to preach when you aren't the one who has suffered.

People die because of plenty of reasons, there is no need to add any more.

As if poor hadn't it difficult in our country, now they have to stand in queues for hours and miss the pay day to withdraw their own money.

And all that when a bjp mp is spending billions on his daughter wedding, does it get more obvious than this where the black money actually is?

It was a good initiative but the implementation has been shambolic to say the least.

And if government actually wants to bring black money, how about IT raids on top 100 businessmen, jewellers, ministers and bureaucrats and contractors in every city? They will find more money there without making the life of poor more miserable.

I agree,its been hard and I'm not preaching anything, as you said its a good initiative but implementation was bad.

Its not only about poor people standing in lines but there are villages without banking structure who have to travel longer distances just for this.

My point is specifically related to "systems" where we know it kills more people but should we stop them or should we improve the implementation and that's where i brought in religion specifically as we know it kills people due to its followers,we don't stop it but instead improve the law which makes sure it doesn't get out of hand.

 

[Rishikesh]

I'm a common man my income is below 15000 rs and in some months I earn less than 10000 rs, tbh I didn't any difficulty as I opened account in a nationalised bank few years back, I still take payments from customers who gives me old notes. People should open accounts in nationalised banks, they can withdraw up to 24000 per week which is more than enough for common man. You will also get free debit card which is useful during emergency situations.

 

[anakin]

Easy to preach when you aren't the one who has suffered.

People die because of plenty of reasons, there is no need to add any more.

As if poor hadn't it difficult in our country, now they have to stand in queues for hours and miss the pay day to withdraw their own money.

And all that when a bjp mp is spending billions on his daughter wedding, does it get more obvious than this where the black money actually is?

It was a good initiative but the implementation has been shambolic to say the least.

And if government actually wants to bring black money, how about IT raids on top 100 businessmen, jewellers, ministers and bureaucrats and contractors in every city? They will find more money there without making the life of poor more miserable.

Typical answer, "Hey, Why go after my loot of Rs1000? chase that guy he must have Rs. 10000 of loot"

How many times have you forged a rent receipt to claim extra HRA?
How many times have you adjusted your Fixed deposits to avoid extra tax?
Have you ever paid tax for the interest generated on your savings account?

How many times have you bought items with no bill or kaccha bill to get an extra discount from the shopkeeper?
IF you purchased or sold real estate, have you registered the actual amount of transaction and paid proper duties?

Just because your ability to evade taxes are less than others doesn't make you less corrupt or less guilty.

Why do you need to pay huge sums in cash? OHHH YESS that little discount,that sweet sweet "special relation discount that allows the merchant to evade all taxes.
Those guys were all innocents who cleaned up jewellers stores on the night of 8th Nov, right?'

A mismanaged move, but it simply exposed the deep seated corruption of the so called innocent common man.

 

[CricketCartoons]

Typical answer, "Hey, Why go after my loot of Rs1000? chase that guy he must have Rs. 10000 of loot"

How many times have you forged a rent receipt to claim extra HRA?
How many times have you adjusted your Fixed deposits to avoid extra tax?
Have you ever paid tax for the interest generated on your savings account?

How many times have you bought items with no bill or kaccha bill to get an extra discount from the shopkeeper?
IF you purchased or sold real estate, have you registered the actual amount of transaction and paid proper duties?

Just because your ability to evade taxes are less than others doesn't make you less corrupt or less guilty.

Why do you need to pay huge sums in cash? OHHH YESS that little discount,that sweet sweet "special relation discount that allows the merchant to evade all taxes.
Those guys were all innocents who cleaned up jewellers stores on the night of 8th Nov, right?'

A mismanaged move, but it simply exposed the deep seated corruption of the so called innocent common man.

Yes, need morality lesson from Modi of all people. He has been a disgrace. He is a maniac using religion and nationalism and can't believe so many people have fallen for it.

 

[LastManstanding]

Typical answer, "Hey, Why go after my loot of Rs1000? chase that guy he must have Rs. 10000 of loot"

How many times have you forged a rent receipt to claim extra HRA?
How many times have you adjusted your Fixed deposits to avoid extra tax?
Have you ever paid tax for the interest generated on your savings account?

How many times have you bought items with no bill or kaccha bill to get an extra discount from the shopkeeper?
IF you purchased or sold real estate, have you registered the actual amount of transaction and paid proper duties?

Just because your ability to evade taxes are less than others doesn't make you less corrupt or less guilty.

Why do you need to pay huge sums in cash? OHHH YESS that little discount,that sweet sweet "special relation discount that allows the merchant to evade all taxes.
Those guys were all innocents who cleaned up jewellers stores on the night of 8th Nov, right?'

A mismanaged move, but it simply exposed the deep seated corruption of the so called innocent common man.

We can't go against politicians who are our own, we can't mess with businessmen who fund our elections, we wont disclose fundings for our party, but we want to be seen as doing something against the black money, so let's implement a plan without proper research which is going to impact millions of poor people all over the country.

No argument you put here can justify the death of so many innocent people who died because the PM of the country couldn't wait for few more months to implement his plan, till the time infrastructure was put in place.

