Currency Demonetisation and Future course of Indian Economy

Deans · Post by **Deans** » 23 Dec 2016 12:21

All the talk of `not enough big fish / small fish being caught' misses the point. We are not a police state which can do high profile raids, with armed police, in a blaze of media publicity. Money being deposited in a bank simply begins the process of identifying tax evaders - more efficiently than raids can. What I expect will happen to 99% of the BM holders is the following:

- The account where BM is deposited gets frozen (likely to happen for the bigger fish). It will be truly poetic justice, to see the BM holder willing
uncover his stash and give it to the State for safekeeping. Our bureaucratic and banking rules / inertia / corruption will ensure that the BM holder
can use that cash only with a heavy penalty and after a lot of time, during which the documentation he will be forced to provide will uncover
other BM holders - as is currently happening. The slow litigation process before an account might be unblocked, also works in Govts favour.
They might be mostly the reportedly 60,000 accounts into which large amounts ( exceeding 1 cr ? ) have been deposited.

- Lacs of people (like the 68 lac that did high value transactions and don't pay tax) will simply get a computer generated notice asking them to
explain their course of funds (with proof) / file a return with tax payment within 15 days, after which they could face action for tax evasion.
This does not even require any significant manpower or effort, just people who review computer generated lists. This can and will happen even
if they withdraw some of their deposits. If a third of these 68 lac pay tax, it will double our base of income tax payers.

Both these will be done with negligible media coverage.
Corruption actually acts as an incentive for punishing BM holders. I see the IT dept moving way from harassing ordinary taxpayers (mainly corporates facing assessments, often without cause, or tax paying individuals with any anomaly in turns ), in favour of the more lucrative BM holders.
CA's will be happy to spill the beans on some of their clients and split the bribe money from the client, they have `negotiated' with the tax inspector. Then the inspector gets transferred and the new incumbent opens the file - which the computer has randomly selected, so what can the CA do ?

Subdas · Post by **Subdas** » 23 Dec 2016 12:34

One amm admi summed it all - "hamera pass note nehie hai so note bandi se hame koi fark nahi parta. Jinke pass note hai unke liye note bandi bahut bura hai." People who have note are miniscule % of population. This note bandi will reap major potical gains for BJP for sure. All the noises are being made by people who have notes.

kvraghav · Post by **kvraghav** » 23 Dec 2016 12:43

I can at least vouch that this has put fear into the hearts of people. MY Father In Law has taken a week off to complete all the land transactions. He is planning to transfer 2 properties each to his two daughters (with the promise to return one back) and two to his wife. He is a PSU employee and afraid about Modi coming after properties.

cdbatra · Post by **cdbatra** » 23 Dec 2016 13:07

Akshay Kapoor wrote:Ground report from Pune and Mumbai

5. Excise commissioner has given 2 cr for laundering and said the govt will come and go but I will be here and it's you people who will have to make up my loss. We GST asap to sort this out.

It is these rascals that we want Modi to take care off. If he does this then we will give him 20 years for sure.

RajeshG · Post by **RajeshG** » 23 Dec 2016 13:18

ShauryaT wrote:A survey of the Urban Poor. - Audio report.
Episode 7 - Coping with 'Notebandi'(Demonetisation): Voices of informal workers

Thanks Shaurya, very interesting. There are many interesting things in the podcast. The one that stood out for me were

- even credits for non-perishable goods ( P&G, HUL ) is being re-negotiated.
- the dissonance explanation is very perceptive as well. I do remember myself coming out of exams, completely depressed, that I have screwed up my test. Only to later find that everybody else was screwed as well and feeling better about it.

asgkhan · Post by **asgkhan** » 23 Dec 2016 13:30

cdbatra wrote:
Akshay Kapoor wrote:Ground report from Pune and Mumbai

5. Excise commissioner has given 2 cr for laundering and said the govt will come and go but I will be here and it's you people who will have to make up my loss. We GST asap to sort this out.
It is these rascals that we want Modi to take care off. If he does this then we will give him 20 years for sure.

