Currency Demonetisation and Future course of Indian Economy

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

in UK NHS it seems access to the real obgyn during even late stage of P is restricted because they are busy in deliveries and critical cases. a new role called nurse midwife has been created who are not M.D. my SIL was misdiagonized by one such - it was found baby had already meconium ingested in the womb and a emergency C-sec was done....baby was born weak and as a child continues to be quite small - like 20 kg @ 6years ...

so even living in a rich country is no guarantee of getting the best medical care these days. individually none may be at fault, but the process of necessary oversight and checks n balances is often cut short due to patient load or overheads
A_Gupta
BRF Oldie
Posts: 12069
Joined: 23 Oct 2001 11:31
Contact:

Re: Currency Demonetisation and Future course of Indian Economy

Post by A_Gupta »

India's demonetization apparently hits Japan's PVC manufacturers!
X-post from the India-Japan thread.
India's rupee ban smacks Japan's PVC industry
http://asia.nikkei.com/Business/Trends/ ... C-industry
TOKYO -- Japanese producers of polyvinyl chloride face an unexpected hurdle as India's ban on high-denomination rupee notes slams the brakes on exports, hampering an effort to raise prices in Japan.

Big purveyors in Japan want domestic price increases for PVC resin, often used in pipes, based on price growth abroad. India had driven the strength in exports. But the slowdown in the key South Asian market will loosen the supply-demand balance in Japan, making higher prices a tougher sell to business customers.
...
India's surprise ban on high-denomination notes in early November has forced people to exchange the nullified 500- and 1,000-rupee notes with new ones or deposit them at banks. This "crackdown on black money" in India's cash economy has hurt farmers, many of whom lack a bank account. Farmers are key consumers of PVC pipes and films, but many have refrained from purchases as they are unable to smoothly exchange old notes for new ones.

"The supply chain is short, and the impact manifested quickly," said President Mamoru Kadokura of PVC maker Kaneka.
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

New Delhi: NRIs and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped.
The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated.
While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad.
The window for Indian nationals who were travelling abroad is till March 31 and for NRIs, it is June 30, 2017.
This facility, however, is "subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person".
Those returning from Nepal and Bhutan are not permitted to carry specified bank notes (SBNs) of old 500 and 1,000 rupee notes.
"For the period from up to March 31, 2017 or June 30, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying SBNs for depositing these SBNs in the specified offices of RBI in India," the notification said.
"At the airport/land Customs stations etc on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices."
A one-page form has been worked out for the purpose.
Since the form to be filled in by the passenger bearing the Customs stamp will be crucial in subsequently facilitating the deposit of SBNs at the specified issue offices of RBI, the finance ministry asked the Customs formations to keep a copy of the same, preferably in a scanned format.
"The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger," the notification said.
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

indian immigration and customs is very smooth for indian nationals these days. ZERO forms to fill up - they just take a pic at immigration and you can walk out of green channel if nothing to declare. hand baggage is scanned before immigration. foreign nationals need to fill up a small form.

single people with lot of luggage including females are usually asked by customs to scan their checkin baggage in the end. sometimes females carrying large quantities of contraband are caught there hoping to slip in playing the female card.
shiv
BRF Oldie
Posts: 34982
Joined: 01 Jan 1970 05:30
Location: Pindliyon ka Gooda

Re: Currency Demonetisation and Future course of Indian Economy

Post by shiv »

I have never made a name as a big hawala operator or a black money king but I have some idea of how professionals like doctors would use black money. Of course all would be tax payers and have a regular income. But on the side would be extra, undeclared income that could be used for the joys of life.

For example - one can buy tickets to a foreign country for a conference using white money. Those expenses can be claimed as professional expenses and that reduces one's tax liability. But the black cash would be used to buy dollars or other foreign exchange which could be spent abroad.

There are so many ways of slicing the pie when you have extra, untaxed cash available to you. For example - I buy a car in white because that can be shown as a professional expense. Doctors need a car as part of their need to travel to work. But then you use the car for a pleasure trip around India using black cash that you have for petrol and hotel and resort expenses along the way.