 

[LastManstanding]

Typical answer, "Hey, Why go after my loot of Rs1000? chase that guy he must have Rs. 10000 of loot"

How many times have you forged a rent receipt to claim extra HRA?
How many times have you adjusted your Fixed deposits to avoid extra tax?
Have you ever paid tax for the interest generated on your savings account?

How many times have you bought items with no bill or kaccha bill to get an extra discount from the shopkeeper?
IF you purchased or sold real estate, have you registered the actual amount of transaction and paid proper duties?

Just because your ability to evade taxes are less than others doesn't make you less corrupt or less guilty.

Why do you need to pay huge sums in cash? OHHH YESS that little discount,that sweet sweet "special relation discount that allows the merchant to evade all taxes.
Those guys were all innocents who cleaned up jewellers stores on the night of 8th Nov, right?'

A mismanaged move, but it simply exposed the deep seated corruption of the so called innocent common man.

There is a difference between exploiting the loopholes in the system and tax evasion. Dont these big businessmen and politicians exploit these loopholes? Chartered Accountants exist for a reason.

And what is stopping government to catch people who forge rent receipts, or dont pay interest on their savings account? Surely it must be lot easier than the whole demonetization crap they have come out with. At least the poor people or laborers who live on daily wage wont be affected by it. And no one is certainly going to die because of that.

 

[anakin]

There is a difference between exploiting the loopholes in the system and tax evasion. Dont these big businessmen and politicians exploit these loopholes? Chartered Accountants exist for a reason.

And what is stopping government to catch people who forge rent receipts, or dont pay interest on their savings account? Surely it must be lot easier than the whole demonetization crap they have come out with. At least the poor people or laborers who live on daily wage wont be affected by it. And no one is certainly going to die because of that.

Have you ever been part of management at ANY level in your life?
Provide a mechanism in which govt. can evaluate millions of private transactions which are just few thousand rupees a month. Have you ever wondered why you have not gotten a IT notice regarding your interest accumulation from you savings account? Think about for it a minute. The reason is very very simple, it doesnt need a PhD in economics to know it. Just think for a while, I hope the neurons have survived the impact of demonetisation.

As for your crocodile tears for the poor:
Such hypocrisy, showing fake sympathy for the poor to find justification for your illegal actions of the past.

Next step, should be going after those kind of loopholes too.

Your reason is nothing more than this scenario:

A drunk driver (Mulayam Singh Yadav) is caught by the traffic police.
He reasons,"hey, you did not catch the guy who just went 10kmph above speed limit! So you should let me free. Unless you catch him I am not going to pay any fine. I am innocent"

Then another driver(Kejriwal) comes and shouts, "Hey Traffic waale, because you have stopped this drunk driver, so much traffic has slowed down because of your action. People are suffering because of your checks. INVENT a mean to detect and stop drunk drivers automatically or we will all start jumping the red signal."

Which of the above are you??

PS: Don't go into the argument about "How can you relate loss of life to traffic inconvenience"
Thousands die because of our poor governance structure daily, But I dont see you writing thesis after thesis about how govt. should operate on those. Your ability to evade taxes has been affected and you are angry thats all.

PPS: The better analogy would have been trying to repair a road full of potholes for a few days, where several people die due to accidents. And the authorities block the road to carry out repairs. An ambulance is unable to reach the hospital because of the road being blocked.
Now you are angry at the authorities for trying to carry out repair which is meant to save several lives which are lost on a daily basis.

 

[LastManstanding]

Have you ever been part of management at ANY level in your life?
Provide a mechanism in which govt. can evaluate millions of private transactions which are just few thousand rupees a month.

I hope you know that PAN card is necessary to open a bank account and I know software and applications can be built to calculate and add the interest earned by the bank accounts for a particular PAN.

Have you ever wondered why you have not gotten a IT notice regarding your interest accumulation from you savings account? Think about for it a minute. The reason is very very simple, it doesnt need a PhD in economics to know it. Just think for a while, I hope the neurons have survived the impact of demonetisation.

So, its all about the money then. Few thousands dont matter to government, Than what were you rambling above about "
Just because your ability to evade taxes are less than others doesn't make you less corrupt or less guilty"
And government also has just imposed penalty and tax for the black money disclosed, there is no punishment for the tax evaders. This clearly shows that government's main aim is to get the money back, and thats why I suggested government go after big fish first.
As for your crocodile tears for the poor:
Such hypocrisy, showing fake sympathy for the poor to find justification for your illegal actions of the past.

Next step, should be going after those kind of loopholes too.

Your reason is nothing more than this scenario:

A drunk driver (Mulayam Singh Yadav) is caught by the traffic police.
He reasons,"hey, you did not catch the guy who just went 10kmph above speed limit! So you should let me free. Unless you catch him I am not going to pay any fine. I am innocent"

Then another driver(Kejriwal) comes and shouts, "Hey Traffic waale, because you have stopped this drunk driver, so much traffic has slowed down because of your action. People are suffering because of your checks. INVENT a mean to detect and stop drunk drivers automatically or we will all start jumping the red signal."

Which of the above are you??

