Currency Demonetisation and Future course of Indian Economy

Pathik · Post by **Pathik** » 15 Nov 2016 10:43

kmkraoind wrote:
rahulm wrote:What exactly is the issue with the payTM ad linked earlier ? It's meeting a genuine need in these times.
- PayTM CEO is 101% certified AAPturd.

Why AAPtard? any proofs or past links?

chetak · Post by **chetak** » 15 Nov 2016 10:48

Is this true??

MadhuPurnima Kishwar ‏@madhukishwar 3h3 hours ago

Disappointed 2 learn PayTM is a Chinese company! With all its IIT &IT geniuses,even this little thing couldn't be done by an Indian company?

292 retweets 323 likes

kmkraoind · Post by **kmkraoind** » 15 Nov 2016 10:51

Pathik wrote:
kmkraoind wrote:
- PayTM CEO is 101% certified AAPturd.
Why AAPtard? any proofs or past links?

On Twitter, many tweets of PayTM CEO, praising Crazywal can be found. If he is pro-Indic and political-neutral, he should have praised Modi and some of NDA govt schemes, but till demonetization drive, none can be found. He can praised Modi, because the demonetization will help his business interests. On the above ad, he retracted immediately after a few complaints from AAP IT cell fellas (can you tell us, what is soooo objectionable in that ad). But him praising Crazywal and his Govt are abundant (tweets). Since I am not following him on Twitter, cant give exact evidences.

chetak · Post by **chetak** » 15 Nov 2016 10:52

MadhuPurnima Kishwar‏@madhukishwar

In J&K bank alone Rs 1100 Cr deposited in 4 days of demonetization.This when business in Srinagar etc have been shut down 4 last 5 months!

RETWEETS 1,382 LIKES 1,050

12:17 AM - 14 Nov 2016

SaraLax · Post by **SaraLax** » 15 Nov 2016 10:53

habal wrote:this week saturday, sunday working days for bank.

and moreover, this doesn't seem to have an end in sight.

banks have to submit a 'day end' at the end of working hours, which basically means all accounts should tally and there shouldn't be any discrepancy.

otherwise the system doesn't allow them to give a 'day end'.

folks are sitting upto 2AM in their branches trying to give a 'day end' because in the hullaballoo, there is always 1K-20K difference.

RBI is doing it's bit, every bundle of new currency notes have 100-300 rupees short, adding to these troubles.

My mother works in a PSU bank and for last week - they are getting old money from people & giving out new notes from 9.30 AM till 4.30 PM and then they are able to achieve 'day-end tallying' by around 8 PM. The CBS software they use is FINACLE. The employees are given free afternoon meals. Manager leaves for home by 9 P.M.
IT guys .. particularly the s/w engineers .. have been doing this schedule of work ... day-in and day-out whenever their product enters beta-testing, soft-launch and in the first few months after launch of their product. Nothing new for Indian people !!!.

kmkraoind · Post by **kmkraoind** » 15 Nov 2016 10:55

chetak wrote:Is this true??

MadhuPurnima Kishwar ‏@madhukishwar 3h3 hours ago

Disappointed 2 learn PayTM is a Chinese company! With all its IIT &IT geniuses,even this little thing couldn't be done by an Indian company?

292 retweets 323 likes

In one way, its yes. Alibaba is the biggest investor in PayTM and they have some sort of tie up where PayTM acts as front-end for Alibaba or AliExpress items (mainly bulk items). As we know, nobody grows in China so big without CPC/PLA blessings, and Alibaba will not funnel billions without further CPC/PLA agenda.