I mention all this in the context of "Credit card/digital" payment volumes being down. When I have black money I will pay for my air tickets to the. conference venue using credit card. My black money in cash is spent for touring and "yenjaayment" at the conference venue. Each medical conference has a maze of stalls set up by medical equipment companies. Here doctors get insane deals on medical equipment - all paid for in cash. The sellers and the buyers all have a great time. No black money - no ticket bought for conference. Conference ends up generating less profits for those who profit from it.

I repeat what I said a few weeks ago. India's economy was running partly on black. That part of the economy has been hit. Yes there will be a downturn. Frankly I personally don't give a fart for that. yes my practice was a bit down but my patients will come back. But the black economy must not be allowed to recover.
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

my distant cousin is a doc in a tier4 town. a successful one with his own practice. have seen him go with family to singapore and to kerala perhaps on trips paid for by medical reps. I think that way no cash changes hands - all tickets and hotel is booked by medical co for a client entertainment expense and perhaps reported too as a expense for tax purposes. also heard of stuff like cars being handed out.

being a doc is like a tournament thought - the top 10% probably make 80% of the $$
shiv
BRF Oldie
Posts: 34982
Joined: 01 Jan 1970 05:30
Location: Pindliyon ka Gooda

Re: Currency Demonetisation and Future course of Indian Economy

Post by shiv »

disha wrote: My biggest gripe with DeMo is that all hospitals public/private should have been mandated to accept e-Payments with a email for registering complains against erring hospitals.
Hospitals are part of the black money system in India. They are funded by people with excess money and are often run by them to attract others with money. No hospital is set up for the poor. Whodafuk cares for some half naked Bastar tribal? Set up a "state of the art" facility in Bengaluru or Dilli

You have yourself seen on this forum several stories in just the last 50 days of how forumites (and the public at large) have suffered from want of medical care. But those of us who are sick or who have sick relatives are naturally interested in seeing a doctor and are not interested in the "big picture".

if you look at the "big picture", healthcare in India is seen as an "investment opportunity". People with loads of cash want to invest in hospitals. Insurance companies want people to cough up money regularly so that they can refuse to pay up when the times comes for treatment. Except for the doctors who deal directly in cash - hospital doctors are often tools in the hands of corporate investors. The government and banks are hand in glove with hospital owners in this.

Maybe I will do a separate post about Mallya hospital for which I was an investor
shiv
BRF Oldie
Posts: 34982
Joined: 01 Jan 1970 05:30
Location: Pindliyon ka Gooda

Re: Currency Demonetisation and Future course of Indian Economy

Post by shiv »

Singha wrote:my distant cousin is a doc in a tier4 town. a successful one with his own practice. have seen him go with family to singapore and to kerala perhaps on trips paid for by medical reps. I think that way no cash changes hands - all tickets and hotel is booked by medical co for a client entertainment expense and perhaps reported too as a expense for tax purposes. also heard of stuff like cars being handed out.

being a doc is like a tournament thought - the top 10% probably make 80% of the $$
One colleague of mine who has had several family trips to Singapore, Dubai, Kenya and South Africa paid for my medical equipment supplier companies is now the most angry and vehement denouncer of demonetization
gakakkad
BRF Oldie
Posts: 4667
Joined: 24 May 2011 08:16

Re: Currency Demonetisation and Future course of Indian Economy

Post by gakakkad »

>>Maybe I will do a separate post about Mallya hospital for which I was an investor

We can perhaps start a discussion thread on healthcare in India ..There was a thread which was only a news thread without discussion... There are tons of things worth discussing ranging medical education to healthcare business and chor-porate Hospitals...
disha
BR Mainsite Crew
Posts: 8243
Joined: 03 Dec 2006 04:17
Location: gaganaviharin

Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

shiv wrote:The government and banks are hand in glove with hospital owners in this.
Health, Education and Real Estate (not necessarily in that order) are generally enable the BM wealth faster. Of course there is the usual "tax chori" and the "grease" to get the files moving. They are low volume but since the transactions are in a magnitude more - is the other avenue to enable the BM wealth.

Health is the toughest nut to crack and there is no foolproof way to fix it. The checks and balances to guard against unaccounted wealth in health care has to be gradually built in at several layers. Education is the easiest nut to crack of all this. RE is in between.