PS: Don't go into the argument about "How can you relate loss of life to traffic inconvenience"
Thousands die because of our poor governance structure daily, But I dont see you writing thesis after thesis about how govt. should operate on those. Your ability to evade taxes has been affected and you are angry thats all.

Yes, you busted me. I am worried how to stash the black money after the ITR deducted salary I get in my bank account for developing softwares.

And yeah, millions of people die anyway, so lets add few more reason for poor to be miserable and kill them. After all, its for greater good where a playboy can flee to England with billions of dollars of loan but poor are told to bear the brunt. But if I am whinging, it must be because I have black money, not because I could have the ability to sympathise with poor who are forced to go to bed on empty stomach.



PPS: The better analogy would have been trying to repair a road full of potholes for a few days, where several people die due to accidents. And the authorities block the road to carry out repairs. An ambulance is unable to reach the hospital because of the road being blocked.
Now you are angry at the authorities for trying to carry out repair which is meant to save several lives which are lost on a daily basis.


Care to alaborate with numbers, how much black money is stashed abroad in tax havens like Switzerland and Panama, how much is in India, how much money is in circulation and how much money is in the form of housing investments and gold? Then we can decide about the better analogy.

Regards

 

[anakin]

Regards

Regarding PAN cards:
1) Again, you simply don't understand the logistics involved in verification, investigation and prosecution of tax frauds. Such a process is not your "HELLO WORLD" program.
(Are you a college student? I used to have such misconceptions in college, we never really understand the true complexities in implementing our theory in practice during college)
2) Every political down the line has opposed the requirement of PAN Cards at transactions, If you had followed politics a little bit before Modi came to power. Chidambram proposed a 0.1% tax on transactions above Rs. 10000. It was shot down by even his own party as a political suicide move. People don't want that.

Coming to money thing:
1) Your "Hello World"program solutions would cost the government more than they could recover. This demonetisation in one stroke flushed out all that hoarded cash. There will be better mechanism to check those kind of tax evasions hopefully. But first it was necessary to flush out the swamp.
This move did catch a lot of fish big and small and as like fishing nets .. some fish will escape, both big or small.


Rest of the point you had was you basically validating my point and still in your head you see to have the right point.
You are the drunk guy who cries that a guy speeding escaped and you got caught, and adding the reason that lot of people got stuck in traffic because the cop stopped you. You are the guy who finds it acceptable to let people continue to die because of a road which has a lot of potholes because an ambulance will miss out on reaching the hospital in time during road repair.

Regarding Panama and Swiss Bank: The little fish cries, that big fish escaped!!
Nothing more!

and as for stats, there is no credible stat anywhere about it. It is big range with little reliability.

Keep you fake sympathy with you bro, you are just angry about it for other reasons.

 

[LastManstanding]

Regarding PAN cards:
1) Again, you simply don't understand the logistics involved in verification, investigation and prosecution of tax frauds. Such a process is not your "HELLO WORLD" program.
(Are you a college student? I used to have such misconceptions in college, we never really understand the true complexities in implementing our theory in practice during college)

You seem to be doing lot of assumptions about me, first about my black money, my fake sympathy for poor who are dying and now about me being a college student.

I am a professional with more than eight years of work experience in developing web applications and I was talking about calculating interests for a particular Pan no which can be done easily. I had worked for ministry of finance of Belgium government to automate their tax process so believe me I know a bit more about you what I am talking about. And don't give me the execuse of large population because it doesn't matter much in software.

2) Every political down the line has opposed the requirement of PAN Cards at transactions, If you had followed politics a little bit before Modi came to power. Chidambram proposed a 0.1% tax on transactions above Rs. 10000. It was shot down by even his own party as a political suicide move. People don't want that.

I wasn't talking about tax on transactions, may be you have comprehension issues, so it won't be bad for you to go back to college again.

Coming to money thing:
1) Your "Hello World"program solutions would cost the government more than they could recover. This demonetisation in one stroke flushed out all that hoarded cash. There will be better mechanism to check those kind of tax evasions hopefully. But first it was necessary to flush out the swamp.
This move did catch a lot of fish big and small and as like fishing nets .. some fish will escape, both big or small.


Rest of the point you had was you basically validating my point and still in your head you see to have the right point.
You are the drunk guy who cries that a guy speeding escaped and you got caught, and adding the reason that lot of people got stuck in traffic because the cop stopped you. You are the guy who finds it acceptable to let people continue to die because of a road which has a lot of potholes because an ambulance will miss out on reaching the hospital in time during road repair.

Regarding Panama and Swiss Bank: The little fish cries, that big fish escaped!!
Nothing more!

and as for stats, there is no credible stat anywhere about it. It is big range with little reliability.

Keep you fake sympathy with you bro, you are just angry about it for other reasons.

As expected, plain rhetoric,
you dont know how much black money will be caught, how much black money is in circulation and too lazy to do any research about it, but happy to preach people that it's just a matter of inconvenience for the greater good.( After all isn't this the objective of government, to bring black money back?)

Whatever makes you feel better.

PS: if you notice my reply to jaded ( after which you went on a rambling spree) you will see that I had called it as good step with poor implementation and without proper planning.