Sadly, the easy lure and incentive to make quick money is strong. For BWSSB connection we are forced to pay 30 k to get the water meter installed. The notes are all in new currency.

The Jt Comm in BBMP is on a vengeance to make up for the loss due to demonitisation. He has hiked up the rates to approve the application for payment of betterment charges and plan approval.

I am sad as I see that not a cent has changed with these crooks.

But all iz well.

BBMP has set in motion akrama sakrama scheme. One more whitewashing exercise to fill back the coffers with their ill gotten gains. The parasites in BBMP offices are all salivating @ the fat payoffs on the fees they will earn regularising the deviations.

Again all iz well.

jamwal · Post by **jamwal** » 23 Dec 2016 13:49

Sachin · Post by **Sachin** » 23 Dec 2016 14:12

asgkhan wrote:The Jt Comm in BBMP is on a vengeance to make up for the loss due to demonitisation. He has hiked up the rates to approve the application for payment of betterment charges and plan approval.

+1. The "black money" hoardings have once again started. A friend of mine had his passport inquiry (police verification) done last week. Rs. 500 for the Daffedar Sahebru (SB Station writer) in new note, plus Rs. 300 for his assistant a lady constable in old notes. Off course demonetization cannot stop all evils in Indian society, and the only solace may be that it would take some time for many of the black marketeers to reach the same levels.

Deans · Post by **Deans** » 23 Dec 2016 14:34

jamwal wrote:

Donations to registered NGO's are tax exempt and therefore get donations in white, so why on earth would one be hit by DeMo ?
She sounds more like someone whose NGO has been hit by enforcement of FCRA, for NGO's getting foreign funding.

Subdas · Post by **Subdas** » 23 Dec 2016 14:42

But how will the LARGE bribe money be paid in cash? Either most of the permissions will be held back or else will be issued with verbal assurance of a later pay off. If permission is not given then the govt will come after the officers as this will stop their coffers. If pay off is a credit then the customer is king and may not pay at all at which point the officer may threaten him to cancel permission at a later time at which point the customer may approach vigilance. In any case, officers are being hit big time. Automatic renewal will further deal a nail in the coffin.

Suraj · Post by **Suraj** » 23 Dec 2016 15:09

asgkhan wrote:The Jt Comm in BBMP is on a vengeance to make up for the loss due to demonitisation. He has hiked up the rates to approve the application for payment of betterment charges and plan approval.

What's the name and office address of this person ?

pankajs · Post by **pankajs** » 23 Dec 2016 15:14

chetak wrote:Demonetization: What does the world’s most unbiased reporter say?
That is what can happen simply from the perception of a shortage. And here we have confirmed reports from Wall Street Journal, India Today, The Indian Express and Scroll.in about a freeze in the supply chain. But the price system still shows no sign of cooperating with the intellectuals. Has the credibility of journalists become so low that people would go in a mad rush to buy salt based on Whatsapp rumors but ignore the hard hitting reporting of qualified journalists? I guess this must be the “post truth society” the liberals keep complaining about

Makes sense. At the basic level any freeze in supply chain will result in shortage that will show up in prices. Prices of most daily use stuff are stable and that goes against the "agenda" driven narrative of the media.

Where the DeMo has hit hardest i.e the black money hoard, the impact is showing up in jacking of prices for permits/etc as reported by some in this forum (Khan saab and Kapoor saab). Painful and shameful as it is that too reflects the impact of DeMo.

The next set of steps should be targeting of these leeches. It has already started with the TN official raid but I think that was just incidental. The main push in this regard will start after Dec 2016 and the main tool will be the Benami <<property>> act/<whatever>.

shiv · Post by **shiv** » 23 Dec 2016 15:15

asgkhan wrote: For BWSSB connection we are forced to pay 30 k to get the water meter installed.

Again all iz well.