For the "tax chori" part - better tax laws like GST and effective implementation of tax laws minimizes the BM accumulation to a great extent (it is never going to be zero). For the "grease" part., getting the middle-men out of way using e-transactions (like the JAM) goes a long way.

The next steps for the DEMO should I think target the Education & RE first. Hospitals can be tackled in the next wave.
disha
BR Mainsite Crew
Posts: 8243
Joined: 03 Dec 2006 04:17
Location: gaganaviharin

Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

gakakkad wrote: We can perhaps start a discussion thread on healthcare in India ..There was a thread which was only a news thread without discussion... There are tons of things worth discussing ranging medical education to healthcare business and chor-porate Hospitals...
All Daktaars on this forum, can you please do the honors! That will be a much needed thread.
RajeshG
BRFite
Posts: 277
Joined: 29 Mar 2003 12:31

Re: Currency Demonetisation and Future course of Indian Economy

Post by RajeshG »

A_Gupta wrote:
KiranA wrote:
I studied the RBI statistics (bulletin.rbi.org.in) and found to my surprise the electronic transaction have actually collapsed following DeMon. I am talking about massive 30-40% decline here. The only explanation is that economy took a massive hit.
I think one needs to look at previous years and see if seasonal variation needs to be taken into account.
Yes Oct was pre-diwali. I think labh/saubhagya-pancham was Nov 5th (saturday) ? Businesses would have barely started Nov 7th. Meaning a whole week would have been lost with/without demo anyway.

On an unrelated note, its really amazing to see people getting back to business. Enough of this demo-shemo, chalo-chalo lets do some business and stop bugging me. I sincerely doubt any other country would have been able to pull this off without serious consequences. The ability of our country to "adjust" to anything is truly amazing.
Primus
BRFite
Posts: 1259
Joined: 06 Mar 2002 12:31
Location: Ground Zero

Re: Currency Demonetisation and Future course of Indian Economy

Post by Primus »

krisna wrote:
gakakkad wrote:>>Poor explaining is not limited to Doctors. Lawyers are the same - "Just do as I say" I have, another theory; these professions feel their authority being questioned if too many questions are asked. I don't know.

Communication in general is not well taught in India.. in the US even a small kid learns to present in a group...show and tell etc...not the case in India...Med schools in India don't teach anything about communication or business aspects of medicine....to make matters worse patients in most teaching hospitals are really poor rural folks who deify doctors... i remember patients relatives trying to touch my feet when I was a 21 year old med student who looked like a teenager with acne...

there is a massive emphasis on communication in the american medical education system...I know some residency programs incorporate even acting training for residents....professional actors pose as patients and give feedback to doctors for OSCEs...even the exam usmle step2 cs is based largely on communication and interpersonal skills...

so even the most incompetent medical doctor committing borderline quackery in US will make it seem that he is giving u stellar treatment...while an excellent Indian surgeon having performed a successful whipples operation will seem he is a douchebag ...

d0nt disagree with the post with some quibbles,

In India,there are many who do good job silently explaining them without much ado. bad cases stigmatise many good docs.

same in usa with a twist--it is big thing in medical field about communication. upwards of 90% medico legal cases is due to communication issues.hence they need to document "hard evidence"that they talked to protect themselves. many a time docs escape as many patients don't bother.
it is the danda in the mush which makes medics to communicate. still huge number of mistakes including overdoing things occur.
Er, if I may, that is not true either.

It is true that communication skills are stressed much more in the Western system of health care. Those who went through UK will know that a sizable number of people failed the PLAB due to this very issue. It has less to do with language and more to do with the ability to use simple terms to explain a complicated situation. Most patients and their families, even well educated people do not understand human anatomy that well and the mistake most physicians make is to try and sound very learned themselves by using highly technical jargon.

While medical malpractice is the biggest engine driving healthcare costs in the US, it is not the fear of litigation but a simple human need to understand and be understood that motivates many of us in the industry. My last question to every patient in my office before I walk them out to my front desk is 'do you have any other questions for me'.