 

[hurricanes]

Easy to preach when you aren't the one who has suffered.

People die because of plenty of reasons, there is no need to add any more.

Do you have any proof that a single death is due to this measure or are you counting all the people who died after Nov 8 as having died due to this measure?

How can standing in line in not so hot weather kill people who are hale and healthy otherwise?Is standing in line such a new thing in India?
You do know that there is a case pending against Janardhan reddy and he is out on bail and as such the government cannot just go and grab his money based on assumptions?Do you think he would be spending such massive money knowing that the focus is on him if the money is not white and cannot be accounted for?

Don't you think if Modi could do anything about Reddy he would have done it just for the attention he would get?If Modi is reluctant to take action against him because he has money, do you think there is a dearth of wealthy people who can contribute to Modi and he needs to waste his political capital on Reddy?

You seem to be a steadfast disciple of Kejriwal who doesn't need any sort of proof for anything and can level any accusation against anybody..

Keep going...Your frustration is only going to increase..

 

[hurricanes]

People complaining about people dying due to this policy have you guys counted how many people died to lack of proper health facilities for poor people?How many people died due to unemployment and under employment for years together?This black money is a drag on the economy and has caused unknown hardships to people of India since Independence.Any and all measures to curb this should be supported to the full extent.

 

[CricketCartoons]

In the country where hundreds die daily due to poor governance, you have to cherry pick this move because it gives you a little inconvenience.

Exactly my friend. When people die everyday, why crib about soldiers being killed. Everything goes in Modi's India.

 

[HussainRx8]

Exactly my friend. When people die everyday, why crib about soldiers being killed. Everything goes in Modi's India.

Brother, what's the future of leftist politics in India (CPI, etc.)?

 

[CricketCartoons]

Brother, what's the future of leftist politics in India (CPI, etc.)?

Looks bleak. BJP is making inroads into west bengal and kerala (leftist states) and wherever they go, they bring disharmony and destruction.

 

[jeetu]

Brother, what's the future of leftist politics in India (CPI, etc.)?

CPI(M) is losing ground steadily since the death of Jyoti Basu who was longest serving Chief Minister.

 

[big_gamer007]

Some good posts here, let's see how the next year is going to be..

 

[Gabbar Singh]

A good scheme ruined by the way it's been implemented.

It's not surprising to see that so many people are against it though - given that only 1% of the population pay income tax it's understandable that so many are now seething with rage at the prospect of finally having to pay their dues. Bet they are wishing they took advantage of the black money/tax amnesty now.

 

[big_gamer007]

A good scheme ruined by the way it's been implemented.

It's not surprising to see that so many people are against it though - given that only 1% of the population pay income tax it's understandable that so many are now seething with rage at the prospect of finally having to pay their dues. Bet they are wishing they took advantage of the black money/tax amnesty now.

Wait for a year mate let's see how 2017 goes before saying it's ruined.. It's a good scheme but it's a start not the end.. I have heard Modi ji is coming up with crackdown on people with more than 2 properties these guys would have to show how they got the wealth for that.. Black money is one thing need crackdown on property, gold, land and other investments people have accumulated over the years with the black money.. and then lastly we need our money from abroad back if that is possible..

Indians are naturally corrupt we whine, cringe about corruption but inside we all are corrupt ourselves it's just that the people more corrupt than us we whine about them.. [MENTION=44367]anakin[/MENTION] I think had a post in this thread which explains us in a nutshell..

 

[Syed1]

One issue that might arise out of this crack down is the decrease in private domestic investment (which is the main driver of growth in any country).

 

[jusarrived]

One issue that might arise out of this crack down is the decrease in private domestic investment (which is the main driver of growth in any country).

its a given that this move will shave off may be 1-2 % of GDP growth this year . Govt though will offer incentives in the next budget , I expect some big ticket announcements which should push both public /private spending .

 

[TalentSpotterPk]

India Demonetization war , Mamata to sit on dharna in Patna



http://www.sify.com/news/demonetisa...-patna-today-news-national-ql4liuffhhbbe.html

 

[JaDed]

its a given that this move will shave off may be 1-2 % of GDP growth this year . Govt though will offer incentives in the next budget , I expect some big ticket announcements which should push both public /private spending .

GST bill passing should do more than enough for next year's GDP numbers to be decent considering logistic and inventory cost might fall.

 

[Napa]

Any economists here who can give a clear picture of what both sides are saying?

Seems like mixed reactions are coming in with some saying its just a temporary setback for real black money hoarders.

Also some saying sucking cash out of a economy will have larger ramifications.

I assume I qualify as an economist based on my graduate degrees.

This will only have an impact on black money that has been accumulated in the past. Once the new money is printed and enters circulation, those wishing to avoid taxes will again operate in the same way they did before.

However, this does have a major beneficial impact. The government can have a certain amount of money in circulation. As the government increases that, you get inflation. The amount of money rendered worthless by this move (in the possession of those who cannot explain how they have it) is around Rs. 2.7 lakh crores. Now the government can print new money of Rs. 2.7 lakh crores while restoring the amount in circulation to the previous level, in which case the harmful inflation is absent. The newly printed money (which the government rather than the tax avoiders own) can be used for infrastructure, paying off its debt etc.