Actually you can take action. But I doubt if you are interested. Those with money pay bribes for the speed rather than haul the guy over coals.

pankajs · Post by **pankajs** » 23 Dec 2016 15:18

One does not even have to make a stand but just report it via the email made public by GOI. Don't claim you paid just report that you were asked and what was the modus suggested to collect.

shiv · Post by **shiv** » 23 Dec 2016 15:20

Sachin wrote:
asgkhan wrote:The Jt Comm in BBMP is on a vengeance to make up for the loss due to demonitisation. He has hiked up the rates to approve the application for payment of betterment charges and plan approval.
+1. The "black money" hoardings have once again started. A friend of mine had his passport inquiry (police verification) done last week. Rs. 500 for the Daffedar Sahebru (SB Station writer) in new note, plus Rs. 300 for his assistant a lady constable in old notes. Off course demonetization cannot stop all evils in Indian society, and the only solace may be that it would take some time for many of the black marketeers to reach the same levels.

My daughter had her passport renewed last week. Delivered in 3 days. No bribe. Courier asked for tip and was not given any. This police person should be reported or at least the police station where it happened should be reported.Which police station was this?

Lilo · Post by **Lilo** » 23 Dec 2016 15:21

Deans wrote:
jamwal wrote:

Donations to registered NGO's are tax exempt and therefore get donations in white, so why on earth would one be hit by DeMo ?
She sounds more like someone whose NGO has been hit by enforcement of FCRA, for NGO's getting foreign funding.

NGOs have to show end-use in general methinks.
Now that cash to disburse is tight they cant* simply shift to putting money in personal bankaccounts - as this is direct "proof" that enticements are being used for conversions.

In AP(Guntur-Vijayawada) the communal(i.e group) celebrations of EJs seem to be toned down by many levels compared to previous years.
I think all the money is going for spending into "legitimate" purposes like new churches in lands purchased long back or renovations of old churches (increasing the height of spires,cement & brick work for beautification etc).

No means an expert hence others can corroborate my observations.

asgkhan · Post by **asgkhan** » 23 Dec 2016 15:31

shiv wrote:
asgkhan wrote: For BWSSB connection we are forced to pay 30 k to get the water meter installed.

Again all iz well.
Actually you can take action. But I doubt if you are interested. Those with money pay bribes for the speed rather than haul the guy over coals.

Actually, the transaction is through multiple middle men. They are not amateurs when dealing with such transactions. Multiple layers of agents are there to provide plausible deniability.

I doubt if we get to even see the Jt Comm's face. These guys have layers and powerfully connected all round. I have seen large corruption upclose and am leery of doing all this 'complaining' against powerful parties, particularly the BBMP guys, who have all the resources to phuck me up from every given and unforseen angle.

My sister tried this 'honesty' and 'I wont give a bribe' cr@p last year. BBMP engineers waited for the construction of compound to complete, and citing an obscure law demolished the freshly painted compound. They even threatened her that they will send the bill of demolition to her if she does not pay up.

Firmly tucking her tail and with ego bruised she coughed up the cash and we had silently endure 1 lac loss from re-construction of the compound.

It is not the question on interest. All this anti-corruption activism sounds great on facebook but in real life it is a different ball game all-together. As a helpless middle aged IT abdul, I shall grit my teeth, stiffen up my upper lip and endure the agony imposed by these blood sucking b@stards.

All iz well.

Rishi Verma · Post by **Rishi Verma** » 23 Dec 2016 15:42

kvraghav wrote:I can at least vouch that this has put fear into the hearts of people. MY Father In Law has taken a week off to complete all the land transactions. He is planning to transfer 2 properties each to his two daughters (with the promise to return one back) and two to his wife. He is a PSU employee and afraid about Modi coming after properties.

Thanks for sharing, but these post-demo property transfers will also be under the scanner.

Sachin · Post by **Sachin** » 23 Dec 2016 15:45

asgkhan wrote:My sister tried this 'honesty' and 'I wont give a bribe' cr@p last year. BBMP engineers waited for the construction of compound to complete, and citing an obscure law demolished the freshly painted compound. They even threatened her that they will send the bill of demolition to her if she does not pay up.