SaraLax wrote:My mother works in a PSU bank and for last week -

SaraLax garu, say "Thank you" for your mother and her team, from me and entire BRF (I am taking some liberties here) for all the hardships and dedication in this crisis hour. Apart from saying "Thank you," I cant do much now. (చంద్రునికో నూలు పోగు లేదా ఉడుతా భక్తి).

chetak · Post by **chetak** » 15 Nov 2016 10:57

kmkraoind wrote:
Pathik wrote:
Why AAPtard? any proofs or past links?
On Twitter, many tweets of PayTM CEO, praising Crazywal can be found. If he is pro-Indic and political-neutral, he should have praised Modi and some of NDA govt schemes, but till demonetization drive, none can be found. He can praised Modi, because the demonetization will help his business interests. On the above ad, he retracted immediately after a few complaints from AAP IT cell fellas (can you tell us, what is soooo objectionable in that ad). But him praising Crazywal and his Govt are abundant (tweets). Since I am not following him on Twitter, cant give exact evidences.

if one needs to ask then one wouldn't understand the explanation.

If it wasn't soooo objectionable , why then, was the sly ad retracted so hastily??

manju · Post by **manju** » 15 Nov 2016 11:00

Suraj wrote:Phoren press is coming around to grudging admiration . Tim Worstall at Forbes was mocking this a few days ago and then penned a new article that goes 'blimey, this actually seems to be working out surprisingly well considering the phenomenal logistics'.

and so are many libtards like a mallu buddy from school who is an in and out modi hater... is excited about this modi googly

Pathik · Post by **Pathik** » 15 Nov 2016 11:06

chetak wrote:
kmkraoind wrote:
On Twitter, many tweets of PayTM CEO, praising Crazywal can be found. If he is pro-Indic and political-neutral, he should have praised Modi and some of NDA govt schemes, but till demonetization drive, none can be found. He can praised Modi, because the demonetization will help his business interests. On the above ad, he retracted immediately after a few complaints from AAP IT cell fellas (can you tell us, what is soooo objectionable in that ad). But him praising Crazywal and his Govt are abundant (tweets). Since I am not following him on Twitter, cant give exact evidences.

if one needs to ask then one wouldn't understand the explanation.

If it wasn't soooo objectionable , why then, was the sly ad retracted so hastily??

AAPtard status was doubtful as he used a full page photo of AK Nemesis. Even though baap bada na bhaiyya, AAPtards are class 1 ch##yas and would never use Modis image. but you never know after the ad retraction

SaraLax · Post by **SaraLax** » 15 Nov 2016 11:07

kmkraoind wrote:
chetak wrote:Is this true??

In one way, its yes. Alibaba is the biggest investor in PayTM and they have some sort of tie up where PayTM acts as front-end for Alibaba or AliExpress items (mainly bulk items). As we know, nobody grows in China so big without CPC/PLA blessings, and Alibaba will not funnel billions without further CPC/PLA agenda.

SaraLax wrote:My mother works in a PSU bank and for last week -
SaraLax garu, say "Thank you" for your mother and her team, from me and entire BRF (I am taking some liberties here) for all the hardships and dedication in this crisis hour. Apart from saying "Thank you," I cant do much now. (చంద్రునికో నూలు పోగు లేదా ఉడుతా భక్తి).

I shall convey your regards to my Mother. She and her small team of folks in the office are already helping out many old pensioners, retirees, house maids belonging to our residential locality by reserving some money (trivial amounts like 1K, 2K, 4K), asking them to come at some specific time and quickly servicing them. Nothing illegal or unusual in this way of helping out known, needy people & elders living in the locality and nearby surroundings.

Murugan · Post by **Murugan** » 15 Nov 2016 11:18

Aunt out to deposit money. Turn at 437.
Manager allotted time slot in the evening around 4 pm. She is back home cooking.

kmkraoind · Post by **kmkraoind** » 15 Nov 2016 11:22

Dr Praveen Patil @5Forty3
Its really happening... property prices are crashing! Virtually halved in many high-end markets within 10 days! Black money exiting system?!

Google says 1 Kanal equals to 5445 sqft.

