Currency Demonetisation and Future course of Indian Economy

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chetak
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Re: Currency Demonetisation and Future course of Indian Economy

Postby chetak » 14 Nov 2016 13:10

here is a tweet by S Gurumurthy. This is also spam, I am sure :twisted:

S Gurumurthy ‏@sgurumurthy Nov 10

3 celebrated pvt banks seem to have colluded with a corp buccaneer & a political party to give new notes for old for 100+ cr in Delhi n Bby

904 retweets 400 likes

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Shaktimaan » 14 Nov 2016 13:11

Saars, I have also received many such CTs on WhatsApp, have refrained from posting them here because we don't want to give them any more publicity.

Anyhoo, it seems that the government has chosen November very wisely. If everyone had to stand in line for hours during the summer heat, there would be far less patience. Right now it's cool even in Mumbai and therefore people are not complaining too much.

My question is, they have invalidated approximately 1.4 lakh crores of currency. We know that this entire amount will not be reprinted. So let us assume that at least currency worth 30 thousand crore needs to be reprinted and supplied to the people. Does anyone know the printing capacity of all RBI presses working in tandem?

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 13:15

In the long run,the GOI benefits,no problem with that and the crusade against "black money".However,the big fish have legions of loyal workers/staff/political armies at their disposal to spread the moolah around .I'm told that some ed. institutions have spread the moolah amongst the staff and even the students,using them to deposit "stuff" in exchange for "pocket money",in the form of demonitised currency which they can happily exchange at banks.The ones really suffering are estate workers,mostly tribals,who are clueless about the "e-economy".Facilities in these remote areas are also poor.A friend who flew in from Kerala today said that the state is in meltdown,total chaos,Tour operators/hotels have cancelled their bookings,and the economic hit is going to affect a massive % of the population.Worst off in the chaos are the elderly,pensioners,etc.There have been cases of elderly people passing out,some forever while standing in Qs.The intention may be laudable indeed,but the implemenattion,a veritablke catastrophe.The enormity of the exercise has been grossly underestimated by the Modi regime and banking babus.It is the bankers ,RBI in particular who should've got their act together,planned a crisis free as smooth as possible transition.

It would've been better for the 1000 Re. notes to have been demonitised first swiftly followed up with the 500 Re notes.The chaos would've been far less and the daily/weekly/exchange payout increased.This would've reduced the number of people in Qs.Families now have to send out the entire household to ATMs for the pittance of 2000,or stand in long Qs for the 4,000 exchange handout. Last week I was allowed 10,000 only from my deposits.My poor staff have been out of office for sev. days trying to get money in their pockets for their daily bread.Moreover,the 2000 Re. note is almost useless unless you are going to spend 2000 exactly! What do the small roadside stalls and chaiwallahs do? They can't give out change for 2000 for a few cups of tea! As a fromer chaiwallah himself Mr.Modi should've known better.The big fish always get around problems,it is the poor who are always made to suffer.
Last edited by Philip on 14 Nov 2016 13:24, edited 3 times in total.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 13:15

chetak wrote:here is a tweet by S Gurumurthy. This is also spam, I am sure :twisted:

S Gurumurthy ‏@sgurumurthy Nov 10

3 celebrated pvt banks seem to have colluded with a corp buccaneer & a political party to give new notes for old for 100+ cr in Delhi n Bby

904 retweets 400 likes


And this must have happened during the 1st 1-2 days when the system to catch multiple use of id in different banks on same day was not up and running. Even then how many ids one can arrange in 1 days notice and how much exchanged given the limit per id? Now it is compulsorily enforced due to rbi directive.

And anyone, can a branch do this work in the backroom while the other machine is engaged in the cashiers counter at the front?

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Re: Currency Demonetisation and Future course of Indian Economy

Postby srinebula » 14 Nov 2016 13:21

Philip wrote:I.Their have been cases of elderly people passing out,some forever while standing in Qs. The intention may be laudable indeed,but the implemenattion,a veritablke catastrophe.


Sir, where do you get this info from. I noticed that media was caught spreading rumors. I have seen some of them carrying apologies also for their fake news.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 13:25

Media reports,mainstream media giving cases with names.Just a few.

Three People Die While Waiting In Queue To Exchange Rs 500 and Rs 1,000 Currency Notes
This is just tragic.

http://www.huffingtonpost.in/2016/11/11 ... ued-curre/

72-year-old man goes to deposit banned notes, dies outside Mumbai ...

www.hindustantimes.com/...elderly...que ... 0jnAknIO...