But like everything else, YMMV.
Sachin
Webmaster BR
Posts: 8965
Joined: 01 Jan 1970 05:30
Location: Undisclosed

Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

Eagerly awaiting for the official figures from RBI on the money they expected to come in, and how much has actually come in. The silence from RBI at least tells the cynic in me that the figures may NOT be what they expected. And each day passes, the opposition parties get a chance to throw muck around.

Mean while at Bangalore, many people have "suddenly realised" that they have wads of Rs.500 & Rs.1000 notes still with them :evil:. They were hoping that they could goto Bangalore RBI office and get it deposited. But alas, Bangalore RBI office is not in the list of authorised branches to do so. Which has kick started another whine...
RBI refuses to exchange old notes
Sahira, a maid from Saraipalya, did not know she had old currency till she opened her cooker and found Rs 1,500 that she had kept there when shifting to a new house.
....
Ramesh Kartikeyan (name changed) came from Kolar Gold Fields with Rs 14,000 in old currency and an affidavit to show that he needed the money exchanged for his sister’s medical treatment. “My wife used to keep some money every month in a box. We had forgotten about it but when we were shifting the house on New Year we found it,” he said.
....
Farid Ahamed and two of his neighbours travelled all the way from Channapatna in Ramanagaram district to exchange the old notes they had with them. “My relative was ill so my family shifted to their house to look after them. We had Rs 5,500 in old notes in our house but by the time we returned, the period for exchanging in commercial banks was over,” said Ahamed, a labourer.
....
Even many bankers are surprised over the RBI’s decision to exclude Bengaluru from the list. “In the interest of residents of Bengaluru, which is home to many IT employees and NRIs, the city should have been on the list,” they said.


Govt unlikely to question deposits up to Rs 2.5 lakh
According to official sources, Niti Aayog vice chairperson Arvind Panagariya has also written to the Prime Minister’s Office saying that a generous formula should be devised to determine housewives’ savings that may have found its way into the banking system post November 8.

BJP to bring out resolution on note ban at executive meet
The BJP will bring out a resolution supporting demonetisation of Rs 500 and Rs 1,000 currency notes at its two-day national executive meeting beginning Friday.{What is the point in doing this?? It would be better to make an official stand on this with data provided by RBI}.
UlanBatori
BRF Oldie
Posts: 14045
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by UlanBatori »

Ulan Batori found that he has hajaar rupye (do 500 notes) stashed away in a cupboard. No way to get it to Arr Bee Eye until July. :((
Marten
BRF Oldie
Posts: 2176
Joined: 01 Jan 2010 21:41
Location: Engaging Communists, Uber-Socialists, Maoists, and other pro-poverty groups in fruitful dialog.

Re: Currency Demonetisation and Future course of Indian Economy

Post by Marten »

Sachin wrote:Eagerly awaiting for the official figures from RBI on the money they expected to come in, and how much has actually come in. The silence from RBI at least tells the cynic in me that the figures may NOT be what they expected. And each day passes, the opposition parties get a chance to throw muck around.

Mean while at Bangalore, many people have "suddenly realised" that they have wads of Rs.500 & Rs.1000 notes still with them :evil:. They were hoping that they could goto Bangalore RBI office and get it deposited. But alas, Bangalore RBI office is not in the list of authorised branches to do so. Which has kick started another whine...
These reporters and the reports are fake. Who would believe that a labourer simply forgot Rs 6000 in a cooker or elsewhere. Just playing dumb.
Basically RBI should give a week and say this is it -- deposit or forfeit the money. All the whines etc are being generated because a large player or two has not managed yet to get in all their moolah. I hope this big data analysis has enough private contractors because God knows how corrupt the entire ITO is.
sum
BRF Oldie
Posts: 10195
Joined: 08 May 2007 17:04
Location: (IT-vity && DRDO) nagar

Re: Currency Demonetisation and Future course of Indian Economy

Post by sum »

Mean while at Bangalore, many people have "suddenly realised" that they have wads of Rs.500 & Rs.1000 notes still with them :evil:. They were hoping that they could goto Bangalore RBI office and get it deposited. But alas, Bangalore RBI office is not in the list of authorised branches to do so. Which has kick started another whine...
Strange while Bengaluru got excluded from the list!