Schmidt · Post by **Schmidt** » 15 Nov 2016 11:50

Next step :

On 1st Jan , NaMo must announce that there will be a 3 month time period in which all citizens must furnish a comprehensive wealth/assets statement including property/land/gold /equities etc ,and all bank accounts held etc , all linked to their PAN CARDS

After this window , any asset / property / gold that may be found not accounted for will simply be confiscated and nationalised

The dates may be altered suitably , first all real estate /property holding must be digitised under a single National register

Lets see the fun then

A Deshmukh · Post by **A Deshmukh** » 15 Nov 2016 11:51

PMJDY has a withdrawal limit of 10K pm.
Even if IT does not go after benami depositors,
the amount 2.5L per account is effectively locked in the banking system.
with interest and commission benefit to PMJDY account holder.

kapilrdave · Post by **kapilrdave** » 15 Nov 2016 11:52

Viv S wrote:
Suraj wrote:Thank you for providing all the quotes to assert my claims of Worstall indulging in mockery .

His is the sort of opinion shaping technique that I'll openly call out . He goes 'Kejriwal says (I don't really believe it though)' in multiple articles . Yeah that's totally credible Tim . Doesn't believe it and repeats the allegation anyway (along with his disclaimer) . I'm sure shiv can piskoanalyze this sort of weasel attitude well.

Here's what I'll reassert - Kejriwal is indulging in open mockery - his usual state of being . Worstall is doing the same by giving the guy repeated press.
It sounded like he was refuting Kejriwal's criticism but pointing out how all this is missing the big picture. Maybe there's some psych-ops angle, too deep for me really.

I'll throw him a small biscuit for not obfuscating the validity of the demonetization in empirical terms .
That's what 90% of the content seemed to be about i.e. Modi's step being "not just clever but essential". (Mind you, I only read his articles just now and only because you named him and I was curious. And thereafter pleasantly surprised.)

Anyway.. last for me on this.

Oh it's piskology alright.

By associating kejri to everything modi - or anti-modi - they are projecting kejri as an alternative to Modi. It is immaterial whether kejri's concern is legitimate or not, whether the author agrees to it or not. Just the mention of him alongside Modi is enough. There is huge mass in our population who hates Modi no matter what. They don't need reasoning. They just want someone who is an anti-Modi. That's all.

Why it's wrong to project kejri as anti-modi? Because he is a nobody! He is a CM of one of the smallest state of India, a state which is not even a proper state. His party has absolutely no presence in 90% of India. He is a khatmal who is being projected as a 500 pound gorilla. Malicious.

kapilrdave · Post by **kapilrdave** » 15 Nov 2016 12:00

The long queues of poors we see is of money exchangers, not of depositors. BM holders are making them stand on queue in 100s to get the notes exchanged by giving some incentives. THIS MUST STOP SOON.

Philip · Post by **Philip** » 15 Nov 2016 12:08

Jokeriwallah is a "habitual offender",a professional agitationist,who cannot deliver on his promises but is pro-active in criticising flaws in his neighbour's backyard. He has zero to contribute to India's progress,was funded by the Ford Foundation,recd. a Yanqui award usually given to CIA assets and is the "great white hope" of being an alternative to the imploding Congress party,whose leader Rahul G evokes mirth rather than respect.

Mr.Modi has embarked upon a very bold and challenging path with demoniitisation. Had the last few days been smoother to the general public and funds dispensed much larger,there would be far less criticism.He has to whip the banker babus into a day and night gallop so that within the stipulated 5weeks+ remaining,the entire exercise can be brought to a successful end. The suffering of the common man esp in rural areas where farmers are leaving their tomatoes,etc. to rot,is pitiable. Here,the coop/govt. agencies should swing into action buying up agri produce and stockpiling them crediting the farmers in their bank accts if they have them or giving them credit notes which they can encash at banks. Employers should also be given far larger dispensation per week to pay their employees.Otherwise industry and commerce will come to a grinding halt.