Elderly man suffers heart attack in money queue, dies | The Siasat Daily
www.siasat.com › Crime › Crime and Accident
13 hours ago - Sagar: A 69-year-old man died after suffering a heart attack while standing in a queue for exchange of demonetised currency notes outside a ...
Last edited by Philip on 14 Nov 2016 13:30, edited 1 time in total.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby SRoy » 14 Nov 2016 13:29

Philip wrote:Media reports,mainstream media giving cases with names.

Then the hammer is on the way. Rest assured.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Suraj » 14 Nov 2016 13:30

Australia Should Scrap Big-Denomination Bank Notes, UBS Says
Australia should follow India’s lead and scrap its biggest bank notes, UBS Group AG said.

“Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and a “spike” in bank deposits, he said.

The report came after India last week banned its existing 500-rupee ($7.40) and 1,000-rupee notes as part of a crackdown on tax evasion and the black economy that the government hopes will force people to declare unaccounted income and boost tax coffers. The government is issuing newly designed 500-rupee and 2,000-rupee bills with additional security features to deter counterfeiters.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby chetak » 14 Nov 2016 13:32

Sicanta wrote:
chetak wrote:here is a tweet by S Gurumurthy. This is also spam, I am sure :twisted:



And this must have happened during the 1st 1-2 days when the system to catch multiple use of id in different banks on same day was not up and running. Even then how many ids one can arrange in 1 days notice and how much exchanged given the limit per id? Now it is compulsorily enforced due to rbi directive.

And anyone, can a branch do this work in the backroom while the other machine is engaged in the cashiers counter at the front?


why would they do this in broad daylight and in the full public glare??

and, why would any machine be involved??

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Re: Currency Demonetisation and Future course of Indian Economy

Postby kmkraoind » 14 Nov 2016 13:32

Breaking – This businessman has surrendered Rs. 6000 crore in cash? Know who he is ! - Postcard.news

It seems Narendra Modi’s war on corruption and black money is paying rich dividends. If reports are to be believed, Lalji Bhai Patel who is a builder and diamond merchant from Surat , has surrendered cash of Rs. 6000 crore. If confirmed, Laljibhai Patel will also have to pay a sum of approx Rs. 5400 crore as tax on the money deposited by Laljibhai Patel (30 % as tax, which is 1800 crore and 200% fine on the tax, which is another 5400 crore).

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 13:35

There was one v-clip showing a shopping centre being looted doing the smart phone rounds supposedly in the NE.However,this has not been seen in any newspaper reports other than a few food godowns being looted.What is remarkable is the stoicism of the Indian populace who have been so patient and law-abiding.Had this been done in any other country,western ones included,there would've been riots! In this Mr.Modi's message and crusade against corruption has been well received and accepted,even by most of the chattering class.The angst is the manner of execution.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 13:40

chetak wrote:
Sicanta wrote:
And this must have happened during the 1st 1-2 days when the system to catch multiple use of id in different banks on same day was not up and running. Even then how many ids one can arrange in 1 days notice and how much exchanged given the limit per id? Now it is compulsorily enforced due to rbi directive.

And anyone, can a branch do this work in the backroom while the other machine is engaged in the cashiers counter at the front?


and, why would any machine be involved??


All the banks use the same software - Finacle with nearly every branch on CBS. RBI just needs to have a look at all the ids that have been entered into the system at any time to see if any hanky-panky is going on. And they can't do it at night as far as i know. It has to be done during banking hours.

Infact earler banks used to enter npa details separately. Now they all have to use rbi provided software to maintain transparency.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Bart S » 14 Nov 2016 13:43

chetak wrote:here is a tweet by S Gurumurthy. This is also spam, I am sure :twisted:

S Gurumurthy ‏@sgurumurthy Nov 10

3 celebrated pvt banks seem to have colluded with a corp buccaneer & a political party to give new notes for old for 100+ cr in Delhi n Bby

904 retweets 400 likes


S Gurumurthy of the Swadeshi Jagran Manch? If so he is no stranger to illogical claims and assertions. Anyway, if he has credible info let him contact the authorities instead of putting out tweets that would only delight Kejri and Mamta.

