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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.
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Melwyn » 13 Feb 2017 07:00

Eventually, Modi or someone has to get to the root of evil.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby rahulm » 13 Feb 2017 09:21

Polymer notes are the way to go. Sooner the better.

Maybe, it's a Chankian ploy to put the fear of FICN of 2000 into people's minds. This way, people will shy away from the Rs 2000 note, effectively demonetising themselves and saving the gobermint all the hassle. :rotfl:

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Re: Currency Demonetisation and Future course of Indian Economy

Postby hanumadu » 13 Feb 2017 10:24

rahulm wrote:Polymer notes are the way to go. Sooner the better.

Patience sir, patience. People will try their best to beat the system. There will be hoarders again and there will be cash only businesses again with the intention of cheating on taxes. But consider DeMo as an elastic that is stretched to the fullest. When you leave it again, the elastic will go back, but not all the back. It will develop some slack and increase it's at rest length. While there will be people who will go back to the old ways, there will be people who will welcome the change to digital.

With govt push and public insistence, digital will grow. With better tax administration, tax compliance will also go. As and when digital transactions grow to a point where any restriction on currency will have negligible effect, as and when tax compliance increases to the point where the only people with large bills are hoarders and the corrupt, DeMo will be done again. This time no body will feel a pinch and there won't be any excuse or sympathy for those who complain their business is affected.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby asgkhan » 13 Feb 2017 12:59

I am still facing issues with 100s and 50s. All ATMS have 2000 notes onlee.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby hanumadu » 13 Feb 2017 13:00


TKiran
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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 13 Feb 2017 15:39

http://www.dnaindia.com/india/report-fa ... rt-2321117

Fake ₹2000 notes again...... Modi should do something about it...

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dasari » 13 Feb 2017 17:29

TKiran wrote:http://www.dnaindia.com/india/report-fake-rs-2000-notes-printed-in-pakistan-pushed-into-india-through-india-bangladesh-border-report-2321117

Fake ₹2000 notes again...... Modi should do something about it...


They did. However anybody with color printer can print a purple note although it is impossible to duplicate a genuine note. Perhaps RBI needs to publicize the key landmarks of genuine note so that gullible people don't accept anything that looks puprple as Rs 2000 note. On the other hand, if people get scared of fake note and not accept it, this may not be a bad outcome.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Lilo » 13 Feb 2017 17:42

I think the 2000 rupee note hoarders are again going to get it.
Let the chickens fatten in the meantime.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 13 Feb 2017 17:46

^^^why only FICN? Never heard of dollahs or RMB fakes. I think CIA must be having assassination units all over the world. Even Modi took the advice of doval before the demonetization, he is accountable for this.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Aditya_V » 13 Feb 2017 18:45

Why only FICN? Cause someone during the early UPA years while"scraping" 500 Rs note printing machines sold the plates, have the sources of paper , ink vendors mysteriously to our friendly neighbouring country.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby A_Gupta » 13 Feb 2017 19:24

http://www.forbes.com/sites/timworstall ... d84604421f
"India's Tax Collection Soars Belying Demonetization Fears"

If there had been some awful collapse in the economy between November and now then that would be reflected in a similar collapse of indirect tax receipts over the same time period. That tax revenues have grown shows that we didn't have such an economic collapse. This still, of course, leaves room for there having been a slow down in growth but it's not really possible to combine soaring revenues with economic disaster.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 13 Feb 2017 20:56

Aditya_V wrote:Why only FICN? Cause someone during the early UPA years while"scraping" 500 Rs note printing machines sold the plates, have the sources of paper , ink vendors mysteriously to our friendly neighbouring country.


In that case, there are two possibilities
1. During NDA 2days some one should have provided printing moulds to friendly neighborhood country

2. Faking Indian currency notes should be very easy. Nobody monitors FICN and there is practically no cost to such fakers, which is impinging on financial security of country
Last edited by TKiran on 14 Feb 2017 00:25, edited 1 time in total.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby habal » 13 Feb 2017 21:21

2 people I know got hospitalised. bada panga hua hospital mein. One SC lady colleague is diabetic and in coma. She is a divorcee with 2 daughters. They have run out of cash and bank balance despite said lady earning govt salary. She has big housing loan taken recently, she was divorced recently so took loan recently bcause she may have shifted house etc and daughters edu loan. She has no bank bal, so 4-5 people had to pool cash to pay in hospital. During time spent at hospital another emergency struck, mother of colleague suffered heart-attack, they (hospital)wanted 100k today itself to do angiogram+plast in cash or kind. Another pool effort made and 24k from 4-5 a/c's withdrawal was mad and paid to hospital. We have all exhausted our weekly limits. Accha din tha.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby kvraghav » 13 Feb 2017 21:52

Not to belittle the poor woman's situation but are you telling that you would trust your heart to a hospital which does not even have a card swiping machine or do not accept DD?

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Re: Currency Demonetisation and Future course of Indian Economy

Postby habal » 13 Feb 2017 22:45

look, few points

1. during specific emergencies, just about any hospital cannot handle patient. Cardio, neuro surgical interventions are done only in few hospitals. So as a patient options are limited. Secondly they said they have pos machine. But since colleagues are bank employees they know that some pos machines have upper limits. They (hospital) will take a card and swipe the card many times. And if any problem comes up and withdrawal limits are exhausted or a/c is locked for day then added headache on top of headache. So decided against it.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Primus » 13 Feb 2017 22:46

venkat_r wrote:
To call it a success, want to understand why it was done and if that was achieved. It was announced to remove BM, was that done ? Shifting the goal post and adding different spins makes me suspicious.

How did the people feel through and towards the end ? Did they feel empowered? I know this is highly subjective and everyone will come up with an argument. My opinion is that there is more uncertainty and made people somewhat sensitive to what's coming next - something that makes me question this and why I call this a circus.

Your example is plain wrong. The example should be will you burn the entire jungle to catch the tiger, or boil the ocean for your cup of tea, or level you house to kill the mice? I can give more examples but you get the idea.

People went through a lot of inconvenience through this, I want GOI to show something credible for it not just that few people caught with cash in their trunks or houses.


Forget all that.

Kitna gayaa?

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Supratik » 13 Feb 2017 23:07

About 5 lakh suspect depositors have been added to the tax base so far. This from 18 lakh suspect depositors.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby vijayk » 14 Feb 2017 01:17

A_Gupta wrote:http://www.forbes.com/sites/timworstall/2017/02/10/indias-tax-collection-soars-belying-demonetisation-fears/#3dd84604421f
"India's Tax Collection Soars Belying Demonetization Fears"

If there had been some awful collapse in the economy between November and now then that would be reflected in a similar collapse of indirect tax receipts over the same time period. That tax revenues have grown shows that we didn't have such an economic collapse. This still, of course, leaves room for there having been a slow down in growth but it's not really possible to combine soaring revenues with economic disaster.



Both direct and indirect tax collections in India are substantially higher in this fiscal year. This rather belies the fears that people had about a substantial slowdown in the economy as a result of demonetisation. We might, in fact, even be able to ascribe some of the revenue rise to demonetsiation itself--people moving from black cash transactions to bank, digital, and taxed transactions would have that effect.

However, what is really being shown here is that the marginal tax rate upon the economy is always higher than the average tax rate:


Ministry of Finance Secretary (Revenue) Hasmukh Adhhia on Friday said that the Net Indirect Tax grew at the rate of 16.9% compared to corresponding month last year with growth rate in net collections for Customs, Central Excise and Service Tax at the rate of 10.1%, 26.3% and 9.4% respectively January, 2017. The Net Direct Tax collections up to January, 2017 are at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year.

I'm generally against the idea of the government collecting more of our own production but India is rather a special case here. That level of GDP which the central government collects is probably too low already to efficiently provide the public goods which a government should.






The net tax collections on account of service tax during April-January, 2016-17 stood at Rs. 2.03 lakh crore as compared to Rs.1.66 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 22.0 percent.

However, in case of Direct Taxes, the figures of collections up to January, 2017 show that net collections are at Rs. 5.82 lakh crore which is 10.79 percent more than the net collections for the corresponding period last year.


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Re: Currency Demonetisation and Future course of Indian Economy

Postby hanumadu » 14 Feb 2017 06:01

Image

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Re: Currency Demonetisation and Future course of Indian Economy

Postby symontk » 14 Feb 2017 08:05

TKiran wrote:^^^why only FICN? Never heard of dollahs or RMB fakes. I think CIA must be having assassination units all over the world. Even Modi took the advice of doval before the demonetization, he is accountable for this.


India buys equipment and even ink from certain companies in the world, from where other countries also buy the same things. Only the design and security features differentiate each note of every country. In the case of Rs2000 may be those differentiating security features might be non-existent

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prasannasimha

Postby prasannasimha » 14 Feb 2017 09:49

The US changed the dollar layout some years back because of fake dollar notes and progressively has withdrawn older notes as they came to the banks

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Yagnasri » 14 Feb 2017 10:37

I think after June 2k notes also will be progressively withdrawn. But before that, they need to change ATM configuration to 500s and 100s.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby jamwal » 14 Feb 2017 12:56

TKiran wrote:^^^why only FICN? Never heard of dollahs or RMB fakes. I think CIA must be having assassination units all over the world. Even Modi took the advice of doval before the demonetization, he is accountable for this.

Good joke.
:roll: :| If you were serious.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 14:03

jamwal wrote:
TKiran wrote:^^^why only FICN? Never heard of dollahs or RMB fakes. I think CIA must be having assassination units all over the world. Even Modi took the advice of doval before the demonetization, he is accountable for this.

Good joke.
:roll: :| If you were serious.


I am really serious not a joke. Doval's days are numbered if he doesn't show results, such as some assassinations in Pakistan or in China and this entire FICN network should be decimated.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Marten » 14 Feb 2017 14:13

TKiran wrote:I am really serious not a joke. Doval's days are numbered if he doesn't show results, such as some assassinations in Pakistan or in China and this entire FICN network should be decimated.

Am reporting you to IB for threatening the NSA with harm. Mods will share your known details with the appropriate authorities.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 14:22

^^days are numbered means as the NSA, don't get hyper...

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Re: Currency Demonetisation and Future course of Indian Economy

Postby jamwal » 14 Feb 2017 14:32

If you don't know anything about fake currency problem in US and China, you really shouldn't post stuff glorifying your ignorance.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby EswarPrakash » 14 Feb 2017 14:41

TKiran wrote:I am really serious not a joke. Doval's days are numbered if he doesn't show results, such as some assassinations in Pakistan or in China and this entire FICN network should be decimated.


Dude, what's wrong with you? Your whining against DeMo has been incessant - which is OK as an alternate POV, but this is just taking it to a really low level.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 14:45

jamwal wrote:If you don't know anything about fake currency problem in US and China, you really shouldn't post stuff glorifying your ignorance.


Jamwal sir, I genuinely have never heard of such fake dollars or RMB, I accept my ignorance... I genuinely want to know, as I sometimes deal with these currencies, and I don't even suspect if they could be fake.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 14:53

EswarPrakash wrote:
TKiran wrote:I am really serious not a joke. Doval's days are numbered if he doesn't show results, such as some assassinations in Pakistan or in China and this entire FICN network should be decimated.


Dude, what's wrong with you? Your whining against DeMo has been incessant - which is OK as an alternate POV, but this is just taking it to a really low level.



Low level of what?? Is it wrong to say that NSA is responsible to make sure that the FICN network is decimated? Who else is responsible, if he is not? Modi consulted with doval before his Nov 8th speech. The whole exercise would be in vain if we allow pakis to show us a finger and remonetize with FICN.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Marten » 14 Feb 2017 15:16

TKiran wrote:^^days are numbered means as the NSA, don't get hyper...

I was joking, like you have been all these days. Every post of yours is a gem.
Thank you for the muffat entertainment.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 15:21

Marten wrote:
TKiran wrote:^^days are numbered means as the NSA, don't get hyper...

I was joking, like you have been all these days. Every post of yours is a gem.
Thank you for the muffat entertainment.



I thought you were obsessed with me, and I was about to confess to you that I am not a girl...

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Marten » 14 Feb 2017 15:33

TKiran wrote:I thought you were obsessed with me, and I was about to confess to you that I am not a girl...

Well, your posts are pretty... funny.
Obsessively, (up) yours.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 14 Feb 2017 15:39

^^^im not a gay also... Leave me... Now I understand how all 600million Hindu ladies feel when love jihadis stalk them.

Happy Valentine's day.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby kvraghav » 14 Feb 2017 16:20

habal wrote:look, few points

1. during specific emergencies, just about any hospital cannot handle patient. Cardio, neuro surgical interventions are done only in few hospitals. So as a patient options are limited. Secondly they said they have pos machine. But since colleagues are bank employees they know that some pos machines have upper limits. They (hospital) will take a card and swipe the card many times. And if any problem comes up and withdrawal limits are exhausted or a/c is locked for day then added headache on top of headache. So decided against it.

The few hospitals that handle cardiac cases, everyone of them that I have seen has a pos machine and I can assure you, I have visited many hospitals as I work in DICOM medical imaging domain. Secondly the chances of a money deduction in a approved transactions is far less than money deduction from the account and ATM not dispersing it. In effect , there is more risk of debit happening but transaction not successfull in a ATM than on a POS system.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Marten » 14 Feb 2017 18:25

TKiran wrote:^^^im not a gay also... Leave me... Now I understand how all 600million Hindu ladies feel when love jihadis stalk them.

Happy Valentine's day.

:rotfl:
Aren't you a bunch of fun. Anyways, the point beyond your self obsession and vanity is that your posts are mostly about bringing attention to yourself and not the issue discussed on the thread.

PS: The only person Pink with love for the PM is you. Do wish your one true love on Twitter.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby A_Gupta » 14 Feb 2017 18:33

One of the costs of currency demonetization.
:roll:

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Gus » 14 Feb 2017 18:53

Yagnasri wrote:I think after June 2k notes also will be progressively withdrawn. But before that, they need to change ATM configuration to 500s and 100s.


The delay was because of size difference calibration between old notes and new notes.

If atm switches to only new notes of 100, 500..It won't have that delay anymore. I

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Marten » 14 Feb 2017 19:12

Gus wrote:
Yagnasri wrote:I think after June 2k notes also will be progressively withdrawn. But before that, they need to change ATM configuration to 500s and 100s.


The delay was because of size difference calibration between old notes and new notes.

If atm switches to only new notes of 100, 500..It won't have that delay anymore. I

No real calibration will be required, except that they need to slide in new trays for 100, 500 instead of 2,000. Not at all an issue. Hope they start phasing out the 2,000 soon before it becomes another pakimonkey on our back. I think they are doing it in stages, first offer replacement value via 2000 and then start replacing 2000 notes with more 100/500 notes. Might be wrong, but it would be nice if currency in circulation is maintained for another ten years via smaller denominations notes while the economy basically doubles in size (also, denoms lose real value due to inflation).

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Re: Currency Demonetisation and Future course of Indian Economy

Postby SBajwa » 15 Feb 2017 01:27

First of all let's not kid ourselves into thinking India is going to be a cashless economy. India is a cash economy and if it becomes a 70 to 75% cashless


Before demonetisation 98% of transaction in india were cash.

COUNTRIES CASHLESS TRANSACTIONS
1-Singapore 61% <- Small population cannot be compared to India (may be delhi)
2-Netherlands 60% <- Small population cannot be compared to India (may be Himachal pardes)
3-France 59% <- Small population cannot be compared to India (May be Gujarat)
4-Sweden 59% <- Small population cannot be compared to India (May be Haryana)
5-Canada 57% <- Small population cannot be compared to India (May be Punjab)
6-Belgium 56% <- Small population cannot be compared to India (May be North East minus Assam)
7-United Kingdom 52% <- Small population cannot be compared to India (May be Tamil Nadu)
8-USA 45% <-- UP and Rajasthan
9-Australia 35% <- Small population cannot be compared to India (May be Goa)
10-Germany 33% <- Small population cannot be compared to India (May be Bihar)
11-South Korea 29% <- Small population cannot be compared to India (May be Chattisgarh)
12-Spain 16% <- Small population cannot be compared to India (May be Assam)
13-Brazil 15% <- Small population cannot be compared to India (May be M.P, Rajasthan, Maharashtra)
14-Japan 14% <- Small population cannot be compared to India (May be 2 big states)
15-China 10% <-- Comparable to India population wise.

So! from 2% before this exercise., I would like to see the percentage of the cashless transaction now! are we at the same level as China or above/below?


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