Rishi Verma · Post by **Rishi Verma** » 15 Nov 2016 12:15

A Poignant Moment in History

Sachin · Post by **Sachin** » 15 Nov 2016 12:29

SaraLax wrote:My mother works in a PSU bank and for last week - they are getting old money from people & giving out new notes from 9.30 AM till 4.30 PM and then they are able to achieve 'day-end tallying' by around 8 PM. The CBS software they use is FINACLE. The employees are given free afternoon meals. Manager leaves for home by 9 P.M.

SHQ works in a public sector bank. Last week right from 10th, it has been long work hours for them. On Friday she got back at around 2000Hrs. The banks were working on both Sat & Sun. Just because of a personal emergency she was granted two days off to go to her home town. She had planned (and applied) for a one week vacation next week, and that is now cancelled. Most likely the banks would be working this week end as well. But so far they seem to have taken it in their stride, with some unofficial confirmation about comp-offs at some later point of time. On 10th the first thing we did was to provide low denomination notes to our maid and the man who comes to do odd jobs. The odd job man is an illiterate. With their immediate needs taken care, we also got a comfort feeling.

Rishi Verma wrote:What Mamta Banerjee may be scheming is to try to topple the government. Do NDA coalition have sufficient numbers? Shiv Sena which easily lost thousands of crores is itching for a revenge too.

She is so desperate that she is begging even the other wise jobless CPI(M) leadership. Com. Yechuri has said that "he will get back after discussing" (with other jobless people at the Polit Bureau). And if he opens his mouth in favour of Mamtha Begum, he is admitting that black money is getting exposed, and the drive is a success. I don't think any political party would openly oppose this drive, as it would be belived that they are cribbing because they deal with black money. "People's inconveniece" is only the excuse they have, and that has to be constantly changed with timely updates.

madhu · Post by **madhu** » 15 Nov 2016 12:35

A Deshmukh wrote:PMJDY has a withdrawal limit of 10K pm.

Withdrawal limit is set at Rs. 10,000 per month whereas deposit limit is less than Rs. 1 Lakh

so what if the account has more than 1Lakh? can it be frozen for ever with interest credited to account holder till he proves he gives IT proof

Sachin · Post by **Sachin** » 15 Nov 2016 12:37

Has any one thought of how would be the process to verify each account, and identify the black money component in it? Is it like one fine morning the account gets frozen, and the holder is summoned to the bank to show proofs of his income? And the account is locked out unless this is given??

Then, what about this scenario. The tax filing season is from March to June-July. By January 2017 people would start withdrawing money the usual way. So by the time the tax folks decide to lock the accounts, the users may have with drawn all money. Then by the time they get notices etc., the money is gone. The only option would be to kind of take the account holder to the court and imprison him/her. I don't think GoI wants this to happen. So how does it plan to ensure that when the IT folks come questioning, the account holder would have sufficient money to pay the tax dues and penalties?

Neela · Post by **Neela** » 15 Nov 2016 12:44

Some tweets mentioning Arhar Dal price crashed to Rs.80/kg

vina · Post by **vina** » 15 Nov 2016 12:46

Just heard a 5 star jarnail say a few mins ago that banks have been ordered to use indelible ink to prevent multiple cash exchange by the same person and ET app just flashed that as well. The game is truly up for the note wallahs.
It goes into an account, even if benaami or it goes up in flames. Trying to get underlings or hiring random people is not going to work N oq. That person will obviously have to exchange his cash first before someone elses!.

kvraghav · Post by **kvraghav** » 15 Nov 2016 12:49

Saw people getting the election ink after one exchange. This is turning out to be a war. The way the accounts should be handled is the current and savings account should be different. The current accounts have large cash transactions and savings less. For savings, they can simply block the accounts more than 10l deposit simply because govt forbids individuals from holding that much in cash. For less, they will slowly go over the details. Savings account attached to individuals cannot have a dependency on IT year simply because they won't have a exponential income but linear across the year and over multiple years.

chetak · Post by **chetak** » 15 Nov 2016 12:50

Neela wrote:Some tweets mentioning Arhar Dal price crashed to Rs.80/kg

Here

Sanjay Dixit @Sanjay_Dixit 15h15 hours ago

Unexpected windfall for the public - Arhar Dal collapses to ₹80 per kg as nervous hoarders dump stocks

976 retweets 558 likes

kapilrdave · Post by **kapilrdave** » 15 Nov 2016 12:50

kapilrdave wrote:The long queues of poors we see is of money exchangers, not of depositors. BM holders are making them stand on queue in 100s to get the notes exchanged by giving some incentives. THIS MUST STOP SOON.