Such things will never change due to a move like demonetization. If a state's government has got lots of laws which encourage their employees to make money, they would for sure utilize this. The BBMP etc. have 100s of laws & acts, which no one can master, and to be frank looks like state's culture is that of bribery (give & take). And if the politicians themselves consider the government officials as their "bag men" of black money, then there is no other entity which can take any corrective action. Was just reading a book written by an IPS officer who was with the CBI. A Congie politician using his employees to take loans to buy buses and then willfully default on the loans, A Janatha/Congress politician who just killed a Malayali agent/broker who exposed the shady deeds in fresh admissions to professional colleges run by him etc. etc; the chapter was a good eye-opener.

asgkhan · Post by **asgkhan** » 23 Dec 2016 15:47

We sold property in white and bought in white. All documents pucca. Still they are harassing my 75 + old dad to come down to the IT office every other week, on one pretext or the other. Asking for multiple explanations and justifications. My dad is easily spooked and is $hit scared of the IT officers. When the first notice came, he panicked and was restless even after the interview.

Finally we got the message that they are looking for a fee to ignore us. Negotiations are on b/w the IT officer and the CA to something reasonable and acceptable to both of us.

shiv · Post by **shiv** » 23 Dec 2016 15:49

Sachin wrote: +1. The "black money" hoardings have once again started. A friend of mine had his passport inquiry (police verification) done last week. Rs. 500 for the Daffedar Sahebru (SB Station writer) in new note, plus Rs. 300 for his assistant a lady constable in old notes. Off course demonetization cannot stop all evils in Indian society, and the only solace may be that it would take some time for many of the black marketeers to reach the same levels.

Sachin do you want to report it here for what it is worth. You can choose to stay anonymous
http://www.ipaidabribe.com/add-report?r ... #gsc.tab=0

asgkhan · Post by **asgkhan** » 23 Dec 2016 15:52

Sachin wrote: Such things will never change due to a move like demonetization. If a state's government has got lots of laws which encourage their employees to make money, they would for sure utilize this. The BBMP etc. have 100s of laws & acts, which no one can master, and to be frank looks like state's culture is that of bribery (give & take).

To follow one BBMP law, we end up breaking multiple other laws. Such is the confusion and class-A level FUD.

Architect has given us a plan, but BBMP will not take that, so we have to shell out another 5k to get a separate set of blue prints which will be approved.

One more anecdote on rain water harvesting. It seems that if the soil conditions are not good, RWH will affect the foundation. Now BBMP will not approve if RWH is not provisioned. The current trend is to just dress up a corner for RWH, take a picture of that and get the approval. Ofcourse it is approved after a small fee.

shyamal · Post by **shyamal** » 23 Dec 2016 16:37

Report from the ground -
Visited New Market area yesterday. For those not familiar with Kolkata, it is the most famous shopping area in Kolkata.
Almost all small shops(even temporary ones selling Christmas decorations) are accepting Paytm.
Many streetside stalls accepting Paytm.
No evidence of any cash crunch anywhere. shopkeepers are giving change for 2000 for even small purchases(400 to 500). Lots and lots of Rs100 and new Rs 500 around.
The famous cake shops(nahoums and Flurys) are full of customers and stocks getting over before evening. Just like every other year.
Oh - and the small medicine shop beside my apartment has got a swipe machine now

vnms · Post by **vnms** » 23 Dec 2016 17:59

asgkhan wrote:
Sachin wrote: Such things will never change due to a move like demonetization. If a state's government has got lots of laws which encourage their employees to make money, they would for sure utilize this. The BBMP etc. have 100s of laws & acts, which no one can master, and to be frank looks like state's culture is that of bribery (give & take).
To follow one BBMP law, we end up breaking multiple other laws. Such is the confusion and class-A level FUD.

Architect has given us a plan, but BBMP will not take that, so we have to shell out another 5k to get a separate set of blue prints which will be approved.

