![]() | #946 | |
Senior - BHPian ![]() Join Date: Feb 2010 Location: Bardez, Goa
Posts: 1,181
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| ![]() I can safely say that you are refusing to see the writing which is written very largely on the wall. I have started to really feel pity at the negativity generated among the masses by the media. Not very recently many lobbyists who had never read Economics in their life started writing prophecies about the doomsday which may fall on Indian Economy on the day Raghuram Rajan would retire. We fully support the scheme but execution is bad and we care about the poor but given a chance would personally withdraw as much cash as possible is also current fad/flavour of the season. Quote:
Last edited by SDP : 18th November 2016 at 18:54. Reason: edited out parts touching politics | |
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![]() | #947 |
BHPian ![]() Join Date: Feb 2013 Location: Mumbai
Posts: 336
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| ![]() There are couple of issues going around ... 1. People queuing up to exchange old currency. 2. People queuing up to withdraw new currency from their account. I am wondering even after so many days, why people are continuing to exchange old currency? Either many businesses are still accepting the old currency or there are touts who are replacing black money currency with new currency. I think Govt. should stop this exchange thing at the earliest. They did reduce from Rs. 4500 to Rs. 2000 but still people seem to be queuing up to hoard currency. People who are queuing for withdrawing from their accounts, should be able to withdraw as much as they want. But limit the smaller notes to say Rs. 2000 per withdrawal. Till all ATMS are functional, queue for withdrawal from banks will be seen. |
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![]() | #948 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
My thought being that people like me, who have access to credit cards etc should not clog the system. | |
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![]() | #949 | |
BHPian ![]() Join Date: Feb 2013 Location: Mumbai
Posts: 336
Thanked: 406 Times
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It is high time the exchange window is closed. The exchange "offer" is simply sucking away the money into the hoarders chest. | |
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![]() | #950 | |||||
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 280
Thanked: 903 Times
| ![]() How does this change anything? Just the notes have changed. Cash is still alive its more of a scramble to have valid ones. Quote:
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Flavours galore my friend ![]() Last edited by SDP : 18th November 2016 at 18:58. Reason: edited out parts touching politics | |||||
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![]() | #951 | |
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,617
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Coming to your questions, let's understand a couple of things: 1. 86% of all the cash was in 500 and 1000 Rs denominations. This is what has been recalled. 2. Rest 14% cash of the nation is in 100Rs and lower denominations and is very much in circulation. The automwallah and share-auto examples you have given.. these guys hardly ever handled 500Rs and 1000Rs notes for their 20-40Rs transactions. In fact, you would get a very nasty stare and a few mumbled abuses if you pull out a big note like 500/1000. So the 500/1000Rs notes scrapping was not supposed to impact these transactions at all as they happen in 100Rs and lower denominations. Don't people generally carry enough 100Rs and 10Rs notes in their wallets to be able to pay for a share-auto, a cutting chai, a cigarette, a wada-pav? So what has changed? 1. Smart alecs are trying to pay a autowallah with a old 500Rs note for a bill of 60Rs. 2. Other bunch of Einsteins who used to top up their bike with a "sau ki patti" (a 100Rs note) have suddenly started pulling out a 1000Rs note for 100Rs of petrol. 3. People who used to carry less than 500 Rs cash in change have withdrawn 4000/4500Rs cash from banks/ATMs. All of these smart-moves by the ever-Jugadu common Indian has created a pressure on the supply of 100 and lower denominations. Its these people who have to be blamed for the shortage created. | |
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![]() | #952 | ||
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 280
Thanked: 903 Times
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As a citizen we should be more sympathetic towards each other, I agree. Last edited by SDP : 18th November 2016 at 19:59. Reason: edited out parts touching politics | ||
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![]() | #953 |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
Thanked: 1,764 Times
| ![]() ![]() Good luck with your efforts; I gave up on presenting any contrary views here over 24 hours ago, after many attempts of doing that in this thread. I went to the bank as planned yesterday to deposit my old notes, to not join and add to the early panic; just before I did that I reflected and realised that much of my support system here - the various vendors like chemist, grocer, bakery and the like - are still accepting the old notes because they are being more sensible than most Indians that are behaving like a herd of sheep. There is a challenge of obtaining change in return, but there are practical workarounds to that. I therefore deposited only half of what I had planned to, because why deposit it all and then stand in a long line to withdraw money when what I had was perfectly usable? And depositable all the way up to Dec 31? And it would have been a long line to withdraw new(!) money - there was no cash in the bank because the manager said the line starts at 7 am and cash gets over in a couple of hours after the branch opens. When I did my deposit in the afternoon, there was no crowd because the bank had no cash. This, in an affluent Pune suburb. Now I shall be accused of being anti national and conspiring to make this grand scheme a failure. So be it, but I know perfectly well that I am not breaking any law. And in an earlier post, you remarked that you hope all of this succeeds. So do I, very sincerely. But I am seeing too many signs of things not working according to a grand master plan, so as a concerned Indian, I remain very anxious. Last edited by Sawyer : 18th November 2016 at 17:24. |