Also, does not make the previous news that you posted 'not spam'.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 13:45

However,this is how the West sees it! Britain,which is the world's worst global offender for sheltering criminals of all kinds,nationalities,occupations from arms dealers to drup peddlars,Russian oligarchs on the run,etc.,etc. ,including one Vijay Mallya and other unscrupulous arms dealers of Indian origin,Verma,etc.,have a press that has the audacity to describe this exercise of cleansing India as such as given below. Yesterday's BBC Panorama prog. had details of how Rolls Royce paid bribes to get contracts in Brasil and India (Hawk deal)
The Daily mail and other yellow rags should first look at the corruption at home in Britain before castigating Mr.Modi and India.

Please,this is not in agreement with the report but to highlight the hypocrisy of the West,utterly corrupt in mega scams (US banks,etc.) who try and defame the developing world and their tough leaders so that their citizens do not demand the same.It was very recently that a top gent of the EU demanded the same for the Euro ,demonitising of high value notes so that global criminals using western banking systems could be dealt with!

Two elderly men die at ATM queues as Modi's money madness turns into arguments and scuffles
Modi shocked India with the announcement that Rs 500 (£6) and Rs 1,000 (£12) currency notes were to be withdrawn
Panic has set in across India with many people rushing to exchange their life-savings which could be rendered worthless
People with either have to declare, exchange or throw away their money
Black money refers to funds earned on the black market, on which income and other taxes have not been paid
A large chunk of the black money will either find its way to bonfire or get caught in the taxman’s net
See more news from India at http://www.dailymail.co.uk/indiahome

Read more: http://www.dailymail.co.uk/indiahome/in ... z4Py636Iu8

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Re: Currency Demonetisation and Future course of Indian Economy

Postby chetak » 14 Nov 2016 13:49

^^^^^^^

There are enough and more bank managers who have grown wealthy simply by being cooperative.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 13:50

Philip wrote:However,this is how the West sees it! Britain,which is the world's worst global offender for sheltering criminals of all kinds,nationalities,occupations from arms dealers to drup peddlars,Russian oligarchs on the run,etc.,etc. ,including one Vijay Mallya and other unscrupulous arms dealers of Indian origin,Verma,etc.,have a press that has the audacity to describe this exercise of cleansing India as such as given below. Yesterday's BBC Panorama prog. had details of how Rolls Royce paid bribes to get contracts in Brasil and India (Hawk deal)
The Daily mail and other yellow rags should first look at the corruption at home in Britain before castigating Mr.Modi and India.


And who gives a **** about them? Everyone who matters there knows what matters and what is propaganda.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 13:52

chetak wrote:^^^^^^^

There are enough and more bank managers who have grown wealthy simply by being cooperative.


And all that corruption is going to be dealt with. Benami properties is next in line as modi ji said.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 13:53

True,who gives an "F" to the West,but it is they who rule the roost when it comes to finance,trade and other intl. rules and regs. and force us to abide by these rules which they violate at leaisure.Why is there so much of resistance in Britain to clean up its financial system? London would then lose its place as the world's financial capital,or rather the globe's biggest "laundry",where coloured currency of any kind,from any part of the globe can be beautifully whitewashed by the white man and his banks!

https://www.theguardian.com/business/20 ... note-crime
EU finance ministers call for restrictions on €500 note over crime fears
According to Europol, the high-value banknote accounts for a third of all the euro notes in circulation
€500 banknotes
The European Central Bank will take a decision soon on whether to keep printing €500 banknotes. Photograph: Miguel Medina/AFP/Getty Images
Jennifer Rankin
Friday 12 February 2016
EU finance ministers have called for an investigation into the €500 note, amid growing concern it is making life easier for terrorists, money launderers and drug barons.

The French finance minister, Michel Sapin, said it was right to ask questions about the use of the euro’s largest-denomination note. “The €500 note is more used to conceal then to purchase, more used for easing dishonest transactions than to allow you and I to buy something to feed ourselves,” he said.

At a meeting in Brussels on Friday, the 28 finance ministers of the EU called on the European commission “to explore the need for appropriate restrictions on cash payments exceeding certain thresholds”. They also asked the EU’s executive arm, to engage with the European Central Bank to “consider appropriate measures on high denomination notes, in particular the €500 note”.

France has stepped up restrictions on the use of cash, following the “low-cost” terrorist attacks that struck Paris last year. The January 2015 attacks on the satirical magazine Charlie Hebdo and a Jewish supermarket that killed 17 people were funded with cash, earned partly from the sale of counterfeit goods.