There is some criticism that this move was not well planned and has been badly executed. This criticism misses the point that if it was "well planned", it would have meant more people would have knowledge of it, and if you lose the element of surprise, this does not work.

 

[Saeed]

Looks a revolutionary move.

Lol I should have changed my 500 notes for change earlier.

Should have converted it into gold or some other asset. They are only targeting cash.

 

[Tapioca]

He is hating for the sake of hating things are already started changing, today 2 sacs of Half burnt 500and 1000rs notes were found , total weight is over 20kg, either these notes were fake or illegal.

These were the stories that appeared in the first couple of days after demonitization. Why did the note burning stories stop ? Did people find better ways to launder money or were they just plants in the media by BJP ?

 

[SandyB]

Looks bleak. BJP is making inroads into west bengal and kerala (leftist states) and wherever they go, they bring disharmony and destruction.

BJP in Kerala has very poor leadership and independent ideas. All they do is try to push the RSS-derived Hindutva from the centre, on people here. They still haven't realized that 'one-size fits all' approach that works well in the Hindi-speaking cow-belt up north wont sell in the Southern states, apart from amongst the few Upper caste hidutva lovers.
To improve , BJP needs to puts some effort into cultivating local leaders with proper connect with people & attempt to ID & solve the problems actually affecting the people here. !(Poor industrial development ,lack of jobs, environmental issuesetc ). Instead they go around asking people to stop eating beef & asking us to change the way we celebrate our festivals and all such BS!!

 

[SandyB]

These were the stories that appeared in the first couple of days after demonitization. Why did the note burning stories stop ? Did people find better ways to launder money or were they just plants in the media by BJP ?

Some of these stories were played up a lot by the BJP for sure. But at the same time hoarders started finding a lot of ways to "whiten "the money even with 20-40% of it lost as commissions. Here are a few things that I found being done in my state ....

>> Small & Medium industry owners started paying semi & unskilled employees 3-4 months of salary in advance in the OLD 500 & 1000 notes. Either they could take the payment or work without salary for the next 3 months . Now these guys would have to have the notes exchanged in their names & ID's in the banks .Thereby whitening it .

>>Private Schools, colleges and similar institutions which used to credit salaries into bank accounts instead paid Nov & Dec salaries as old notes. So to use them the employees had to credit the amount as salary in their OWN bank accounts in their own names.

>>Banks facilitated fast opening of accounts for "favoured customers" and whichever friends & relatives and acquaintance they had. After which they deposit Rs 49000 in those accounts . You don't need to provide PAN card for deposits<50000 which means they are difficult to track by the income tax departments. So if you have 20 or so family members or employ 40-50 labourers then each of those people can be used to whiten 49000 rupees.

>>Huge spending on luxury cars and gold by pre-dating the purchases . The government is cracking down on it though .

>>People lending money to needy people for very nominal interest rates .Of course they'll have the brute force to recover the money if any of these borrowers tried to run away with their money.

These are just some of the easily visible workarounds .. The really big fish would have way more complex methods to achieve the same . They did suffer a lot of losses for sure though ..

 

[jeetu]

Man gets Rs 20,000 in 10 rupee coins from Delhi bank amid cash crunch

http://indianexpress.com/article/bu...ins-from-delhi-bank-amid-cash-crunch-4383639/

As the nation reels under the effects of the demonetisation crisis, a Delhi man managed to withdraw Rs 20,000, but in denomination of coins of Rs 10.

Imtiaz Alam, a public relations professional, was given the amount in coins as the Jamia Cooperative bank in Jasola was running low on cash. He said he had to plead with the manager as he was in urgent need of cash. The money weighed 15 kilograms.

“I went to the manager and requested him to do something. He said they were receiving very little cash from RBI. I was persistent and then he asked if I am okay with Rs 20000 in Rs 10 coins and no notes. I agreed. In 15 minutes, they gave me the coins. I kept them in a bag, put it on my shoulder and walked out,” Alam said.

 

[kabbirann]

Modi and his bhakts should feel proud-Indian Rs is so unattainable, it is the new dollar.
Went to my bank today to place an order for Indian Rs-they have every other currency in the world except Indian.The money exchange shops here have stopped dealing with Rs any more.
And now I read there is no more paper to print money.
Ek bandar ko raja bana dete ,isse accha raj kar leta.
I will never understand why and how this guy has any supporters-one can turn a blind eye to the bigotry but how can one overlook the stupidity?

 

[kabbirann]

So BJP worried about UP elections,is filling up ATM's there with money
And we have posters here sermonising about morality and honesty.
This is why I prefer the Congress- at least they are honest about their dishonesty unlike Modi and his supporters who are truly ram ram japna praya mal apna.
Modi and his supporters are like the peadophile priests- evil monsters in the guise of pious men of God.

 

[Slog]

seems like the teething problems are finished

 

[Asim2Good]

i heard they are allowing political parties to exchange as much as they can and no questions ll be asked ?

 

[petercat]

i heard they are allowing political parties to exchange as much as they can and no questions ll be asked ?