One more anecdote on rain water harvesting. It seems that if the soil conditions are not good, RWH will affect the foundation. Now BBMP will not approve if RWH is not provisioned. The current trend is to just dress up a corner for RWH, take a picture of that and get the approval. Ofcourse it is approved after a small fee.

Sheesh, and I thought AP/Telangana was bad.

Was it always this way or has the DeMo made the situation worse?

Marten · Post by **Marten** » 23 Dec 2016 18:20

asgkhan wrote:We sold property in white and bought in white. All documents pucca. Still they are harassing my 75 + old dad to come down to the IT office every other week, on one pretext or the other. Asking for multiple explanations and justifications. My dad is easily spooked and is $hit scared of the IT officers. When the first notice came, he panicked and was restless even after the interview.

Finally we got the message that they are looking for a fee to ignore us. Negotiations are on b/w the IT officer and the CA to something reasonable and acceptable to both of us.

OT: Shall ask you what I was asked when we were sorting out our tax issues. Do you trust your CA?
There is no reason for your assessment officer to repeatedly call your father. Go via the Aykar Seva Kendra for all queries/updates. They are SLA bound and free from corruption. CAs and AOs typically have a 10% deal -- and let's not deify the keepers of the code. Both sides are immoral enough for the situation to be this bad. If you have nothing to fear, do not fear or give in. Have you been given an order yet? Even that can be fought by a decent CA what is known to you. We had a friend batting for us, and believe our issues are resolved (cannot say anything for sure in Bangalore though because it is far more corrupt than either Delhi or Mumbai, and I have experience dealing with govt offices and officers in both areas).

rohiths · Post by **rohiths** » 23 Dec 2016 18:29

Karnataka has become one of the most corrupt if not the most corrupt state in India. It is just leaching & surviving due to tech companies in Bangalore.

rahulm · Post by **rahulm** » 23 Dec 2016 18:50

Some of you might recall my post after a visit to Pune's Bhori Ali a few weeks ago to buy hardware.

Well, I went again today and what a surprise. There is a perceptible difference in the number of shops sporting VISA And Paytm signs. So much so, unlike last time where I had almost no choice for practical purposes,this time I had plenty to choose from shops who accepted e-payments.

Anecdotal etc,yes, but there was a visible change in this conservative market.what a difference w few weeks have made in this street.

Now,if only the autowalls......

Lilo · Post by **Lilo** » 23 Dec 2016 18:56

Lilo wrote:NGOs have to show end-use in general methinks.
Now that cash to disburse is tight they *cant* simply shift to putting money in personal bankaccounts - as this is direct "proof" that enticements are being used for conversions.

In AP(Guntur-Vijayawada) the communal(i.e group) celebrations of EJs seem to be toned down by many levels compared to previous years.
I think all the money is going for spending into "legitimate" purposes like new churches in lands purchased long back or renovations of old churches (increasing the height of spires,cement & brick work for beautification etc).

No means an expert hence others can corroborate my observations.

Edited my above previous post in this thread.
It was missing *cant*

rahulm · Post by **rahulm** » 23 Dec 2016 18:58

But how will the LARGE bribe money be paid in cash? Either most of the permissions will be held back or else will be issued with verbal assurance of a later pay off.

This is the case in North Goa, where, in the absence of a prior relationship or reference files are not moving or where a prior relation[sic](ship) or reference exists approvals are being processed on verbal commitments.

In this context, there is some benefit in having a transaction based economy rather than a relationship based one.

PS I am, after a long time in a sleeper coach headed to Wardha. The stink, filth and smell along the way is bad. God help.

symontk · Post by **symontk** » 23 Dec 2016 19:06

asgkhan wrote:We sold property in white and bought in white. All documents pucca. Still they are harassing my 75 + old dad to come down to the IT office every other week, on one pretext or the other. Asking for multiple explanations and justifications. My dad is easily spooked and is $hit scared of the IT officers. When the first notice came, he panicked and was restless even after the interview.