In response, the French government tightened restrictions on cash payments and stepped up monitoring of high-value withdrawals. Since September, French citizens can only make cash payments of €1,000, down from €3,000, while cash withdrawals or deposits exceeding €10,000 in a month are automatically checked by money-laundering authorities.

Big bucks: high denomination banknotes - in pictures

Since the 13 November attacks in Paris, France has been pushing for a common EU approach against terrorist financing. An EU action plan published earlier this month stated that €500 notes “are in high demand among criminal elements ... due to their high value and low volume”.

The €500 note, worth around £389 at current rates, is one of the highest-value banknotes in the world, along with the Swiss 1,000 franc note (£707). But in an age of electronic payments and concern about the anonymity cash provides, many experts would like to see the notes scrapped. This week Peter Sands, the former chief executive of Standard Chartered, called for the abolition of the €500, $100, SFr1,000 and £50 notes, which “play little role in the functioning of the legitimate economy [and] a crucial role in the underground economy”.

According to Europol, the European police agency, the €500 note accounts for a third of all the euro notes in circulation, despite their low public profile. About a fifth of all euro banknotes, in denominations from €50 to €500, are not held in Europe, raising suspicions that some of the notes are used by foreign criminals.

Valdis Dombrovskis, the European commissioner in charge of the euro, who will lead the European commission inquiry following the call by the 28 EU finance ministers, pointed out that the ECB was ultimately in charge of issuing notes and coins. “We must respect the independence of the ECB,” he added.

In the past, law enforcement officials have found the Frankfurt-based bank unwilling to scrap the note, a stance described as “shameless” by former Bank of England policymaker Charles Goodhart. But the ECB president, Mario Draghi, told the European parliament this month that the bank is reviewing its policy on the notes. “We are determined not to make seigniorage [profits earned from printing the notes] a comfort for criminals,” he said.

Benoît Cœuré, a French economist who sits on the ECB’s executive board, told Le Parisien on Thursday he found the arguments for retaining the note “less and less convincing”.

The EU investigation into cash limits and high-value notes is part of a wider strategy targeted at terrorist financing and money launderers. In June the commission will publish a blacklist of countries that have weak controls on money laundering and terrorist financing.

Also on the table are proposals to harmonise the EU’s money-laundering laws. Differences in legal definitions and sentencing “create obstacles in cross border and police co-operation to tackle this crime”, said Dombrovskis, who has promised to publish proposals later in 2016.


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Re: Currency Demonetisation and Future course of Indian Economy

Postby JayS » 14 Nov 2016 14:31

chetak wrote:Received by email. CT or possible??

Bankers woes .

Hi, I am working in a leading national bank and I am writing this with great disappointment.Corrupt bank official are changing black money into white.
Modus Operandi:- Government allow to change 4000/- rs per person per day.

1. Big corporate houses, factories are using i.d. of their employees (photocopy can be easily obtained by H.R files of employees) ,giving these I.Ds in bulk to branch managers and corrupt branch managers are changing 4000/- RS per ID of black money into white each day. For example ID of 500 persons can convert 20,00,000 rs per day per branch into new currency. Multiply it to number of branches doing this and you will be surprised how much black money can be converted to new currency in a single day.

2. Agents contacting telecom houses, mobile shops for getting photocopy of IDs in bulk and using them to convert black money into white with the help of banks.

3. Branch managers are taking photocopy of IDs from saving account of peoples and using thousands of these IDs to covert 4000/- rs per ID into new currency.

This is going on very large scale. Crores of black money is converting into white every hour. Instead of giving new currency to public, banks are giving it to black money hoarders. Because of this, even after issuing thousands of crores of 2000 notes by RBI, public still waiting to get new currency.

Kindly share it to as many peoples and platforms as you can so that this malpractice comes into government knowledge and this can be stop immediately and this great step of currency change don’t go into vain. share it to PMO and other official government pages.

#whistle_blow #corrupt_bankers #share_to_stop


I thought only PAN card is being accepted. At least for depositing in own account, it is so - from experience of a family member.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby JayS » 14 Nov 2016 14:35

Sicanta wrote:And all that corruption is going to be dealt with. Benami properties is next in line as modi ji said.


Benami properties' act is changed and now GOI can confiscate any benami property in entirety.