Thats wrong.Political parties can deposit as much in their bank accounts and taxes wont be charged as Political parties are exempt from income tax.

 

[pillionrider]

Another change now. Can't deposit over 5000 without explaining to two bank officials why you were waiting for the queues to drop while being stupid enough to believe the government would keep its word.

Laughing stock is what they've become.

 

[Bhaag Viru Bhaag]

Some people have crores of rupees in new currency. How is that possible?

 

[Bhaag Viru Bhaag]

Pakistan follows India's demonetisation policy, bans Rs 5000 notes. But unlike india they will give the time to public and it will take 2-3 years. This is to force people to use bank accounts and move towards cashless system.
[MENTION=138254]Syed1[/MENTION] [MENTION=138463]Slog[/MENTION] [MENTION=135445]Strike Rate[/MENTION]

 

[Syed1]

Pakistan follows India's demonetisation policy, bans Rs 5000 notes. But unlike india they will give the time to public and it will take 2-3 years. This is to force people to use bank accounts and move towards cashless system.
[MENTION=138254]Syed1[/MENTION] [MENTION=138463]Slog[/MENTION] [MENTION=135445]Strike Rate[/MENTION]

Bhai jaan abhi tou siruf Senate mein baat cheet chal rahi hai. They haven't banned it yet.

But I agree spreading out the demonetization over a period of 2-3 years will reduce the burden on banks and there won't be as big a cash crunch as seen in India.

 

[Bhaag Viru Bhaag]

Bhai jaan abhi tou siruf Senate mein baat cheet chal rahi hai. They haven't banned it yet.

But I agree spreading out the demonetization over a period of 2-3 years will reduce the burden on banks and there won't be as big a cash crunch as seen in India.

Good thing is they will give time. Here we will have to explain why are we depositing 5000 rupees 10 days before the deadline when the PM Modi himself said that 'don't worry, no need to rush you will have 50 days'. I have heard people are giving reasons like 'because I trusted the PM's deadline'.

 

[Muhammad10]

Let's stay on topic here.

 

[Bhaag Viru Bhaag]

[MENTION=137142]JaDed[/MENTION] [MENTION=134809]sensible-indian-fan[/MENTION] [MENTION=139664]street cricketer[/MENTION] [MENTION=43185]ZAK[/MENTION] Fan [MENTION=142162]Napa[/MENTION] How many of you like this new rule of explaining the deposits of over 5000 rupees to 2 judges?

 

[Robbie]

[MENTION=137142]JaDed[/MENTION] [MENTION=134809]sensible-indian-fan[/MENTION] [MENTION=139664]street cricketer[/MENTION] [MENTION=43185]ZAK[/MENTION] Fan [MENTION=142162]Napa[/MENTION] How many of you like this new rule of explaining the deposits of over 5000 rupees to 2 judges?

Are you facing any problems currently with this rule?..

How many notes of big denominations you are having currently

 

[JaDed]

[MENTION=137142]JaDed[/MENTION] [MENTION=134809]sensible-indian-fan[/MENTION] [MENTION=139664]street cricketer[/MENTION] [MENTION=43185]ZAK[/MENTION] Fan [MENTION=142162]Napa[/MENTION] How many of you like this new rule of explaining the deposits of over 5000 rupees to 2 judges?

Well tbf they have messed it up big everyday some new rule,not able to follow up,luckily for me its salaried account.

 

[pillionrider]

I have heard people are giving reasons like 'because I trusted the PM's deadline'.

Exactly what I wrote.

1. Long queues
2. Auto-deposit machine out of order
3. Stupidly believed the government's word.

 

[Madplayer]

I heard Pakistan is also going for demonetisation?

 

[jeetu]

I heard Pakistan is also going for demonetisation?

I read in few sites that Pakistan's senate has recommended scrapping the country's 5,000 rupee note.

 

[jeetu]

Glad that i deposited old currency notes in time. This issue will take 2 more months to resolve. Decent idea horrible execution.

 

[Tapioca]

Glad that i deposited old currency notes in time. This issue will take 2 more months to resolve. Decent idea horrible execution.

Seemed like that in the first couple of weeks. No feels like stupid idea, horrible execution

 

[Syed1]

[MENTION=137142]JaDed[/MENTION] [MENTION=134809]sensible-indian-fan[/MENTION] [MENTION=139664]street cricketer[/MENTION] [MENTION=43185]ZAK[/MENTION] Fan [MENTION=142162]Napa[/MENTION] How many of you like this new rule of explaining the deposits of over 5000 rupees to 2 judges?

I'm sure some sort of corruption is also going on in this. If a person who has acquired that cash by corrupt means will simply grease the palms of the judges and get a clean chit.


Remember corruption and bribery is the biggest menace in our countries

 

[Bhaag Viru Bhaag]

I'm sure some sort of corruption is also going on in this. If a person who has acquired that cash by corrupt means will simply grease the palms of the judges and get a clean chit.


Remember corruption and bribery is the biggest menace in our countries

They have taken a U-turn on that 5000 deposit thing. But you are right about corruption. Those who had black money had got it exchanged for new notes while the lower and middle class are suffering. Businesses have been affected because of this.

