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Old 24th November 2016, 06:09   #1246
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Originally Posted by GrammarNazi View Post

Wouldn't we all be up in arms, wouldn't the empathetic layman who only very occasionally used the internet, understand our plight and assist us in the protest ?
Interesting analogy, and I empathise with your underlying thinking on the subject fully. Couple of responses to the above:
1. With social media also gone, how exactly would we be up in arms?!
2. Why would, or even should, the rural poor, for whom there is little empathy today from us, bother to support us in your example? For all you know, they will be happy, like we are today when we gleefully think of black moneyed people being affected; and the irony is that this number is almost certainly a lot less than we like to imagine - I mean the number seriously affected.

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SBI has cut the Fixed deposit rate. Its below 4% for 210 days and less than 5% for more than 1 year. Bad days ahead for people like senior citizens investing in fixed deposit.

Rupee is weak against dollar and forecast by financial rating agency paints a grim picture with fall in growth. We are also witnessing a new phenomenon of Jobless growth just like western economies.
To the first point, there may not be bad days ahead for senior citizens, and I am relieved that I am not too far from that distinction. For one, we have a lot less days left ahead of us that we have had in the past. And for many of the fortunate ones - even the honest ones - it has been a good life. I did not migrate from choice, and I have no regrets. My children who also do not regret for a moment the choice I inflicted on them of growing up in India, will probably reassess their situation in the interest of their children if the opportunity is available; that is their call to make. Beyond a point, that call will have no long term effect on me.

On interest rates, what is the real impact is from the difference of interest rate over inflation rate. An interest rate of 10% with inflation of 10% only protects capital, no income arises. An interest rate of 5% with inflation even at 4.9% is better. And if the economy contracts, consumption drops continue as it has dropped at this time, production will drop, demand for money will drop and inflation will drop because of the one thing that economists fear above inflation: deflation and stagnancy. I was shocked at yesterday's report of L&T laying of 14000 people. If a well managed company has to do that, and for issues even before this demonetisation thing exploded, another set of alarm bells go off. On account of another data point in support of your second paragraph quoted.

In this situation, the only people that will be better off are the average senior citizens; just because they now have less to lose. For example, why would they be directly affected by the huge problem of jobless growth? They would be only indirectly affected. The rest of the country would suffer directly and indirectly, so overall, senior citizens will be less affected.

Last edited by Sawyer : 24th November 2016 at 06:11.
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Old 24th November 2016, 06:47   #1247
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An excellent, even entertaining and cheering report on bbc on how Indians are coping:
http://www.bbc.com/news/world-asia-india-38011407

The boundless ingenuity of Indians across the economic spectrum is our biggest strength; and there are some audacious comments in the report from Indians I can only laugh at, even sneakily admire. And the last comment from another sensible Indian, in the last sentence of the article, is what more of us should be clamouring for: "I don't see this as a fight between rich and poor people. Given a choice, everybody wants to avoid paying taxes. That's what the government needs to change and encourage people to pay taxes." Bravo!

These actions beg the question: Should we be reforming our system such that clever people of initiative like these can turn their energy and intelligence to honest endeavours, by radically reducing the number of laws, rules and regulations there are to break? Nothing wrong with making a quick buck after all, if honestly made.
Or should we be making more laws, passing more ordinances, and having even more investigative agencies and cops to run them down?

Last edited by Sawyer : 24th November 2016 at 06:51.
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Old 24th November 2016, 07:42   #1248
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Originally Posted by kiku007 View Post
The quoted FD rates above are for Bulk deposits (1-10 Crores) is what I read. Are you sure it's for below 1 crore as well?
Its not for bulk deposit. For bulk deposit it is less than 4% about 3.25% if I remember correctly.
You can check website of SBI.
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Old 24th November 2016, 08:05   #1249
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by FrozeninTime View Post
Its not for bulk deposit. For bulk deposit it is less than 4% about 3.25% if I remember correctly.
You can check website of SBI.
https://www.sbi.co.in/portal/web/int...-term-deposits

It is for Domestic Bulk deposits.
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Old 24th November 2016, 08:43   #1250
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More hilarious Indian ingenuity in spotting an opportunity that made my day:-))

I just found about the online service "Book my Chotu" - for on line booking of unemployed people to stand for you in bank and ATM lines. It might even be true, has anyone here heard of it, or used it?
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Old 24th November 2016, 08:48   #1251
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If you have half an hour to spare, definitely watch this interview. The only sane and cogent one that i have seen so far that even a noob like me could understand.

War on Black Money : An Interview with S.Gurumurthy (Economist)
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Old 24th November 2016, 08:58   #1252
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Originally Posted by Sawyer View Post
.....
These actions beg the question: Should we be reforming our system........
If you'll excuse a philosophical indulgence, this whole debate reminds me of something my (late) grandmother used to often say to me.

Corruption isn't a disease, it's a symptom. The underlying disease is the inherent and predominant human tendency to want the best for themselves, at any cost and whatever expense to others, and that will not change. It's as much a part of us as our blood. Her favorite example was to ask how many people among us, in our daily prayers, wished good on someone else before ourselves and our own? Maybe one in a million.

We're hard-wired to care for us/ours before all else, and she believed the only way to extract common good from us was try to align what's best for one with what's best for everyone. That way, common good would ensue from individual good, as a by-product. Common good at the expense of individual good won't cut it with human nature.