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![]() | #954 | ||
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 280
Thanked: 903 Times
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![]() Sorry for back to back posts mods please merge. Last edited by SDP : 18th November 2016 at 18:05. Reason: merging back to back posts as requested | ||
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![]() | #955 | |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
Thanked: 1,764 Times
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Good for you that you have an access to the megastore; many don't in India or haven't the means to, by card. But there is another side of the coin to your action, which I am sure you recognise. In now using More, you have taken business away from someone you patronised before; and surely not from a black money hoarder ![]() Multiply that effect many times over for many people that have shifted their patronage without thinking twice. | |
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![]() | #956 |
BANNED Join Date: Oct 2013 Location: bangalore
Posts: 560
Thanked: 659 Times
| ![]() The govt should, without delay, disband the following organisations that are redundant and instead conduct demonetization exercise every few years. > Income Tax Department (Intelligence & Criminal Investigation) > Enforcement Directorate (Under Foreign Exchange Management Act,1999 and Prevention of Money Laundering Act,2002) > Central Economic Intelligence Bureau (CEIB) > Directorate of Revenue Intelligence (DRI) > Bureau of Police Research and Development (BPR&D) > Joint Intelligence Committee (JIC) Why should we waste money on paying salaries to so many people? The govt has, through the demonetization exercise, shifted the burden of proof onto the people. It is up to the people to prove his money is white, not the other way around. |
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![]() | #957 |
Senior - BHPian ![]() Join Date: Feb 2010 Location: Bardez, Goa
Posts: 1,181
Thanked: 1,024 Times
| ![]() Continuing your post, why they shift their patronage due to simple reason that the other vendor uses card and is part of the banking system. That is exactly Govt wants to convey. Few very very small vendors use PayTM and transferring money to bank costs 1% compared to 2% against credit card. And setting up PayTM for payment takes not more than a couple of minutes and the bank account can be opened at your convenience. Till then the balance in PayTM account can also be used to pay their expenses. How simple does more than this a process of conversion can get. One more thing to note that PayTM like companies are referred to as Payment Banks (if I am not mistaken) and are regulated by RBI and also require KYC documents. Last edited by carwatcher : 18th November 2016 at 18:27. |
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![]() | #958 | |||
BHPian ![]() Join Date: Sep 2007 Location: Pune
Posts: 339
Thanked: 263 Times
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Now think of this. In the data released last year (for the first time),28.7 million people filled tax returns. Of these 16.2 million paid zero taxes. So only 12.5 million paid taxes. Let's assume that these 28.7 million at an average support 4 non-tax paying citizens each (spouse, children, parents etc). That accounts for 143.5 million people. In a population base of 1250 million people, we have 143.5 million who are accounted for. What happens to the remaining 1106.5 million? That itself should tell you the gravity of the situation. Unless we have radical reforms, this situation is not going to change. And radical reforms will need radical decision making. And that will mean some trouble for many of us. Now the choice is simple and as well it is difficult. Last edited by SDP : 18th November 2016 at 20:07. Reason: edited out parts touching politics. Last warning - lets leave comments on politics out of the discussion. | |||
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![]() | #959 | ||||
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 280
Thanked: 903 Times
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On a lighter note do you work for Paytm? ![]() Last edited by SDP : 18th November 2016 at 20:47. Reason: Deleted quoted text and responses touching politics | ||||
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![]() | #960 | ||||||
BHPian ![]() Join Date: Nov 2009 Location: Ahmedabad
Posts: 144
Thanked: 133 Times
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For all small transactions, we can continue using small denominations which are very well in circulation. Problem arises only because I am going out and withdrawing and hoarding cash - although in smaller denomination - this causes a crunch. Sarcasm flows due to sarcasm my friend. All anti-demonetization people come in with a mindset that they can question and criticize everything, it is their democratic right. However, when their argument is countered, they suddenly claim they have been called anti-national. Believe me despite his public utterance that black money is good, nobody has dared to call ruling CM of socialist party neither anti-national nor anti-social. So, I am all open and waiting for things to subside, if there are inordinate delays or no results - I will also be out with criticism. BUT I also need to have my rights and freedom to support or oppose ideas without fear of being classified and type-casted. Last edited by SDP : 18th November 2016 at 20:49. Reason: Deleted quoted text and responses touching politics | ||||||
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