![]() | #1591 | ||
Senior - BHPian ![]() Join Date: Nov 2011 Location: Bangalore
Posts: 1,158
Thanked: 2,182 Times
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Why don't you answer the question, instead of asking another one? The answer is to withdraw his money, not to alter the managers suit. Quote:
Bribes at the registration process are still high and to top it off, builders are being asked to change old money held by the boss man. I assume you read the news, vast quantities of cash are already back in the system, just not in ATMs and bank branches. People who front for the political class have no trouble accessing what is needed to smoothen regulations. Those departments will squeeze what they usually do, hell or high water, normal people are affected, and its not like it bothers you. | ||
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![]() | #1592 | ||
Team-BHP Support ![]() ![]() | ![]() Quote:
Do you know the real cost of paying low level workers with cash? They will be undocumented. Which means they won't get minimum wage, which is revised every year in India. And they won't get PF, gratuity, and ESI benefits. I know companies that keep most of their staff off the payroll for this reason. Pay cash, skip benefits. If labour department catches them, they bribe them off. Most poor workers don't know what they are losing by taking cash. Quote:
![]() What is vast quantity? What is the percentage compared to bank channel? These days every news is sensational. Last month they claimed terrorists are already funded with 2K notes. Turns out they just had 2 notes. | ||
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![]() | #1593 | |
Distinguished - BHPian ![]() ![]() Join Date: May 2007 Location: bangalore
Posts: 2,671
Thanked: 14,148 Times
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But like a force of gravity, the "seller-buyer" incentive to do black money transactions is as strong as ever. The nexus between corrupt business, babus, politicians is intact. Even if the cash is cut down, hitherto legit-cash transactions will move to digital format leaving enough cash for the black economy to flourish. It reminds me so much of the book "Animal Farm" | |
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![]() | #1594 | |||
Senior - BHPian ![]() Join Date: Oct 2008 Location: Stockholm
Posts: 1,291
Thanked: 2,348 Times
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Are you saying this, demonetization move, is the tipping point in the history? Quote:
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![]() | #1595 |
Senior - BHPian ![]() Join Date: Dec 2008 Location: 144022
Posts: 1,160
Thanked: 2,329 Times
| ![]() If I may add to the discussion here, please dont think of demonitization as something coming from left field. It was a matter of time before such a move had to be made. Ofcourse the govt deserves credit and I have the benefit of hindsight to make this statement. Do check RBIs balance sheet to see how there are excess liabilities present. The situation would have become almost untenable in future. I also feel it is a planned move or why else the push to open jan dhan accounts for the last 2 years which were drawing so much criticism. The government does desire a country wide behavioral change with regards to how we approach cash and do transactions. As this behavioral change will help prevent such a situation again. But given our population and the massive social inequities, this is difficult to pull off. And i think this is where the biggest challenge lies. And finally our banking system is a mess as is being brought to the open with daily news of how huge notes were siphoned off. Had banks played the role expected of them, the pain accompanying this move would have been lot lesser. PS: Do search for a news item regarding a UK based manufacturer of currency paper sometime around 2010 and try to connect the dots with this move. Last edited by rrsteer : 12th December 2016 at 22:13. |
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![]() | #1596 |
BHPian ![]() Join Date: Jul 2008 Location: Noida, NCR
Posts: 712
Thanked: 518 Times
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It is tragic that many many people at the bottom of the social strata cannot withdraw 2000 rupees a day but few people at the top can gain lakhs and crores of new currency a day. Our system is totally flawed. It need thorough cleanup. But will it ever happen? |
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![]() | #1597 |
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![]() | #1598 | |
BHPian Join Date: Apr 2009 Location: Bangalore
Posts: 443
Thanked: 44 Times
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Many people are making sweeping generalizations on this thread and shedding tears for the poor, but in my own personal experience the ones who should be suffering the most, i.e. my relatives in the rural hinterland, are the ones who are the most nonchalant about it. As I have said before on this thread, I sense a big disconnect between those who claim to be going through pains and posting here versus those who are going on with their lives as they always did albeit with a few changes. Personally, I think I have been through more pain than my rural folk. It took me some effort to figure out PayTM, but now I use it pay with that for everything from milk to veggies. When I first received a ₹2,000 note I didn't know what to do with it, but people are accepting it and in fact I got change of ₹900 for it from a restaurant recently all in ₹10 notes. | |
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![]() | #1599 | |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,940
Thanked: 4,695 Times
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So what I will say is that things seem to be coming back to normal. imho the crunch was the non-availability of the ₹500 note. As things normalize a lot of panic withdrawals will also settle down. | |
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![]() | #1600 | ||
BHPian ![]() Join Date: Sep 2007 Location: Pune
Posts: 346
Thanked: 266 Times
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Who, in your view, has suffered the most? It's a no brainer, isn't it? But what is the media showing us? They are showing us the poor and middle class people standing in a queue. They are showing us people who were "forced to open bank accounts". Seriously? Are they showing us the rich and corrupt who are silently crying and cursing their luck? In my view, change is difficult. Here's another analogy. When you need to get a bypass surgery done, the doctor has to make you unconscious, cut open your chest, break a few ribs, make you go through severe blood loss. Basically put your life at risk. So when the surgery is done, and the doctor comes out and announces that surgery went fine but there was heavy blood loss, the wound will take a few months to heal, the lifestyle of the person will be severely disrupted for a few months, the family will need to take more care over these months and the expenses will drastically increase over these months so the family will need to let go of a few needs. Now again think for a moment:
What do you do? Last edited by ptushar : 13th December 2016 at 10:16. Reason: Typo | ||
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![]() | #1601 | |
BHPian ![]() Join Date: Feb 2005 Location: India
Posts: 273
Thanked: 49 Times
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Last edited by west : 13th December 2016 at 10:30. | |
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![]() | #1602 | |
BANNED | ![]() Quote:
Before December 1, withdrawing money was super easy if you were okay with 2000 Rs notes. Now there are long queues for that too. At the ATM in my office, whenever it is operational, the queue runs over 50 people whenever I have seen it. Hopefully once the 500 Rs notes get into the market, things should ease out, but right now the situation is different in different places. | |
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![]() | #1603 |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,207
Thanked: 3,550 Times
| ![]() There is something going on out there. I am shocked to see the queues before banks today as long as that we saw in first weeks of demonetization. The Govt claims they have pumped back more then 30% of cash back to the system. Where has this cash gone? Why are the queues not subsiding? I suspect two reasons People hoarding cash anticipating shortage and panic fanned by media Money laundering happening at smaller scales using common people and 24000x4 withdrawal limits. If this is the case queue will magically vanish after Dec31. Last edited by poloman : 13th December 2016 at 10:29. |
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![]() | #1604 | ||
BHPian Join Date: Apr 2009 Location: Bangalore
Posts: 443
Thanked: 44 Times
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Last edited by Samurai : 13th December 2016 at 11:27. Reason: removed political comment | ||
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![]() | #1605 | |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,940
Thanked: 4,695 Times
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As per personal information, no queues in Gwalior, banks are dishing out 24k per week, and the ATMs seldom have more than two or three people. Kolkata is also more or less normal, but this is not true of the hinterland. It seems that Nitish ordered banks to work on Monday, and there were hardly any rush at the ATMs or the counters. This incidentally, was reported by a die hard demonetization opponent, Rajat Sharma. So things are slowly coming under control. As for people drawing more, many of us (incl yours truly) who had some cash in the house and deposited it after 8/11 will like to restore at least some of it. | |
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