Also someone was mentioning - GOI can nationalise all the overseas property/accounts held by Indian national and which is not a white money/asset. The ground work is being laid as PM himself said with info sharing treaties and its very much possible step.
Last edited by JayS on 14 Nov 2016 14:41, edited 1 time in total.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Murugan » 14 Nov 2016 14:36

Australia should follow India’s lead and scrap its biggest bank notes, UBS Group AG said.

http://www.bloomberg.com/news/articles/ ... s-ubs-says

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Shaktimaan » 14 Nov 2016 14:40

The Orcs are gathering all across the land...

Mamata Didi is reaching Delhi tomorrow to gather the usual suspects like Pappu and unusual suspects like Yechury together.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby JayS » 14 Nov 2016 14:41

Now that GOI has introduced new 500 note, unless banks keep track of notes deposited, someone could use that "peak theory" to recycle money, that the guy who wrote open letter to AK was referring to...?? Its difficult and risky thing, yes. But I guess banks are not getting old notes deposited even in own account without ID. My MIL went to deposite notes to my FIL's account, which should be just fine normally, but was not allowed to do so.

Anyone has deposited money in bank in own account without id??

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Philip » 14 Nov 2016 14:42

The problem is will the foreign banks/nations cooperate? They're the biggest scamsters around.Why the biggest crooks in the world make a bee-line for Britain and London! When one St.Theresa of May visited us recently,she should've been asked for the deportation of the Mallyas,Vermas et al,Khalistanis,and other anti-Indian terrorists ,esp of the Islamic variety enjoying British hospitality.ASone media report had it,just GBP 5M will get you permanent residence in the UK and there's nowt that can be done about extraditing you if you have a reasonably smart lawyer.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 14:53

Apparently, army has been deployed to transfer currency from printing press to rbi regional offices.

https://twitter.com/manakgupta/status/7 ... 1928081408

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Re: Currency Demonetisation and Future course of Indian Economy

Postby madhu » 14 Nov 2016 15:01

One thing that is still puzzling me is why is modi talking about JDY? Why is he telling “now old mother in old age home has become 2L richer” is he giving a clue to BM people to use JDY? Even JetLee also in his press confrere told he has been informed of increase of money in JDY but did not say we are tracking and can find out such people.
Yesterdays note to bank employees are asked to use this opportunity to create more CA/SA accounts is it not risk of rising number of account to track.
Or is it that GoV wants all BM to be put into JDY account so that they can take to full cash directly. Is Modi scaming against the scamesters?

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Re: Currency Demonetisation and Future course of Indian Economy

Postby chetak » 14 Nov 2016 15:11

Philip wrote:The problem is will the foreign banks/nations cooperate? They're the biggest scamsters around.Why the biggest crooks in the world make a bee-line for Britain and London! When one St.Theresa of May visited us recently,she should've been asked for the deportation of the Mallyas,Vermas et al,Khalistanis,and other anti-Indian terrorists ,esp of the Islamic variety enjoying British hospitality.ASone media report had it,just GBP 5M will get you permanent residence in the UK and there's nowt that can be done about extraditing you if you have a reasonably smart lawyer.


mallaya already had the "permanent leave to remain" status, prior to his entry into the UK. He only needed a valid passport to enter and his passport status is not germane once he is in the UK as he arrived legally and his PLR status is valid.

He will soon acquire citizenship of some non repatriating minor country to be able to legally travel. As of now, he is stuck in the UK without a valid passport or travel documents.

He has extensive properties in the UK and an ample income to support himself there. This is all that the UK govt is concerned about.

May was given a long list of names that the GOI wanted deported back to India. She was apparently non committal on a number of such names. She returned home, empty handed, without any trade deals because she did not agree to less stringent visa regulations for Indian citizens legally wanting to go to the UK, among other things that she did not agree to.

Her first visit abroad to drum up investments / trade deals post the brexit decision ended in utter and miserable failure. Not a good omen for her new govt. Other countries would have taken note of this.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby chetak » 14 Nov 2016 15:14

madhu wrote:One thing that is still puzzling me is why is modi talking about JDY? Why is he telling “now old mother in old age home has become 2L richer” is he giving a clue to BM people to use JDY? Even JetLee also in his press confrere told he has been informed of increase of money in JDY but did not say we are tracking and can find out such people.
Yesterdays note to bank employees are asked to use this opportunity to create more CA/SA accounts is it not risk of rising number of account to track.
Or is it that GoV wants all BM to be put into JDY account so that they can take to full cash directly. Is Modi scaming against the scamesters?