Guess the 2K i have will stay over as a bookmark since no point spending double that to reach and exchange it in Chennai/Mumbai/xyz when im back in Desh next month :((
rahulm
BRFite
Posts: 1247
Joined: 19 Jun 2000 11:31

Re: Currency Demonetisation and Future course of Indian Economy

Post by rahulm »

Ghosts of kicks will never listen to talks. The danger is the people, payments and commerce Eco-system will accept the current landscape as the new normal and stall/stymie any further moves to e-payments.

To 'persuade/encourage' transition to e-payments I think NaMo needs to gradually, incrementally, steadily and progressively reduce cash liquidity until an inflexion point is reached where more than say 75% of the economy is being transacted digitally.

Money talks cowdung walks. All central and state government services must have a e-payment option which is incentivised by discounts over cash payments.
Last edited by rahulm on 03 Jan 2017 13:18, edited 1 time in total.
Philip
BRF Oldie
Posts: 21538
Joined: 01 Jan 1970 05:30
Location: India

Re: Currency Demonetisation and Future course of Indian Economy

Post by Philip »

What was a revelation a few days ago in the media,official figures,that a small handful of a few hundred corporate entities had enjoyed a staggering 80-90% of all loans paid out by banks! SMEs rarely benefited. Thus it is obvious who the loan defaulters/NPAs are,Big Biz,like the Mallyas,etc.,and that the bulk of so-called black money is in the hands of the crony capitalists,politicos and govt. servants.The entire population who have little coloured moolah are baring the brunt and pain of the exercise,with a blinkered RBI,totally unaware of the reality of the importance of cash in the economy of the lowest strata of the populace,who make up the bulk of the nation,sit on their precious ar*es and pontificate to us figures, and stats. You know the famous saying about the three kinds of lies; "lies,damned lies and statistics".

Anyway,for better or worse the die has been cast by the PM.He calls the shots and is supremely confident of making it work,according to his latest interview with Raj C. It is going to be a testing time for him,he has a lot of goodwill on his side,but the rest of the pack have to put their shoulders to the wheel on a war footing to make it work.The continuing queues,faulty ATMs,limited withdrawals and rural woes still abound. The sops mentioned are also too little in content. What's the use of an extra 0.5% for a pensioner's deposit if it is limited to just 7.5 lakhs? It works out to less than 5,000 a month,which in any metro or tier-2 city won't even pay for the rent ! Will helping pregnant women will see a rise in pregnancies? Ye Gods,our population explosion is bursting the nation's infrastructure at the seams. There is a huge onslaught on the natural forest reserves and agri land thanks to urban sprawl which have to be preserved to sustain bio-diversity and survival of our species. Instead of a 100 smart cities,we need a 100,000 smart villages instead.
The media today carried a report that rural skills were declining alarmingly thanks to the NREGA "dole" Handing them even more money thanks to the demonitisation windfall gains,will be reinforcing the "no need to work" attitude that has afflicted the rural folk in the last decade.

The "Demon" exercise must be part of a holistic national sustainable developmental plan,that benefits the entire population. If the RBI has goofed up so badly in the execution of this single gambit,how prepared is the GOI for executing Mr.Modi's national plan? He doesn't have too much time left either.By the end of this year,pol. parties will be gearing up for the next national elections with single-minded intent. A Nation still suffering the pain of this gambit may not be forgiving next time they vote.
UlanBatori
BRF Oldie
Posts: 14045
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by UlanBatori »

"The media today carried a report that rural skills were declining alarmingly thanks to the NREGA "dole" "

Every cloud has a silver lining to generate lightning strikes. Because of NREGA whatever that is, plus the generosity of the late 'Thaa', I hear from ppl with 'grassroots' knowledge that "men" (OK, something human-looking with mijjiles) in TN have plenty of time, liquor and energy to help the women earn the extra 6000. :mrgreen:

They say that Skill Training Initiatives etc are dead in the water because of the above.
chetak
BRF Oldie
Posts: 32291
Joined: 16 May 2008 12:00

Re: Currency Demonetisation and Future course of Indian Economy

Post by chetak »

UlanBatori wrote:"The media today carried a report that rural skills were declining alarmingly thanks to the NREGA "dole" "