Finally we got the message that they are looking for a fee to ignore us. Negotiations are on b/w the IT officer and the CA to something reasonable and acceptable to both of us.

Question is not whether you paid and received in white, question from IT will be whether you paid / received prevailing market rate, if not and you paid or received less, there will be questions, because then IT assumes rest of the amount is black. That is the reason

Neela · Post by **Neela** » 23 Dec 2016 19:11

Meanwhile from swanky offices in the USA ,Forbes wrote:

What India Has Done To Its Money Is Sickening And Immoral

Arjun · Post by **Arjun** » 23 Dec 2016 19:14

Neela wrote:Meanwhile from swanky offices in the USA ,Forbes wrote:

What India Has Done To Its Money Is Sickening And Immoral

yes, he's worried that many western governments seem a tad too interested in learning from India's move.

rahulm · Post by **rahulm** » 23 Dec 2016 19:25

Walked the length of platform 1 at Daund. All sorts of stalls are busy doing brisk business. All cash onlee. The licences for these shops are dished out by GOI. can't understand why the licensed shops and stalls in trains and on stations have not been made to accept e-payments yet.

Looks like, once again, it's upt private enterprise to lead the e-payments charge while the sarkari establishments take their own sweet time.

PS what's a 'sweetmeat' stall?

SriKumar · Post by **SriKumar** » 23 Dec 2016 19:35

'sweetmeats' refers to desi mithais like barfi, rasgulla, gulab jam etc.

------------------------------------------------------------------------

This business about vegetables (and other food-related consumables) not selling sounds very strange to me (as does the matter of their delivery systems e.g. trucks etc. not plying). Food is a basic necessity. Every Indian needs and eats food everyday. Therefore, if truly vegetables and fruits are not selling, it means that either (i) people are now eating less, or (ii) there is less wastage in how it is stored or processed (i.e. cooking), or (iii) the reduced vegetable-selling is not true to begin with.

Is there any other explanation for this sudden surplus (within 2 weeks) of vegetables/fruits in a country with 1.2 billion people? Crops do not grow this fast.

i) I cannot imagine that people are eating less.....if so there would be immediate reports about that in the media; there are no reports that people are dying or getting admitted to hospitals because of malnutrition. And if the complaint is that vegetables are not selling, it means that there are more of them available for people to eat.

The rich and upper middle-class clearly are not starving. And surely if the poor are starving/not getting enough food, well...now there are all these extra vegetables/fruits for them to eat, which was not there 2 months ago.

ii) If the reason for extra/unsold vegetables is that there is less wastage in food processing, that also sounds strange. I cannot believe that hotels, restaurants and homes have suddenly, in a matter of a couple of weeks increased their vegetable-chopping efficiency to a point where they need to purchase less. It cannot happen on such a mass scale without doing something differently, and I've not heard anything to this effect (in restaurants or homes).

The only thing I can come up with is that people (homes, restaurants) now buy exactly what they need for exactly 2-3 days i.e. before they get spoilt, and use the vegetables. Hence the wastage/spoilage is reduced.

The other possibility is that the news about vegetables not selling is not true at all (or maybe was temporary e.g. for a 2-3 days).

And really, if indeed the vegetables are not selling, it points to a food surplus, which is something to celebrate/brag about, for a country where malnutrition is still an issue among many sections of population.

Akshay Kapoor · Post by **Akshay Kapoor** » 23 Dec 2016 19:49

pankajs wrote:
chetak wrote:Demonetization: What does the world’s most unbiased reporter say?
Makes sense. At the basic level any freeze in supply chain will result in shortage that will show up in prices. Prices of most daily use stuff are stable and that goes against the "agenda" driven narrative of the media.

Where the DeMo has hit hardest i.e the black money hoard, the impact is showing up in jacking of prices for permits/etc as reported by some in this forum (Khan saab and Kapoor saab). Painful and shameful as it is that too reflects the impact of DeMo.