If proven to be benami, the GOI can confiscate it and go after the person who deposited it.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Murugan » 14 Nov 2016 15:20

Visit to Indian Overseas Bank with a friend who wanted to depoist 2L

Bankwala SO: You are transacting with this bank after 2 years
Friend : Hain ?
SO: You have already deposited big amount in BoB recently
Friend : Hain ?
SO : Why you want to deposit after two years ?
Friend : Cash In Hand in business
SO : In last two year you could have deposited in part
Friend : My Business need money frequently
SO : You will be able to withdraw only 24K during the week
Friend : I know
SO accepts money

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 15:36

Murugan wrote:Visit to Indian Overseas Bank with a friend who wanted to depoist 2L

Bankwala SO: You are transacting with this bank after 2 years
Friend : Hain ?
SO: You have already deposited big amount in BoB recently
Friend : Hain ?
SO : Why you want to deposit after two years ?
Friend : Cash In Hand in business
SO : In last two year you could have deposited in part
Friend : My Business need money frequently
SO : You will be able to withdraw only 24K during the week
Friend : I know
SO accepts money


If he has deposited large sums in multiple banks, IT will probably be interested in him. They sure will look at his finances and tax history.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby srinebula » 14 Nov 2016 16:56

Philip wrote:Media reports,mainstream media giving cases with names.Just a few.


Sir, that is exactly what I feared. These MSM folks have been spreading lies. People were catching their lies on SM. Some of these stories are also being withdrawn by MSM. I personally saw a "corrigendum" published by TOI in this matter.
When MSM is hellbent on denting Modi, you can expect all kinds of psyops dramas. I hope we had a smart I&B ministry with balls to handle these presstitues in this critical time.

Regarding deaths, I would leave this also here:
When YSR died in a chopper crash, they reported that several hundred people died of sorrow in the entire state. This was pure fiction. Any heart failure kind of death anywhere in the state was reported as arising due to the sorrowful incident.

I would not be surprised if MSM takes leaf out of that playbook for their current play.

Please don't think I am underestimating the gravity of unfolding situation. I know the enormity of this. But I also know that Modi's future, and to a large extent this nation's future is tightly linked to us riding this out.
Modi literally begged his citizens to give him 50 days; I believe he more than deserves that 50 days of no rumors, no panic creations, and no unnecessary cash hoardings. Let's do our bit.

Someone was mentioning about Lal Bahdur Shastri's call to Indians to fast for one time a day to ride out the food crisis during that time. He said his parents adhered to LB's call. He said this situation is similar, let's strengthen Modi's hand.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Rishi Verma » 14 Nov 2016 17:05

chetak wrote:
madhu wrote:One thing that is still puzzling me is why is modi talking about JDY? Why is he telling “now old mother in old age home has become 2L richer” is he giving a clue to BM people to use JDY? Even JetLee also in his press confrere told he has been informed of increase of money in JDY but did not say we are tracking and can find out such people.
Yesterdays note to bank employees are asked to use this opportunity to create more CA/SA accounts is it not risk of rising number of account to track.
Or is it that GoV wants all BM to be put into JDY account so that they can take to full cash directly. Is Modi scaming against the scamesters?


If proven to be benami, the GOI can confiscate it and go after the person who deposited it.


2L is allowed but what Modi is implying that they have ears on the ground. He gave another funny example of a guy calling his friend, with modi with imaginary phone in his hand "koi raasta hai? ", friend says "nahi yaar modi ne Sab raaste bandh kar diye"... It's just telling bad guys on a daily basis that "we are watching ju"

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Re: Currency Demonetisation and Future course of Indian Economy

Postby madhu » 14 Nov 2016 17:28

Rishi Verma wrote:2L is allowed but what Modi is implying that they have ears on the ground. He gave another funny example of a guy calling his friend, with modi with imaginary phone in his hand "koi raasta hai? ", friend says "nahi yaar modi ne Sab raaste bandh kar diye"... It's just telling bad guys on a daily basis that "we are watching ju"


As per the PMJDY webpage, there are 25.45C accounts and about 5.95C are 0 Rs account. Let’s say all of them are filled (25%), then they have to investigate so many people. Do we have the resource to do it? Will they say bank people to go and get a report? will bank employees be honest to do the job? I doubt. Bank employees are least paid and overused people next to school teachers. Their pay is still equal to 4th pay commination and already in a big fatigue with JDY, MUDRA, NPA etc.
There should be some way where they make the BM people to run after gov instead of Gov to go behind the BM people. And I guess this is through JDY. Just a wild guess!

