Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 17th February 2017, 10:54   #2296
Senior - BHPian
 
dark.knight's Avatar
 
Join Date: Apr 2013
Location: India
Posts: 1,082
Thanked: 2,830 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Sawyer View Post
Two things struck me as hilarious messaging:
1. Spend to help the economy get back on the growth track
2. Don't use cash so that it is available to the less privileged.
One good thing for me from demonetisation is that I've implemented demediasation, no news channels, no verbose radio repeating the same trite adverts on apps for digital-money and digital-payments, its hackneyed to say the least.

Thanks for the morning laugh, they did EXACTLY what I thought they'd do after the cash started coming into the system. Spend? But I thought we the spenders are the true criminals of society, as a press release just 2 weeks ago said that the government is looking strongly into car buying, luxury shopping and would do everything possible to discourage futile spending as it'd in turn discourage generation of black money. Please don't spend, please don't.. keep the "digital money" with yourselves.

Don't use cash so that it's available to the "less privileged"? Did I get it right? Less privileged? I'm certainly far, far, less privileged than all the major software company bosses and industrialists in India, industrialists starting with names T and A in particular, please don't spend cash so that it'll be available for me. Short of that I expect a correct definition of less-privileged in absolute terms (net-worth), we already gave up the gas subsidy so that undefined "less-privileged" can have theirs for free, I need a PPT presentation by the government at my home in order for me to consider any more "charitable" pro-people action.

Pro-demonetisation people, I did not mean to offend the move nor is it a case of sour grapes, I was hardly affected by it but I will point out obvious idiocies and U-turns when it comes to agenda/propaganda. Convincing me to think otherwise will result in no change as I'm a well seasoned MBA guy with very high level-grasp on the core-practicalities of economics, finance, operations and H.R. There are always two sides to any story and business / economics is no different. Did the whole country conveniently overlook the fact that lack of liquidity and lack of cash (in an economy where 90% spending happened via cash) will result in much lowered spending & much lowered tax revenue (not that the government needs it, even Mr.Subramanian Swamy said that they can get enough out of the telecommunication licensing taxes alone)? Luxury sector is a core provider of employment and taxes, kick it between the legs and the country will kneel in sheer pain.
dark.knight is offline   Reply With Quote
Old 17th February 2017, 11:35   #2297
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,351
Thanked: 1,018 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by dark.knight View Post
Thanks for the morning laugh
Indeed. My first reaction to Remonetise India was: make up your mind, do you want to demonetise or remonetise?!
I have even stayed away from this thread, apart from occasional visits for entertainment and a good laugh.
Sawyer is online now   Reply With Quote
Old 17th February 2017, 11:44   #2298
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,045
Thanked: 3,591 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

@dark.knight; Many of the U-turns in the Demonetization affair were cases of reacting to the tricks. I am sure nobody vectored in the 'note mules'. I find two major problems they faced, i. need to recalibrate the ATM, due to the different size and thickness of the new cash, ii possible sabotage by the bank unions and the level of fraud by the branch managers.

As for Swamy I am surprised that you did not catch it, 'East is east and West is west, never the twain shall meet'. He is from the Keynesian school (Harvard), and our money policy is now Monetarist / Hayekian. Rajan being from IITD (I guess Keynes) and Chicago (Monetary) and now we have a hard core Monetarist (Patel is LSE + Yale). During NDA-I it was also Monetarist. Monetarist -> Germany, Maggie Thatcher, Nixon (to an extent).
sgiitk is offline   Reply With Quote
Old 17th February 2017, 12:17   #2299
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Apologies for saying this, but for someone who claims:

Quote:
Originally Posted by dark.knight View Post
I'm a well seasoned MBA guy with very high level-grasp on the core-practicalities of economics, finance, operations and H.R.
to say this:

Quote:
Originally Posted by dark.knight View Post
But I thought we the spenders are the true criminals of society, as a press release just 2 weeks ago said that the government is looking strongly into car buying, luxury shopping and would do everything possible to discourage futile spending as it'd in turn discourage generation of black money.
is a bit disingenuous.

(Btw, can you please post a link to the press release from 2 weeks ago that you talk of? Couldn't find it online).
binand is offline   Reply With Quote
Old 17th February 2017, 16:02   #2300
RSR
Distinguished - BHPian
 
RSR's Avatar
 
Join Date: Nov 2011
Location: Chennai
Posts: 1,621
Thanked: 4,530 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Sawyer View Post

I burst out laughing when I saw the recent public service ad that is being aired:
Remonetise India!
Remonetise India???

Let me search for this campaign and find out what they're really trying to say.
RSR is offline   Reply With Quote
Old 17th February 2017, 18:23   #2301
Senior - BHPian
 
greenhorn's Avatar
 
Join Date: Apr 2007
Location: TN-14
Posts: 6,713
Thanked: 1,085 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

http://www.hindustantimes.com/india-...TEe5k3hXP.html

Quote:
The newly launched 2,000-rupee banknotes carry the signature of present central bank chief Urjit Patel but the process to print those bills began when his predecessor Raghuram Rajan was still in office, a Hindustan Times investigation has found.
Interesting twist!
greenhorn is offline   Reply With Quote
Old 18th February 2017, 09:52   #2302
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,045
Thanked: 3,591 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by greenhorn View Post
Could be but I cannot trust the Congress mouthpiece, the Hindustan Times. We all know which 'senior journalist' on the TV is considered by many to be a Congress mouthpiece. HT owned by the Birlas has always been a Congress paper.
sgiitk is offline   Reply With Quote
Old 18th February 2017, 09:59   #2303
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sgiitk View Post
Could be but I cannot trust the Congress mouthpiece, the Hindustan Times. We all know which 'senior journalist' on the TV is considered by many to be a Congress mouthpiece. HT owned by the Birlas has always been a Congress paper.
In any case, it is a non-story. The Rs. 2000 notes were released to the public only after the 8/11 announcement, by which time Mr. Patel was most definitely the RBI governor.