She was illiterate, but probably the wisest person I've ever met in my life.
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Old 24th November 2016, 09:23   #1253
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she believed the only way to extract common good from us was try to align what's best for one with what's best for everyone. That way, common good would ensue from individual good, as a by-product. Common good at the expense of individual good won't cut it with human nature.

She was illiterate, but probably the wisest person I've ever met in my life.
. With no reservations at all on the first paragraph; the last sentence above therefore isn't a surprise. I also won't be at all surprised to find this repeated somewhere in Indian teachings on how a wise ruler leads his country forward, on a foundation of carrying everybody with him. No other road to enduring success and to commanding respect and even love, without ever demanding it.

On the Gurumurthy subject; another honest person with whom I don't always agree on the economic philosophy he supports; but he is honest, no doubt about that in my mind. Anything he says needs to also be viewed in an overall context of all that the Swadeshi Jagran Manch proposes; he is or was a co-convener of that body.

His words from Oct 2015 on the black money subject are also worth recalling:
"Money that goes out of the country is treasonable, and hence it should be treated first" - I have added the bold typeface for emphasis.

Presuming here he refers to only that money which goes out illegally, I agree, 100%. No signs of any serious progress on that though.

Last edited by Sawyer : 24th November 2016 at 09:25.
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Old 24th November 2016, 09:38   #1254
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Came across this article (regarding the NaMo app) today, worth reading and pondering over:

"The NaMo app is owned and operated by Narendra Modi, not by the government. So the data it collects can’t be safeguarded by the government – as well as that it now effectively belongs to the BJP."

http://thewire.in/82174/namo-app-sur...bjp-user-data/

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Old 24th November 2016, 09:50   #1255
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

@Puneet.S; Does it take both positive and negative votes. The infamous AAP App did not register the negative votes.

As long as it takes the vote, I do not care who owns it. Incidentally I did not participate.
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Old 24th November 2016, 09:54   #1256
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Puneet.S View Post
Came across this article (regarding the NaMo app) today, worth reading and pondering over:

"The NaMo app is owned and operated by Narendra Modi, not by the government. So the data it collects can’t be safeguarded by the government – as well as that it now effectively belongs to the BJP."

http://thewire.in/82174/namo-app-sur...bjp-user-data/
An app by the prime minister which does not accept negative reactions, even from the people with mobile phones, WITH a data connection, WITH paytm installed, who ARE marginally affected.....Thats just brilliant! Lots of safeguards in place.
And intrusive as well. Way to go for getting a skew.
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Old 24th November 2016, 09:55   #1257
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
@Puneet.S; Does it take both positive and negative votes. The infamous AAP App did not register the negative votes.

As long as it takes the vote, I do not care who owns it. Incidentally I did not participate.
I did not use the app. What concerns me is, that in order to vote - one needs to input some personal information (e.g. date of birth, address, mobile number, etc.) as mandatory. Serious privacy issue in my opinion. Also, a breach of trust because it is being projected by Narendra Modi in his capacity as Prime Minister!

Last edited by Puneet.S : 24th November 2016 at 10:02.
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Old 24th November 2016, 10:09   #1258
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Guys,

I had asked a question and nobody seems to have answered so far, I wanted to know in simple English, what exactly does the banks mean when they gave a 2 months relief to home/personal/car loans below 1 crore. I spoke to some bank guys and they offer no clarity, they went to the extent in asking me not to pay the EMIs next month and see what happens.

I would like to know couple of things;

What happens to your cibil score if you don't pay your loans till dec 30th

what happens to the due EMIs, do I pay them along with the next months EMIs?(That would be a much bigger debt trap)

Link to the news
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Old 24th November 2016, 10:54   #1259
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Guys,
..... what exactly does the banks mean when they gave a 2 months relief to home/personal/car loans below 1 crore....
To best of my knowledge this does not effect your EMI amount or due dates. You have to pay your EMI as usual, in short there is no relief to be honest.

Quote:
According to RBI, loans on which interest or installment of principal remain overdue for a period of more than 90 days from the end of a particular quarter is called a Non-performing Asset (NPA).
Now the two months relief provided by the government will get added to the above 90 days before bank declare your loan as NPA.
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Old 24th November 2016, 11:42   #1260
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Puneet.S View Post

"The NaMo app is owned and operated by Narendra Modi, not by the government. So the data it collects can’t be safeguarded by the government – as well as that it now effectively belongs to the BJP."

http://thewire.in/82174/namo-app-sur...bjp-user-data/
Unless you are referring to the vulnerability of those who said no, this may not by itself invalidate the results. Or if you are referring to the even more unnecessary trick of not taking a no vote; that is just as crude a tactic.

What does so, IMO, is that this is the classic ploy of "clever" marketers in companies: Show high market share by fiddling the denominator in the market share equation: the definition of the target market. Based on that, any market share can be shown to be have been achieved. To not fall into this trap is Marketing 101 in MBA schools.

Most affected that may want to say no, can't take part; no smart phones. And many who have, may not have any idea of this self serving exercise.

Is this not a classic case of shoot and aim? Fire the arrow, let it land, and then draw the bull eye around it with the arrow in the perfect centre.

Nice try, few will buy I suspect.

PS: Oops, I just read the entire linked article. If true, it is both hilarious and scary. A clumsy big brother is watching?LOL.

Last edited by Sawyer : 24th November 2016 at 12:06. Reason: PS; Political Correctness being followed.
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