Every cloud has a silver lining to generate lightning strikes. Because of NREGA whatever that is, plus the generosity of the late 'Thaa', I hear from ppl with 'grassroots' knowledge that "men" (OK, something human-looking with mijjiles) in TN have plenty of time, liquor and energy to help the women earn the extra 6000. :mrgreen:

They say that Skill Training Initiatives etc are dead in the water because of the above.
just cannot find labor in TN rural areas because of this NREGA nonsense. they openly refuse or quote so high that you cannot afford to pay.

this is what happens if this commie scheme is so widely enforced. If enforced in distress affected areas, it is understandable. babies, young children are also getting paid by "enrolling them" and all this for the usual cut.

The electricity office used to insist on adding a self calculated additional gratuity to my electricity bills and insist that it be paid. I kicked up a huge fuss and now this practice has stopped, for me at least.
srinebula
BRFite
Posts: 123
Joined: 12 Oct 2016 13:36

Re: Currency Demonetisation and Future course of Indian Economy

Post by srinebula »

Today I issued a cash cheque to my maid for her monthly payment in her husband's name. I instructed him to take his photo ID along in case the bank wanted some ID; He took it to the ICICI branch; He said they demanded my photo ID, and a letter from me.
Seems strange. Anyone issued cash cheques post Demo?
Vikas
BRF Oldie
Posts: 6828
Joined: 03 Dec 2005 02:40
Location: Where DST doesn't bother me
Contact:

Re: Currency Demonetisation and Future course of Indian Economy

Post by Vikas »

^ What is a cash cheque saar ?
chetak
BRF Oldie
Posts: 32291
Joined: 16 May 2008 12:00

Re: Currency Demonetisation and Future course of Indian Economy

Post by chetak »

VikasRaina wrote:^ What is a cash cheque saar ?
a "self" cheque, methinks :)
arshyam
BRF Oldie
Posts: 4570
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by arshyam »

^^ Not crossed, perhaps?
Bart S
BRF Oldie
Posts: 2938
Joined: 15 Aug 2016 00:03

Re: Currency Demonetisation and Future course of Indian Economy

Post by Bart S »

^ Must be a cheque that is not crossed, i.e no A/C Payee Only written on it.
srinebula
BRFite
Posts: 123
Joined: 12 Oct 2016 13:36

Re: Currency Demonetisation and Future course of Indian Economy

Post by srinebula »

^^^^
Yes, I meant a "non-crossed" cheque; signed on the backside as well as a sort of endorsement.
Banks usually let the bearer cash out such cheques without a bank account.
manju
BRFite
Posts: 705
Joined: 12 Feb 2003 12:31
Location: CA, USA

Re: Currency Demonetisation and Future course of Indian Economy

Post by manju »

Singha wrote:indian immigration and customs is very smooth for indian nationals these days. ZERO forms to fill up - they just take a pic at immigration and you can walk out of green channel if nothing to declare. hand baggage is scanned before immigration. foreign nationals need to fill up a small form.

single people with lot of luggage including females are usually asked by customs to scan their checkin baggage in the end. sometimes females carrying large quantities of contraband are caught there hoping to slip in playing the female card.

True.. I transit thru Kempegowda (to from Massaland) every other month and can vouch for it. Feels good!!
Sachin
Webmaster BR
Posts: 8965
Joined: 01 Jan 1970 05:30
Location: Undisclosed

Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

srinebula wrote:Today I issued a cash cheque to my maid for her monthly payment in her husband's name. I instructed him to take his photo ID along in case the bank wanted some ID; He took it to the ICICI branch; He said they demanded my photo ID, and a letter from me.
This may not be related to DeMo at all, but just a bit of precaution from the bank. A cash (i.e non-crossed cheque) can be encashed by any one. The person who took the cheque had the ID card to prove his identity. But if the bank issued the money, and half an hour later if an angry you come running to the bank saying a cheque leaf was stolen, what would the bank folks do? ;) :).
Another way would be to issue a cheque on the husband's name, and ask him to take it to the bank where he has the account. The bank would then do the clearance, but it would take a couple of more days for the funds to hit his account. NEFT/IMPS is the best. We use this scheme to pay our daughter's care taker. SHQ helped her create an account, got the Aadhar etc. linked up, got the pass book and the ATM card.
rahulm
BRFite
Posts: 1247
Joined: 19 Jun 2000 11:31