Here you go!

To reduce crowds at banks, ATMS, indelible ink to mark fingers of those who have exchanged old notes

However, if this ink is same as they use in voting then it's not indelible.

Neela · Post by **Neela** » 15 Nov 2016 12:52

THere are quite a few complaints about ATMs and queues. But I just realized this #Demonetization drive seems to have been intentionally planned in November and not in the hot summer months.

chetak · Post by **chetak** » 15 Nov 2016 12:55

Difference between what they preach on TV & the actual reality

Sicanta · Post by **Sicanta** » 15 Nov 2016 13:22

Was the advice ignored? RBI had asked banks on Nov 2 to calibrate ATMs for Rs100 note

http://www.business-standard.com/articl ... 469_1.html

Sachin · Post by **Sachin** » 15 Nov 2016 13:26

kapilrdave wrote: Here you go!
....
However, if this ink is same as they use in voting then it's not indelible.

So what would happen to a genuine person who has exchanged Rs.500s and got Rs.2000s, requires another set of cash? I mean the Rs.4000 he got earlier was spent (say on some costly medicines or some thing like that), and he wants another Rs.4000. Also, this Rs.4000 given out earlier may also only last for say 1-2 weeks (even spent in a normal fashion). So what happens then?? Or is it that the government has figured out that genuine folks have been served and the queues are now for other reasons?

Rahul M · Post by **Rahul M** » 15 Nov 2016 13:30

>> RBI is doing it's bit, every bundle of new currency notes have 100-300 rupees short, adding to these troubles.

100-300 short in bundles of new notes i.e 500 & 2000, must be magic !!!

Shaktimaan · Post by **Shaktimaan** » 15 Nov 2016 13:31

Sachin wrote:
kapilrdave wrote: Here you go!
....
However, if this ink is same as they use in voting then it's not indelible.
So what would happen to a genuine person who has exchanged Rs.500s and got Rs.2000s, requires another set of cash? I mean the Rs.4000 he got earlier was spent (say on some costly medicines or some thing like that), and he wants another Rs.4000. Also, this Rs.4000 given out earlier may also only last for say 1-2 weeks (even spent in a normal fashion). So what happens then?? Or is it that the government has figured out that genuine folks have been served and the queues are now for other reasons?

Saar, you are mixing up 2 different types of withdrawals.

The first type is the exchange of old notes for new ones, which anyone can do in any bank branch even if they have no account there. This facility is available only one time. The indelible ink marking is for this type of withdrawal.

The second type is to withdraw cash from your own account via bank branch or ATM. The restriction on this is a Rs.24,000 per week. This restriction is being gradually loosened.

kvraghav · Post by **kvraghav** » 15 Nov 2016 13:32

4000 is one time, rest will be account withdrawal. They can withdraw 24k from the account.

kmkraoind · Post by **kmkraoind** » 15 Nov 2016 13:32

Sachin wrote:
So what would happen to a genuine person who has exchanged Rs.500s and got Rs.2000s, requires another set of cash? I mean the Rs.4000 he got earlier was spent (say on some costly medicines or some thing like that), and he wants another Rs.4000. Also, this Rs.4000 given out earlier may also only last for say 1-2 weeks (even spent in a normal fashion). So what happens then?? Or is it that the government has figured out that genuine folks have been served and the queues are now for other reasons?