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sicanta » 14 Nov 2016 18:06

AAP - kejriwal, BSP - Mayawati, Congress - Hooda have launched a simultaneous attack on modi for demonetization drive against BM. Can always trust them to remind people of the stakes involved in this war. Doing yeoman service to the nation.
Last edited by Sicanta on 14 Nov 2016 18:07, edited 1 time in total.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Primus » 14 Nov 2016 18:06

srinebula wrote:/snip...............

Someone was mentioning about Lal Bahdur Shastri's call to Indians to fast for one time a day to ride out the food crisis during that time. He said his parents adhered to LB's call. He said this situation is similar, let's strengthen Modi's hand.


I don't know who else did but my parents and I sure answered that call. I also remember putting 3 paise per day into my piggy bank for the National Fund as requested by LBS. I have always felt Modi Ji to be the modern avatar of LBS. I just pray he lives longer.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby shiv » 14 Nov 2016 18:09

madhu wrote:
As per the PMJDY webpage, there are 25.45C accounts and about 5.95C are 0 Rs account. Let’s say all of them are filled (25%), then they have to investigate so many people. Do we have the resource to do it? Will they say bank people to go and get a report? will bank employees be honest to do the job? I doubt. Bank employees are least paid and overused people next to school teachers. Their pay is still equal to 4th pay commination and already in a big fatigue with JDY, MUDRA, NPA etc.

The Indian Tax dept now is fully kampootar-ized and linked via Interait. Anyone with an account can operate the account only after submitting identity details.

Once there is money in the account GoI can do anything at any time. All they do for "investigation" is send one letter of inquiry. If there is no reply the account can simply be locked. If the person turns up the account can be re opened after he answers questions if not the money is gone. But the person's identity is marked.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby madhu » 14 Nov 2016 18:21

shiv wrote:The Indian Tax dept now is fully kampootar-ized and linked via Interait. Anyone with an account can operate the account only after submitting identity details.

Once there is money in the account GoI can do anything at any time. All they do for "investigation" is send one letter of inquiry. If there is no reply the account can simply be locked. If the person turns up the account can be re opened after he answers questions if not the money is gone. But the person's identity is marked.


There are some catch in it. After 30th you can take any amount. Sending letter etc. will take at least 1 week. By then all the money will be gone.
Let’s say in 80% of 5.5C JDY account there is only 2.49L Rs then how can you freeze the account? Person as well say it is personal savings only.
Already many case I know have applied for cheque books (fools it takes time for check books to come and they cant withdraw money before 30th more over they will not issue cheque books for JDY , I doubt) and signed pay slips with passbooks.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby rahulm » 14 Nov 2016 18:27

I know a guy who came up with a very original idea and acted on it. He buried it and plans to unearth it after30 Decembe. Came back all covered in mud after his vehicle got stuck in a pond. Maybe, he drowned the money. He is feeling very smug.what a goose :mrgreen:

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Sabyasachi » 14 Nov 2016 18:33

madhu wrote:One thing that is still puzzling me is why is modi talking about JDY? Why is he telling “now old mother in old age home has become 2L richer” is he giving a clue to BM people to use JDY? Even JetLee also in his press confrere told he has been informed of increase of money in JDY but did not say we are tracking and can find out such people.
Yesterdays note to bank employees are asked to use this opportunity to create more CA/SA accounts is it not risk of rising number of account to track.
Or is it that GoV wants all BM to be put into JDY account so that they can take to full cash directly. Is Modi scaming against the scamesters?


It looks like they are more interested in inclusion of people and businesses into Banking system more than any other sundry item/benefit that may come along while replacing money.

PMJDY drive part 2.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Rampy » 14 Nov 2016 18:48

Philip wrote:IThe enormity of the exercise has been grossly underestimated by the Modi regime and banking babus.It is the bankers ,RBI in particular who should've got their act together,planned a crisis free as smooth as possible transition.


I dont think enormity of this was underestimated, if you hear PMs speech in Goa this was planned from 10 months and also this entire JDY, Tax changes and last option to come forward with BM was all part of this steps. He clearly mentions that. Worth a hear to understand what he is thinking. His worry is not if this will succeed ( he know it will) its if people will be believe the media, Politicians and loose patience. That is why he is reiterating 50 days


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