Re: Currency Demonetisation and Future course of Indian Economy

Post by rahulm »

True.. I transit thru Kempegowda (to from Massaland) every other month and can vouch for it. Feels good
Are they still checking the checker ? I mean, do they have an immigration officer after the immigration officer at the immigration counter to check if the immigration officer at the counter has stamped your passport ?
UlanBatori
BRF Oldie
Posts: 14045
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by UlanBatori »

Had the bright idea of reserving at the "Day Hotel" in BLR (costs 3 times what a hotel room would, even for 6 hours but I don't want to drag baggage around in taxis). Strange procedure. First I had to call the "Booking Number" given prominently. A polite guy picked up and offered to give me the Booking Manager's phone and email.

Called the Booking Manager. He checked and found that they had a room. (I felt like a dummy of course - evidently no sane desi books these, or how else can 20 rooms not be full, with only 3 days to go?) Said they needed Advance Payment In Full. OK, but how? He would email me the Link to pay.
How? Send it to my SmartPhone? No, Duh! he was on a landline. 888 number and all. So gave my email in detailed spelling, then he got my full name too.

Waited.

Then I had the bright idea of sending HIM an email, after all I had been given his email ID.
Got a reasonably swift response: Based on my schedule, they had a room open, and if I wanted I could confirm by reply, and he would send me a link for 100% full prepayment.

Said yes, and waited.
And waited.
Eventually sent him an email asking if there was a problem.

Waited.
Checked into (much cheaper) regular hotel alternatives. Cheap, looked OK, one keystroke away on Expedia, but hesitated. Too much hassle, hain? Need to find out about this fajility and act like a Bijnej-Class Passenger for once, hain?

Eventually got The Link. Credit card or Debit Card? AHA! Time to whip out the New ATM Card from Sarkari Baink and demonstrate my NaMoDeMo Cashless Power!
Got a screen from said Sarkari Baink: 'NO PHONE LINKED, CANNOT SEND OTP". OK, I HAD gone to the baink and got my phone and email linked... but they haven't entered it into their ****** computer!! :twisted:

So I eventually had to whip out my Mongolian Express (don't leave cave without it!).
(Sigh!) Beyond-First-Dunia unglic technology. Behind-Teesri-Dunia implementation.
Anyway, I am now at least Rs 5451 poorer (plus the 3% or so that the Mongolian Express eats). Hope the room is there when we arrive. At least the confirmation email is on my Smart Phone.
JayS
Forum Moderator
Posts: 4567
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by JayS »

Sachin wrote:
srinebula wrote:Today I issued a cash cheque to my maid for her monthly payment in her husband's name. I instructed him to take his photo ID along in case the bank wanted some ID; He took it to the ICICI branch; He said they demanded my photo ID, and a letter from me.
This may not be related to DeMo at all, but just a bit of precaution from the bank. A cash (i.e non-crossed cheque) can be encashed by any one. The person who took the cheque had the ID card to prove his identity. But if the bank issued the money, and half an hour later if an angry you come running to the bank saying a cheque leaf was stolen, what would the bank folks do? ;) :).
The bank should honour a bearer check no matter what. If the leaflet was stolen, its not bank's responsibility. Unless bank has a request from account holder to block a certain check, banks should have no issue honouring bearer check at all. Its absurd for the bank to ask for letter from issuer.

A bearer check without any name on it should be just fine. Even if you put a name on it the check reads "Pay this person or bearer". Unless issuer strikes out the text "or bearer" it still remains a bearer check (non-crossed check of coarse). But I am not sure if banks follow this properly. I have had issue with this one time.
UlanBatori
BRF Oldie
Posts: 14045
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by UlanBatori »

The day is not far (in fact it is past, hain?) when Indian bainks won't accept CASH without Photo ID, DOB, Astrological Sign, and now Customs Official's Stamp certifying that s(he) saw the cash coming on the plane phrom phoren onlee.
manju
BRFite
Posts: 705
Joined: 12 Feb 2003 12:31
Location: CA, USA