The next set of steps should be targeting of these leeches. It has already started with the TN official raid but I think that was just incidental. The main push in this regard will start after Dec 2016 and the main tool will be the Benami <<property>> act/<whatever>.

Pankaji if you were referring to me I just want to clarify I did not report any jacking in prices of anything. Just reported people trying to launder their money and these people getting scared of demo.

Another ground report - spoke to many people today and al are fully supportive. They say getting richer and poor getting poorer due to black money. In fact one guy said 'sahab dus din mein sab theek hojayega'.

Primus · Post by **Primus** » 23 Dec 2016 19:51

Deans wrote:
jamwal wrote:

Donations to registered NGO's are tax exempt and therefore get donations in white, so why on earth would one be hit by DeMo ?
She sounds more like someone whose NGO has been hit by enforcement of FCRA, for NGO's getting foreign funding.

As Lilo Ji said earlier, in all probability a lot of the nefarious activities of these NGOs are based on cash payments to their middlemen/agents who then lure the gullible to the spider's den, again perhaps through cash incentives. Much like the 'free lunch' deal in Mexican resorts where once you get in they harass you for hours to buy a time-share. Most 'converters' in my experience are extremely smooth and persuasive. Totally without any compunctions and single-minded in their intent.

shiv · Post by **shiv** » 23 Dec 2016 19:54

Lousy evening. Traffic is dense, Eateries are full. Heck even my clinic was busy. Mucho signs of returning economic activity. Bored of traffic, my dog's dinner already delayed, I stopped over to meet my BiL - who is a paediatrician. He said that the DeMo phase was a bit down but not bad. He has been accepting PayTM, cheques and even promises to pay later online - some of which have not come. He applied for a PoS machine - but every bank has different rules. One bank demanded that he should have a current account - not savings. Another requirement was a trade licence and a TIN number that docs really do not need AFAIK - but he has one. He also said that many patients (parents of his patients) have managed to produce low denomination bills. he was accepting old notes till 10th Dec and then bandh.

My paediatrician brother in law also mentioned the case of many doctor friends of his who had cash stashes ranging from 25 lakhs to a staggering 6 crore. He did not know what they have done.

shiv · Post by **shiv** » 23 Dec 2016 20:01

rahulm wrote: PS what's a 'sweetmeat' stall?

I wish I could find a fascinating early description of India by a Brit who was writing about mithai shops of those days. He writes that "the people of India do not eat meat but the meat they are a variety of sweet dishes blah blah blah.." The name "sweemeat" probably comes from that early inference of what Indians eat if not meat

Primus · Post by **Primus** » 23 Dec 2016 20:49

^^

If you remember the 'mince pies' around Christmas times on all the hospital wards where they had a room set aside for holiday goodies, they were simply dried fruits in sweet syrup baked into little pies. Sounds like a meat pie but is really a dessert.

Dasari · Post by **Dasari** » 23 Dec 2016 20:55

pankajs wrote:
chetak wrote:Demonetization: What does the world’s most unbiased reporter say?
Makes sense. At the basic level any freeze in supply chain will result in shortage that will show up in prices. Prices of most daily use stuff are stable and that goes against the "agenda" driven narrative of the media.

Where the DeMo has hit hardest i.e the black money hoard, the impact is showing up in jacking of prices for permits/etc as reported by some in this forum (Khan saab and Kapoor saab). Painful and shameful as it is that too reflects the impact of DeMo.

The next set of steps should be targeting of these leeches. It has already started with the TN official raid but I think that was just incidental. The main push in this regard will start after Dec 2016 and the main tool will be the Benami <<property>> act/<whatever>.

I heard similar thing from a friend where he alleges that the bribes went up in post demo. If it is new currency it is same rate as before but old currency twice the rate. I wonder what they do with old currency with only one week to go. Don't know how much credibility is these rumors. Eliminating anything higher than Rs 50 and making any cash transaction higher than Rs 10000 illegal is the only way to stop future BM.