First, thanks Sachin garu for you and your Mrs. for working hard in this crisis hour. I think they will rotate every a finger for every week, i.e. index finger this week, middle finger next week, and so on. By the time they reach 4th or 5th finger, there will be enough liquidity in markets and ATMs shd be dispensing new Rs. 2000 and Rs. 500 notes (got new treys and SW will be tweaked at bank ends).

kapilrdave · Post by **kapilrdave** » 15 Nov 2016 13:35

Sachin wrote:
kapilrdave wrote: Here you go!
....
However, if this ink is same as they use in voting then it's not indelible.
So what would happen to a genuine person who has exchanged Rs.500s and got Rs.2000s, requires another set of cash? I mean the Rs.4000 he got earlier was spent (say on some costly medicines or some thing like that), and he wants another Rs.4000. Also, this Rs.4000 given out earlier may also only last for say 1-2 weeks (even spent in a normal fashion). So what happens then?? Or is it that the government has figured out that genuine folks have been served and the queues are now for other reasons?

They can always deposit in account and withdraw. If he has no account then he needs to find someone's help. There are plenty of people helping around poor. We are still a dharmik country.

What has to be done, has to be done. First few days are gone, and people are coming around their issues, finding alternatives to do the daily trade. If the BM holders are let go this time then the whole exercise will go into vain. This is a one time opportunity in 100 years.

Schmidt · Post by **Schmidt** » 15 Nov 2016 13:37

http://indianexpress.com/article/india/ ... e-penalty/

First Wicket down

Supratik · Post by **Supratik** » 15 Nov 2016 13:37

The easier way to do it is to deposit the money and withdraw money using check book. However, many poor/rural people may not have check books. Hence, the problem. Need to check the IDs to detect laundering. They need to raise the exchange amounts slowly to say 10000. Some BM maybe laundered. They may have to recheck after Dec or may think it is only a small problem as the primary target are the big fish and not the hafta wasooli police constable.

pankajs · Post by **pankajs** » 15 Nov 2016 13:46

I think the current BM operation is just to create the conditions necessary for the next strike. By 31 Dec 2016....

1. All BM in currency will be squeezed out of the system.
2. Most WM is back in the banks with just the minimum currency floating for daily transactions.
3. Would have put the fear of God into most folks but certainly the white money folks who are the patsies most of the time on whose back the BM empires are built.

By then he would have not only LOCKED all black RE down but also destroyed their resale market. When the RE strike happens the RE black money has no place to hide or escape except to declare it to GOI and pay heavy fines.

jamwal · Post by **jamwal** » 15 Nov 2016 13:50

Schmidt wrote:http://indianexpress.com/article/india/ ... e-penalty/

First Wicket down

Check date : Updated: November 12, 2014 8:19 pm

yensoy · Post by **yensoy** » 15 Nov 2016 14:03

kapilrdave wrote:By associating kejri to everything modi - or anti-modi - they are projecting kejri as an alternative to Modi. It is immaterial whether kejri's concern is legitimate or not, whether the author agrees to it or not. Just the mention of him alongside Modi is enough.

Why it's wrong to project kejri as anti-modi? Because he is a nobody! He is a CM of one of the smallest state of India, a state which is not even a proper state. His party has absolutely no presence in 90% of India. He is a khatmal who is being projected as a 500 pound gorilla. Malicious.

Phoren reports are often bums who like to frequent the various watering holes in Lootyens Delhi. You can hardly see them wander more than 100km from their comfortable environs. Even if they report on a "rural news story", it will be from some village or town a few km from Delhi-Agra or Delhi-Jaipur highway. That's their view of India, the rest of the country doesn't matter. If they really need to explore, they will zip over to Mumbai, Bengaluru, Goa, Darjeeling or Dharamsala. So their India-view is heavily conditioned by muffler et al, and for the dumbed-down phoren audience which doesn't have the bandwidth to think outside of two-party systems muffler is good enough. Let's at least be thankful this fellow is not projecting babyface in the same breath.