Re: Currency Demonetisation and Future course of Indian Economy

Post by manju »

rahulm wrote:
True.. I transit thru Kempegowda (to from Massaland) every other month and can vouch for it. Feels good
Are they still checking the checker ? I mean, do they have an immigration officer after the immigration officer at the immigration counter to check if the immigration officer at the counter has stamped your passport ?
Interesting you ask this. They did 2 months back. Last week the guy was there and when I volunteered to show the stamp he let me go even before I could open the page.. did not even glance :eek: :eek:
rajkumar
BRFite
Posts: 423
Joined: 22 Sep 2000 11:31
Location: London U.K
Contact:

Re: Currency Demonetisation and Future course of Indian Economy

Post by rajkumar »

rahulm wrote:
True.. I transit thru Kempegowda (to from Massaland) every other month and can vouch for it. Feels good
Are they still checking the checker ? I mean, do they have an immigration officer after the immigration officer at the immigration counter to check if the immigration officer at the counter has stamped your passport ?
Yes. I went through Hyderabad on the 21st of Dec 2016 and they were doing this exactly causing a 2nd queue behind the immigration desks :roll:
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

rahulm wrote:
True.. I transit thru Kempegowda (to from Massaland) every other month and can vouch for it. Feels good
Are they still checking the checker ? I mean, do they have an immigration officer after the immigration officer at the immigration counter to check if the immigration officer at the counter has stamped your passport ?
Yes
Singha
BRF Oldie
Posts: 66601
Joined: 13 Aug 2004 19:42
Location: the grasshopper lies heavy

Re: Currency Demonetisation and Future course of Indian Economy

Post by Singha »

you cannot do online txtion on indian credit/debit cards from abroad if the OTP cannot be sent by SMS to your local phone number.
some like citibank offer option of OTP or IPIN , HDFC will ask security questions but some will by default send a OTP ...
panduranghari
BRF Oldie
Posts: 3781
Joined: 11 Aug 2016 06:14

Re: Currency Demonetisation and Future course of Indian Economy

Post by panduranghari »

Western reporting on DeMo is quite inaccurate and there seems to be skew towards inciting public reaction amongst western populace to defenestrate the India Growth Story. The annoyance is why was Modi not made to pay a political price for this move.
KJo
BRF Oldie
Posts: 9926
Joined: 05 Oct 2010 02:54

Re: Currency Demonetisation and Future course of Indian Economy

Post by KJo »

panduranghari wrote:Western reporting on DeMo is quite inaccurate and there seems to be skew towards inciting public reaction amongst western populace to defenestrate the India Growth Story. The annoyance is why was Modi not made to pay a political price for this move.
The West wants to get the Congress back. So they will do anything to trip up Modi. Many Indians seem to be worried about what goras think about them (like Kejriwal saying the world is laughing at us). They are trying to incite people into revolting against Modi so that Pappu will be back and they can control him from outside.
Primus
BRFite
Posts: 1259
Joined: 06 Mar 2002 12:31
Location: Ground Zero

Re: Currency Demonetisation and Future course of Indian Economy

Post by Primus »

Finally got to Desh, first day in Hyderabad.

At the airport tried to change my USD, they are only allowing $40 at a time, with the usual scan and copy of passport, filling out forms etc.

Fortunately, the local ATMs had a short(ish) line this morning and even shorter (5 people ahead of me) one in the evening. Managed to draw three lots of 4K on the same card (had to get back in line again for the double dip in the evening). The security guard at the HDFC enclosure was very helpful and firm, allowing only one person to enter the enclosed area at a time. He was telling everyone maximum how much could be drawn, even prompted me to enter what and where (looked away as I was putting in the PIN) but there was a guy ahead of me who still tried to draw more and then his card would not respond etc, holding everyone up (or so the guard told me). I timed how long it was taking, on average just under 1 minute per person to enter and come out. Not bad overall.

Had a long chat with the limo driver from the airport to the hotel. One Mr. Chaubey from Varanasi. Needless to say he was all praise for Modi and said that the common man was with him, agreed something needed to be done and yes things were tough, but easing up.
Post Reply