 

[Gabbar Singh]

Five states (UP, Goa, Uttarakhand, Punjab, and Manipur) are set to go to the polls in February/March in regional elections. It will be interesting to see what effect, if any, Modi's notes policy will have for the BJP?

 

[kabbirann]

In India, and getting cash is not difficult at all.Was fleeced at the Delhi airport money exchange but post that it has been smooth sailing.
Ironically, am surrounded by Modi bhakts aka middle class Delhiwalleh who all talk the talk about demonetisation being all about wiping black money as they try to fleece me.
The only discordant note is our house maid who, as I crib about petrol being expensive, pipes in with everything is expensive under this govt and she supports Kejriwal.

 

[kabbirann]

Five states (UP, Goa, Uttarakhand, Punjab, and Manipur) are set to go to the polls in February/March in regional elections. It will be interesting to see what effect, if any, Modi's notes policy will have for the BJP?

It will be interesting.
On one side is the genuine hardship faced by the poor,as our maid said they took loans to get over this period and the love for money where" baap bada na bhaiya ,sabse bada rupaiya" and on the other side the hope that the black money was actually destroyed plus the hatred for everything Muslim which is what voting for Modi is for a lot of people.

 

[kabbirann]

Was at the Reserve Bank of India today and this is where who realize the difference between a 1st world country and a 3 rd world country.There is no parking,completely unorganized ,same lines for people to enter and exit and this is India's premier bank.
And Modi the dishonest is doing is best to make it difficult to change money so that he and his band of crooks can show that there is unaccounted money.And there is nowhere for PIO's or OCI'S to change money.
How does me being a PIO make my money illegal.
Veer Sarvarkar supported the British rule in India and it makes sense that his followers support Modi,only someone completely dishonest with zero self respect and a slave mentality could support Modi.

 

[Tapioca]

Live on Doordarshan right now.

I'm calling this as a masterstroke.

http://timesofindia.indiatimes.com/...ely-PM-Narendra-Modi/articleshow/55315473.cms

Best decision by GOI since independence.

Looks a revolutionary move.

Lol I should have changed my 500 notes for change earlier.

What an excellent Move.. That is why I wish BJP comes to power in most states in India.. Modi Ji is a strong leader and I am pretty sure a lot of his own party members would have been ****** at this decision but he did not care about keeping others happy but actually thought about the nation..

Wish others in his party can be half as good as him..

This is awesome. I can already see some people around me in panic mode.

Master stroke.

Amazing decision.

Tax evaders totally got owned.

Look at the initial responses in this thread. Best move since independence, masterstroke, revolutionary, amazing. Tax evaders got totally owned.

 

[sensible-indian-fan]

Look at the initial responses in this thread. Best move since independence, masterstroke, revolutionary, amazing. Tax evaders got totally owned.

Good catch. Haha.

More of an emotional response by me and others.

When you don't have knowledge in a topic (as in my case), you succumb to rhetorics.

Dunno how this is going to play out but economists don't have many positive words to say about it now.

I don't know whether this is good or bad either way but my Dad has been wary of it from Day 1.

 

[big_gamer007]

Look at the initial responses in this thread. Best move since independence, masterstroke, revolutionary, amazing. Tax evaders got totally owned.

Hahaha initial thought was now all the people with black money be screwed.. slowly slowly you hear stories about people finding loopholes and your hope starts dwindling... Regardless it's too early to call it a failure let's wait for a bit and see how it pans out..

 

[contraman]

Ha Ha Ha!! Many experts and the so called unbiased Liberal domestic and International media news channels were shouting everywhere that Demonetisation will lead to fall of Modi Government.

Reality is bit different as proved once again by common people instead of experts and Liberal news channels, let alone affecting anything He has further consolidated his party rule and won the election in the largest state of India by a Landslide, first time in 21 years for BJP. Jai Ho Modi !!

 

[WebGuru]

RBI data shows 99% of banned notes returned; it was indeed a failure

It is official. Demonetisation, which was touted to be a big reform and is alleged to have resulted in deaths of citizens, has failed. Though no authorities have admitted it yet, the Reserve Bank of India's data proves so.

As per the data released by the RBI in its annual report on Wednesday, of the Rs 15.44 lakh crore of notes taken out of circulation with demonetisation of Rs 500 and Rs 1,000 notes on 8 November, Rs 15.28 lakh crore returned to the system by way of deposits by the public.

According to the annual report for the last fiscal, 89 million pieces of the banned Rs 1,000 totalling Rs 8,900 crore had not been returned, out of 6,858 million such notes. This amounts to 1.3 percent of the Rs 1,000 notes in circulation before the demonetisation announcement on 8 November 2016.

"Subject to future corrections based on verification process when completed, the estimated value of SBNs (specified bank notes) received as on June 30, 2017 is Rs 15.28 trillion," the RBI said in the report.

According to the central bank, some of the SBNs received are still lying in the currency chests.

"The value of the SBNs received by the currency chests has been credited to the banks’ account on “said to contain basis”. Till such time these notes are processed by the Reserve Bank for their numerical accuracy and authenticity, only an estimation of SBNs received back is possible," the report said.