HT is raking up muck to see what sticks, I guess.
binand is offline   Reply With Quote
Old 20th February 2017, 13:47   #2304
BHPian
 
civic-sense's Avatar
 
Join Date: Dec 2009
Location: Bangalore
Posts: 662
Thanked: 666 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sgiitk View Post
@dark.knight; Many of the U-turns in the Demonetization affair were cases of reacting to the tricks. I am sure nobody vectored in the 'note mules'. I find two major problems they faced, i. need to recalibrate the ATM, due to the different size and thickness of the new cash, ii possible sabotage by the bank unions and the level of fraud by the branch managers.
Tragedy is that whoever made the decision to demonetize was not capable enough to anticipate the things that could go wrong. Proves that it takes much more than rhetoric to run the country.
civic-sense is offline   Reply With Quote
Old 20th February 2017, 14:07   #2305
BHPian
 
pratyush6's Avatar
 
Join Date: Jun 2013
Location: RNC - BLR
Posts: 471
Thanked: 498 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

A couple of very interesting things are happening around this with property taxes (Aadhar/PAN linkage). I think there are a couple of things that everyone would agree on:

1. There is a huge black money system in India (undeclared wealth essentially)
2. This is always run on cash
3. Real estate & Gold typically lead the market
4. Prices get artificially inflated as a result of this

Now to say the whole exercise was bad to begin with is ridiculous. Just because a problem is huge, should everyone just put their hands up? That is what this Govt. did and I absolutely applaud them for that.

Could the exercise have been better - Yes, ofcourse, but mostly at the cost of secrecy. Has it had the intended consequences - somewhat at best. I believe this is a process and rules would be made so that we keep going on the path.

The only thing that has been proved is that we Indians are a highly corrupt lot and even though we blame the politicians and officials, we would do the same if we had a choice.
pratyush6 is offline   Reply With Quote
Old 20th February 2017, 14:26   #2306
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,045
Thanked: 3,591 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by civic-sense View Post
Tragedy is that whoever made the decision to demonetize was not capable enough to anticipate the things that could go wrong. Proves that it takes much more than rhetoric to run the country.
There was no precedent to learn from. So I am happy that there were only so many, which could be managed. Argentina did a copycat one and reversed a day later.
sgiitk is offline   Reply With Quote
Old 21st February 2017, 06:35   #2307
BHPian
 
ecenandu's Avatar
 
Join Date: Oct 2008
Location: Guruvayoor/Chen
Posts: 987
Thanked: 1,348 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by civic-sense View Post
Proves that it takes much more than rhetoric to run the country.
A super power country in the west is also learning it the hard way.

What did we learn form the whole exercise, people are becoming more and more tolerant in giving away basic liberty under the pretext of fighting the greater evil, black money in this case.
ecenandu is offline   Reply With Quote
Old 21st February 2017, 08:55   #2308
BHPian
 
akhil_007's Avatar
 
Join Date: Dec 2009
Location: Bangalore
Posts: 103
Thanked: 41 Times
Default

Over the weekend, I'm seeing a new trend. Small time traders, flower sellers, auto guys and the like are refusing to accept 10 rupee coins. They say it's not valid anymore. Whereas fast food hotels and similar establishments have qualms about accepting these. Is this a self imposed demonetization ?
akhil_007 is online now   Reply With Quote
Old 21st February 2017, 09:35   #2309
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by akhil_007 View Post
Small time traders, flower sellers, auto guys and the like are refusing to accept 10 rupee coins. They say it's not valid anymore.
Reported here: http://bangaloremirror.indiatimes.co...w/57150584.cms
binand is offline   Reply With Quote
Old 21st February 2017, 11:07   #2310
Distinguished - BHPian
 
drmohitg's Avatar
 
Join Date: Sep 2010
Location: Delhi
Posts: 4,400
Thanked: 3,429 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

How come we were getting regular weekly updates and sometimes even within a couple of days about the total cash inflow that had come into the banks during the drive and ever since the figures crossed 10L Crore, the updates died down. In-fact now it is close to 2 months post 31 December and we still haven't been told exactly how much money did the banks get. Are they physically counting every note? Or are they not willing to share that info now, risking public anger since almost all the cash came back? Why the delay?
drmohitg is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Government likely to award 21 highway projects for Rs. 28,000 crore & 1,500 kms S2!!! Street Experiences 1 22nd December 2015 20:05
Fake Currency Notes - How do you tell the difference? kedarwalke Shifting gears 24 11th July 2012 17:22
Know your pace notes Tom Indian Motorsport 15 14th June 2004 20:09
Journey Notes - Bangalore- Cochin in a Vtec ajmat The Indian Car Scene 13 16th April 2004 20:29


All times are GMT +5.5. The time now is 13:56.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks