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Currency Demonetisation and Future course of Indian Economy

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shiv
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Re: Currency Demonetisation and Future course of Indian Economy

Postby shiv » 15 Feb 2017 07:51

TKiran wrote:
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.

Actually it is to our advantage to deal with fake foreign currency. No need to worry about fake or not. If it is fake well and good. If not - no problem.

But I guess knowing which is fake would be good to buy cheap and sell high

TKiran
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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 15 Feb 2017 09:06

:)

darshan
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Re: Currency Demonetisation and Future course of Indian Economy

Postby darshan » 15 Feb 2017 09:07

@TKiran,

Pretty much every single small business in US would be checking big $ notes with multiple ways. The simplest one is to use marker pen which I used many times while working hourly jobs while growing up.
https://www.walmart.com/ip/Dri-Mark-Sma ... y/14927993

Yagnasri
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Yagnasri » 15 Feb 2017 09:24

There are ways to increase the % of the cashless transaction. They can be both penal ones and incentivising ones. For examples put Rs 5/10 per litre on cash transactions at petrol bunks. It will make the cashless transactions to go through the roof there. Similarly, link bank loans to cashless transactions. Let any trader who wants a bank loan to show their turnover etc. only regarding cashless transactions. Most of the traders have bank loans and therefore will be forced to change their habits.

TKiran
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Re: Currency Demonetisation and Future course of Indian Economy

Postby TKiran » 15 Feb 2017 09:32

^^darshan sir, when you said this now I remember once while I came out of Chicago airport, the taxi driver took out this pen to check the currency, he was apologetic though, telling me that usually people from India don't carry counterfeit, but as I said that I came on Swiss Air from Zurich, he wanted to check. This was before 9/11. Perhaps that was the only time anybody checked currency notes I was carrying. It was only $20 bill. Several times I dealt with 100$ 50$ bills in Walmart and K-Mart, Target, etc, nobody seems to bother.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Primus » 15 Feb 2017 18:21

darshan wrote:@TKiran,

Pretty much every single small business in US would be checking big $ notes with multiple ways. The simplest one is to use marker pen which I used many times while working hourly jobs while growing up.
https://www.walmart.com/ip/Dri-Mark-Sma ... y/14927993



Many small vendors locally including hospital cafeteria do not accept bills larger than $20. Part of this is due to lack of change, although that usually is not an issue here. Most food trucks in the city do not take large bills and certainly not credit cards.

jamwal
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Re: Currency Demonetisation and Future course of Indian Economy

Postby jamwal » 15 Feb 2017 18:24

Yagnasri wrote:There are ways to increase the % of the cashless transaction. They can be both penal ones and incentivising ones. For examples put Rs 5/10 per litre on cash transactions at petrol bunks. It will make the cashless transactions to go through the roof there. Similarly, link bank loans to cashless transactions. Let any trader who wants a bank loan to show their turnover etc. only regarding cashless transactions. Most of the traders have bank loans and therefore will be forced to change their habits.



You need to incentivise cashless transactions, but making cash transactions a lot more expensive for this purpos is the communist way of running an economy.

Yagnasri
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Yagnasri » 15 Feb 2017 18:42

Why communist way sir? Let us take petrol bunks example I have given. Any banker to these banks finds it tough to take all the cash they deposit and count that day after day. What is the workforce required for that? Many times the Petrol Bunks are asked to pay cash handling charges also. Why they have to pay this from their pockets.

In respect of traders, most of the times the turnover figures are nothing but hot air as almost all the transactions are in cash. How then can be funded other than by way of taking a huge risk with public money?

Dinesh S
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dinesh S » 15 Feb 2017 19:26

Is opposing DeMo still considered hijacking by the RW SJWs of this site or have the people here actually realised that DeMo is a retarded idea like i said on the very first day it was announced ? :roll:

But i am sure the fact that the economic growth has been hit( which has even been officially acknowledged by the GoI) and businesses are down in many areas is a necessary sacrifice for the greater good of political stunt against Black money by Modi.

Dinesh S
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dinesh S » 15 Feb 2017 19:30

Btw, is there a place/thread where the Modi Govt's plan to open Minority institutions, where 40% of seats will be reserved for Girls of all communities(meaning atleast 32% of all seats will be occupied by Hindu girls at the very least) when 60% of seats will be occupied by Muslim men is being/was discussed? Or was there deliberate "Don't speak" about it rule on the topic. Can a new thread be started on it- this brand new low for Modi govt to quite literally be match making agents for Muslim men(.ie Govt funded love Jihad-?)

Supratik
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Supratik » 15 Feb 2017 19:49

Please post source and not propaganda.

nirav
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Re: Currency Demonetisation and Future course of Indian Economy

Postby nirav » 15 Feb 2017 20:02

Dinesh S wrote:Is opposing DeMo still considered hijacking by the RW SJWs of this site or have the people here actually realised that DeMo is a retarded idea like i said on the very first day it was announced ? :roll:

But i am sure the fact that the economic growth has been hit( which has even been officially acknowledged by the GoI) and businesses are down in many areas is a necessary sacrifice for the greater good of political stunt against Black money by Modi.


That you've held on to that thought since the 'very first day' DeMo was announced, hold on to it for a few economic short term cycles.
Then we'll talk as its evident you are oblivious to how and why DeMo along with other measures by the govt will act as a major fillip to the economy and Tax collections.

Id like to say though, with that idiotic line of thought, you are at a wrong place.You might find an audience elsewhere to talk garbage about DeMo or the govt despite whatever advantages it gives the country or good work they do.
Would encourage you to bark up the right tree.Not much purchase for non sense in here. ;)

Supratik
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Supratik » 15 Feb 2017 20:35

Some people think that just by saying a few words against Muslims or Pakistan makes them a patriot and allows them the right to pass stool on BRF.

Dinesh S
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dinesh S » 15 Feb 2017 20:37

nirav wrote:
That you've held on to that thought since the 'very first day' DeMo was announced, hold on to it for a few economic short term cycles.
Then we'll talk as its evident you are oblivious to how and why DeMo along with other measures by the govt will act as a major fillip to the economy and Tax collections.

Id like to say though, with that idiotic line of thought, you are at a wrong place.You might find an audience elsewhere to talk garbage about DeMo or the govt despite whatever advantages it gives the country or good work they do.
Would encourage you to bark up the right tree.Not much purchase for non sense in here. ;)

:rotfl: Tax increase for the govt is not the same as being great news for the economy. If the govt increases the tax bracket(which is what demo kind of is) , it suddenly wont make the economy Bigly. The no. of shoes/cars/dosas/medical doctors available for consumption wont suddenly increase bigly after Govt's Demo and taxation of those said items. That said, as a DeMo supporter, what facts do you have on your side to back your pathetic claim that this move was great for the economy? Atleast I am talking about real statistics- all of which show a slowdown in economic growth rate. And where is the proof/logic for your claim that economy will do bigly after a few short term losses? Is there any evidence for your claims?

And I want to know what benefit there was to be had from this Demo exercise regarding black money? Almost all black money post a few days after demo was recovered in new notes, meaning all the corrupt found a way to change their black money to white without alerting the government(I think the conversion charge was 30%) .
Last edited by Dinesh S on 15 Feb 2017 20:42, edited 1 time in total.

Dinesh S
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dinesh S » 15 Feb 2017 20:41

Supratik wrote:Some people think that just by saying a few words against Muslims or Pakistan makes them a patriot and allows them the right to pass stool on BRF.

I am sorry, I dint know that this kind of govt arranged love jihad against non muslim girls is the sign of patriotism.

http://www.thehindu.com/todays-paper/tp-national/tp-newdelhi/Centre-to-set-up-five-new-universities-for-minorities/article16961861.ece

He said the government plans to offer 40 per cent reservation to girl students at the “world class institutions” under the proposed varsities, where, he stated, students from other than minority communities can also undertake education.


I am sure we need this kind of pimping by the government of Non Muslim girls to Muslims to make Hindu/Indian civilisation to thrive.

Dinesh S
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dinesh S » 15 Feb 2017 20:45

Deleted. Poster banned.
Last edited by Suraj on 16 Feb 2017 03:59, edited 1 time in total.
Reason: No tolerance for such flamebaiting here.

nirav
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Re: Currency Demonetisation and Future course of Indian Economy

Postby nirav » 15 Feb 2017 20:50

Dinesh S wrote:Deleted


if you need to disagree, you can.. language is important though.
if you choose to use this sort of language to 'disagree', even if what you say happens by an act of god, you wont be around here to say 'i told you so'..

i really think you are at a wrong place. AAPtards will really appreciate your gems.
Last edited by Suraj on 16 Feb 2017 04:00, edited 1 time in total.
Reason: Removed quoted contents.

Supratik
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Supratik » 15 Feb 2017 21:23

@Dinesh,

First of all calling others Modi chamchas and pimps shows you are unfit for this forum. This is neither a Modi nor BJP forum.
Second, instead of vomiting you should spend more time reading the copious amount of information available on this thread on demonetization and how it helps the economy. You are not a child in nappies that you can't understand the logic behind demonetization. As for how successful it has been can only be judged when the entire data is out. Third, most people on this forum are against minority universities. Hindu and Muslim students co-exist in most institutions where things like love-jihad can take place. you are just using it to pass stool. Just declare your income and pay your taxes.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby jamwal » 16 Feb 2017 01:39

I know 3-4 Dinesh in real life. One of them is a huge chutiyaa who kept spamming one whatsapp group I was a member of with diarrhea like this. Is S in Dinsesh S here, Sh****a from NCR ? I sincerely hope that this is not the same retard posting here, otherwise I'd have to "mute" this thread just like I did with that whatsapp group. :lol: :lol:

Suraj
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Suraj » 16 Feb 2017 04:00

Please stop feeding trolls. The post reports were helpful, but hitting back is not.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby darshan » 16 Feb 2017 10:00

Primus wrote:
Many small vendors locally including hospital cafeteria do not accept bills larger than $20. Part of this is due to lack of change, although that usually is not an issue here. Most food trucks in the city do not take large bills and certainly not credit cards.


I personally have not ran into any street taco vendor who did not at least have a "square" payment fob attached to cell phone in last couple of years. Latino population in the south is big in doing cash transactions.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Suraj » 16 Feb 2017 22:37

Half of the 1.8 million accounts flagged earlier have been marked doubtful, and action will follow:
Nine lakh accounts under Operation Clean Money ‘doubtful’
Nearly half of the 18 lakh people under the I-T scanner for suspicious bank deposits post cash ban have been put in the ‘doubtful’ category, but action against them will follow only after the new tax amnesty scheme ends on March 31. Under ‘Operation Clean Money’, the I-T department had sent SMS and e-mails to 18 lakh people, who according to its data analysis had made suspicious deposits of over Rs 5 lakh during the 50-day window provided to get rid of old 500 and 1,000 rupee notes following the demonetisation decision announced on November 8.

Since Pradhan Mantri Garib Kalyan Yojana (PMGKY) runs till March 31, action against any depositor can be taken only after the scheme closes as the depositor may choose to disclose the wealth and pay taxes.

Under PMGKY, those with unaccounted cash have been offered a chance to come clean by paying 50 per cent of it as tax, penalty and surcharge while parking an additional 25 per cent in a non-interest bearing deposit for four years.



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Re: Currency Demonetisation and Future course of Indian Economy

Postby Rahul M » 19 Feb 2017 19:06


rajiv bajaj has been a vocal AAPtard and kejri-bhakt since GE 2014.

arshyam
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Re: Currency Demonetisation and Future course of Indian Economy

Postby arshyam » 19 Feb 2017 19:29

^^
Jaggi writes on Swarajya:

Rajiv Bajaj is wrong. The DeMo idea may be disruptive, but it is broadly in the right direction as long as it is not thought to be the end of the process of shrinking the black money economy.

He can look at his own choices to understand this point. He backed Arvind Kejriwal when businessmen were shocked over his intemperate utterances. One does not know if Rajiv Bajaj still backs Kejriwal, but the idea of Kejriwal – that corruption cannot have any place in society – is right. It is an idea that Modi shares in some way.

On the corporate side, Rajiv Bajaj abandoned his company’s best-known product – scooters – and decided his would be a mobike company. As an idea, this positioning was right. But he could also ponder over whether he missed some bets: Bajaj Auto handed over the scooters business on a platter to Honda.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby putnanja » 22 Feb 2017 11:35


Yagnasri
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Yagnasri » 22 Feb 2017 12:31

1000 notes rumour is being floated from time to time now. People do not have any faith in 2000 notes. Most I have spoken think that they also will be gone in near future once the situation is suitable.


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Re: Currency Demonetisation and Future course of Indian Economy

Postby abhischekcc » 22 Feb 2017 16:49

Rajiv Bajaj video answering some question raised on this thread:

https://www.facebook.com/BeMOBBsta/vide ... 060498361/

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Subdas » 22 Feb 2017 20:50

The govt clearly has said that the focus is to remonitise using a smaller denomination. The whole idea of demo was to shift to a low denomination dominated system which will make cash transactions painful for large amount. No wonder these days I find 100 rs note is the king. This itself will force people to adopt digital for large transactions as carrying truck load of 100 rp notes will be very cumbersome.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby abhischekcc » 22 Feb 2017 21:48

sdas1645 wrote:The govt clearly has said that the focus is to remonitise using a smaller denomination. The whole idea of demo was to shift to a low denomination dominated system which will make cash transactions painful for large amount. No wonder these days I find 100 rs note is the king. This itself will force people to adopt digital for large transactions as carrying truck load of 100 rp notes will be very cumbersome.


Wishful thinking.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dipanker » 22 Feb 2017 21:51

sdas1645 wrote:The govt clearly has said that the focus is to remonitise using a smaller denomination. The whole idea of demo was to shift to a low denomination dominated system which will make cash transactions painful for large amount. No wonder these days I find 100 rs note is the king. This itself will force people to adopt digital for large transactions as carrying truck load of 100 rp notes will be very cumbersome.


If the focus was to re monetize using lower denomination then govt. would not introduce a Rs 2,000 note, twice in value than the retired Rs 1,000 note.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby prahaar » 22 Feb 2017 22:02

Dipankerji, you are talking about who is Ravana after going through the whole Ramayana. It has been stated my many official sources behind the motivation for introducing 2000 rupee note.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby JohnTitor » 22 Feb 2017 22:48

If the plan is to remonetize with lower denominations, I'm not sure why the 500 was introduced. If this was a temporary measure like the 2000 (though i haven't seen any official statement regarding this).. then i'm very happy.

I would like the highest denomination to be 50 or even 20. There is no need for large value cash transactions above 5000. cashless - such as card, app etc - can and should be used. But the government has to make these cheaper to ensure widespread acceptance by merchants. One way they could do this is subsidise the likes of paytm. Card transactions in india cost quite a bit atm when compared to the west - however, this might be because of the low takeup rates.

Perhaps another way to encourage cashless is to make it more expensive i.e. charge for withdrawal & deposit of cash. People are likely to think twice before withdrawing cash when faced with a charge. They would rather pay by card.

Whatever the case may be, high value notes need to be withdrawn to make it difficult to pay in cash (for large value goods/services). Going cashless also has the added advantage of reduced counterfeits AND corruption (babus will not appreciate being paid through bank transfers.. though these guys will think of other ways of making illegimate streams of income)

Dipanker
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Dipanker » 23 Feb 2017 00:00

prahaar wrote:Dipankerji, you are talking about who is Ravana after going through the whole Ramayana. It has been stated my many official sources behind the motivation for introducing 2000 rupee note.


I admit I have followed this thread only sporadically, so must have missed the the subtle logic behind replacing the Rs 500 note by Rs 500 and Rs 1,000 note by Rs 2,000 with the objective of re monetizing using a smaller denomination.

Suraj
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Re: Currency Demonetisation and Future course of Indian Economy

Postby Suraj » 23 Feb 2017 01:52

sdas1645 wrote:The govt clearly has said that the focus is to remonitise using a smaller denomination. The whole idea of demo was to shift to a low denomination dominated system which will make cash transactions painful for large amount. No wonder these days I find 100 rs note is the king. This itself will force people to adopt digital for large transactions as carrying truck load of 100 rp notes will be very cumbersome.

Neither GoI nor RBI has stated any plans to remonetize to the pre Nov 8 2016 outstanding currency value , whether in small notes or big ones.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby Gus » 23 Feb 2017 01:58

Demo-deniers , please tell us something new instead of tired stale arguments that have been shot and buried long ago. The question of why 2000 was addressed on day 1.

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Re: Currency Demonetisation and Future course of Indian Economy

Postby SaiK » 23 Feb 2017 02:06

Gus wrote:Demo-deniers , please tell us something new instead of tired stale arguments that have been shot and buried long ago. The question of why 2000 was addressed on day 1.

To track who are the high-end consumers of big cash hawala market in BM arena.

RE, benami properties, gold purchases, yadi yada.. now, if they had not placed nanotechnology patterns and sensors to find the movements, then it is no use. BTW, these sensors should have been placed at exit of every bank and a message silently sent to a central messaging system. Any note bundle must be detectable. Stacked notes can act like transceivers or a nano RFID print-radar response.

Now, I don't see any in the gov talking about these sophistication. All are continuing merrily with new notes doing the same BM bijnej. The big kahunas - RE brokers, political babooze, and mafia gangs are having field days hexing their new notes, when one still can transact up to 3L by cash. Jet-lagged-lee has brains!



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