Moreover, it also points out that there are notes received from district cooperative banks and other countries such as Nepal.

"As such, Reserve Bank is in discussion with Government of India with regard to the acceptance or otherwise of SBNs held by citizens/Financial Institutions in Nepal. Therefore, the value of notes in circulation is subject to adjustments to be made after the completion of the verification process of the SBNs received as also for the notes to be received from DCCBs and Nepalese citizens/ Financial Institutions," it said.

So in a nutshell, chances are the amount of notes returned to the system is likely to go up further.

However, many experts have noted that data shows the exercise was an utter failure.


After announcing the demonetisation of currency notes, it was said the government estimated at least Rs 3 lakh crore would not return to the system. This would mean an equal amount black money would get extinguished and liability of the RBI would reduce.

But with the data suggesting return of 99 percent of the money to the system, one can safely assume that the black money, instead of getting extinguished, has whitened.

Firstpost's Dinesh Unnikrishnan explains in this article, the dynamics of such a scenario.

One thing is for sure, with the crucial data now out, the government and the RBI will have to answer many uncomfortable questions.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/RBI?src=hash">#RBI</a> spent Rs. 79.65 billion printing new notes but only Rs 89 billion old notes didn't return. <a href="https://twitter.com/hashtag/Demonetisation?src=hash">#Demonetisation</a> is officially a failure</p>— Madhavan Narayanan (@madversity) <a href="https://twitter.com/madversity/status/902858427801649152">August 30, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">If RBI figures right, then cost of DeMO exceeded gains? 99 per cent currency back? Black into white? <a href="https://twitter.com/hashtag/DeMonetisation?src=hash">#DeMonetisation</a></p>— Rajdeep Sardesai (@sardesairajdeep) <a href="https://twitter.com/sardesairajdeep/status/902876801583722497">August 30, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>



Source: http://www.firstpost.com/business/d...returned-it-was-indeed-a-failure-3990625.html

 

[ToeCrusher2]

Embarrassing for modi government, demonetization was indeed an epic failure, all that chaos for nothing

 

[troodon]

India is corrupt and people find a way to remain corrupt. Then people blame Congress/BJP/AAP for being corrupt.

Corruption is everywhere i India. Unless you pay some extra bucks, nothing ever moves there.

Modi Govt should privatize everything. It will not solve the entire problem, but at least companies and workers tend to be more honest Govt Babus are idiots and dumb. Many of them have no clue what their job actually is. But they do take money to put a rubber stamp on the papers you need.

 

[jusarrived]

Embarrassing for modi government, demonetization was indeed an epic failure, all that chaos for nothing

The real objective is yet to be achieved , it will not be a success or failure so soon .
Why are we hung on this amount of money not returning to the system as a measure of success . Even if lets assume 25% of the money had not returned , it would mean absolutely nothing in the long run .

The biggest objective was always increasing the tax base and thats gone up by ~25% already . While critics claim the business/economy/jobs everything was impacted by Demonetisation , then how did we get ~3Lac crore more in Tax returns ? Now with GST , another knocker punch to the lot who have been evading taxes for years I will not be surprised if we double the tax base in the next 5 years .

 

[vagabond007ti]

99% notes back in the bank doesn't mean they all were white money. I personally know so many ppl who did deposit large amount and now getting all the tax notices. This means they will end up paying tax on the money which will increase government revenue and also money is back in circulation.

 

[CricketCartoons]

A side effect of demonetisation was the number of shell companies identified which were being used for money laundering.

Personally, I had to bear losses because modi did this just a few weeks before my marriage. Every vendor wanted to be paid in new currency. Only benefit I had was to take a 40% cut in converting money for some people, which somehow cut my losses.

 

[jusarrived]

99% notes back in the bank doesn't mean they all were white money. I personally know so many ppl who did deposit large amount and now getting all the tax notices. This means they will end up paying tax on the money which will increase government revenue and also money is back in circulation.

exactly , its not a coincidence that IT dept has been making high profile raids every week . it takes time to build a case , but with technology and all the income declared data at their disposal its easy for them to identify tax evaders now . And technically this was never black money , it is Grey money .
The same Report RBI has clearly mentioned that ~3.5 Lac crore of cash which came back is marked as suspect , everyone seems to be missing that .

 

[jusarrived]

A side effect of demonetisation was the number of shell companies identified which were being used for money laundering.

Personally, I had to bear losses because modi did this just a few weeks before my marriage. Every vendor wanted to be paid in new currency. Only benefit I had was to take a 40% cut in converting money for some people, which somehow cut my losses.

Not just that , they have made a lot of well thought brilliant moves which the media does not cover . For eg amending the tax treaty first with Mauritius , Cyprus and lastly Singapore . It was pretty big deal , probably something which should have been done years before . Everyone knew about round tripping of Indian investments through these countries , but nothing was done about it .

if you follow each step they have taken its pretty clear , the idea is not necessarily to put people behind bars that dosent help anyone really . Some are just trapped so deep in this corrupt system , its impossible to be honest even if you try to be . This is an opportunity for lot of people to clean up , I believe lot of them happily will which should be fine imo. Eventually most people will start seeing that it does pay to be honest in longer run .