Currency Demonetisation and Future course of Indian Economy

[Chandragupta]

So all this money that Banks have accumulated, Would it not be out of bank vaults as soon as Govt lift restrictions on withdrawing money. Why do we think that Banks would be flush with Money for a long time, at the most I see this money with banks maybe till mid of next year while things settle down. Remember most of the money in the banks is White and cash economy is not going to disappear just because some notes were demonetized.
Most of the folks I talk to believe that this is a minor nuisance which they are willing to suffer for nation and things will go back to BAU come January. This is not end of Cash economy as we know it.

Low level cash economy will continue but the government can easily control large cash transactions. They could make it mandatory to require PAN/Adhaar for purchase of more than Rs.10,000. Deposit of over 10,000 should also require PAN card instead of current 50,000 and yearly deposit of over 1,00,000 will automatically require PAN. Make it illegal to have more than 50,000 in cash per person or 5,00,000 per company.

A trader/vendor/restaurant doing business in cash of thousands per day will have no problem explaining to the IT guys why it is depositing 20,000 per day in cash in accounts, backed by the receipts. All white only.

[shiv]

Another statistic is something I was thinking about.

If in 10 days of demonitisation, around 10% of the old currency notes have been replaced by new ones.

now in 50 days, we can expect 50% at best. So this is their intended target. And thus a shortage of new curreny notes is expected to remain in the system. Esp new 500 notes.

2K notes for some reason will be available in plenty due to low demand.

I was drifting off to sleep last night when an analogy came to my mind. White money in circulation in my half dreamy state was rice and the stashes of black money were sambar. In this country transactions for some people were rice only and other transactions were rice+ sambar.

Suddenly the government has sucked out all the sambar and a large percentage of the rice (except for the Rs 5, 10, 20 and Rs 100 rice) . And via the banks the government is releasing slowly-slowly - through a very narrow pipe, rice onlee. The government is releasing rice so slowly that people have to go home with rice (white money) only and it will be a long time before that rice gets converted to sambar. The amount of sambar sucked out has taken such a big hit that people are no longer able to add sambar to the rice in large quantities.

So most of the transactions taking place now are rice only, sambar transactions have taken a bad hit. Every part of the economy where black money was being converted to white has taken a hit. In my view the slowdown in the economy may be an indicator of actually how much black was being used along with white for transactions.

That means that the economy will never pick up unless the government gives it a boost by reducing taxes and interest rates. I am sure the govt understands this but I think there is a parallel move to deliberately slow the economy down in terms of cash transactions and encourage cashless transactions. Sambar does not travel well along the electronic route. It is a rice route.

[Manish_Sharma]

So all this money that Banks have accumulated, Would it not be out of bank vaults as soon as Govt lift restrictions on withdrawing money. Why do we think that Banks would be flush with Money for a long time, at the most I see this money with banks maybe till mid of next year while things settle down.

The process in my bank where I deposited was, that cashier took the money and deposit slip + identity proof photocopy, then you had to sign the photocopy too.

But then he didn't give me the receipt, but put the slip and photocopy behind on a stool, which later the peon took to some other desk, where the manager and another employee were sitting on their computer and went in computer matched all the data, they returned the money of person in front of me as there was some anomaly. But gave me the receipt after spending 5 minutes in matching all the details.

[Yagnasri]

Met with senior people dealing with the matter. A Huge supply of the 2000s is there. Hence being given to all and sundry. Things otherwise are a bit tight this week. Next week shall be much better.

[manjgu]

ooo at our bank ,,they verify photocopy with original of identity proof... then just deposit the money and cashier gave back the receipt.

[habal]

That means that the economy will never pick up unless the government gives it a boost by reducing taxes and interest rates. I am sure the govt understands this but I think there is a parallel move to deliberately slow the economy down in terms of cash transactions and encourage cashless transactions. Sambar does not travel well along the electronic route. It is a rice route.

Your analogy is funny. But you are right about it, and I had guessed that the reduction in interest rates and abolition of taxes will come before some important elections. I am not gung ho about cashless economy because in a cashless society there is more govt control over the citizen and each citizen is a serial # who can be blocked at will if they make the life of the govt even a tiny bit uncomfortable, here I am supposing that Modi is not PM for life and there will be other rather unsavoury characters who may become PM in future or form the govt which may have regrettable consequences for some people who rebel for the right causes or for the wrong causes.

West is on the whole extremely bullish on cashless transactions because that enables them an even greater control over their population. I worry about that route. I mean, what next, control of speech on net. If a facebook post gets too severe, cancellation of serial # of citizen which basically leaves one high and dry. I sometimes feel Modi is too trusting of the west, and he is going rather extreme in wrong direction. The Congis were more cautious but that was because there partners were big on black money. We need to find a middle way.

[habal]

Met with senior people dealing with the matter. A Huge supply of the 2000s is there. Hence being given to all and sundry. Things otherwise are a bit tight this week. Next week shall be much better.

500 situation is very tight. I hope there is plan.

today saw a presser by Shaktikanta Das, Economic affairs secretary, and he was touting smartphones and UPI (Unified Payments of India) as the solution to all problems of cash availability. The solutions being provided, I dare say, look a tad juvenile.

[manjgu]

ya...500 situation indeed tight

[manjgu]

max deposits in jan dhan a/c are from West Bengal..now u all know why Mamta di is so agitated? total deposits in jan dhan a/c =RS 21000 crores !!

[shiv]

West is on the whole extremely bullish on cashless transactions because that enables them an even greater control over their population. I worry about that route. I mean, what next, control of speech on net. If a facebook post gets too severe, cancellation of serial # of citizen which basically leaves one high and dry. I sometimes feel Modi is too trusting of the west, and he is going rather extreme in wrong direction. The Congis were more cautious but that was because there partners were big on black money. We need to find a middle way.

These anxieties and others have been the excuse for total inaction. I do not see how our economy could have been lifted out of the mess it was in without some such radical measure. Remember that when you say Modi is too trusting of the west - every man with Black money and every man who distrusts Modi is using every western argument to criticize his actions. "Freedom to spend my money as I like. It's my wealth and should be accessible to me all the time" Demonetization causing deaths rights violation. Ignoring the poor.

What I find amusing is that people like Sitaram Hackthoory is resorting to rhetoric like "Demonetization caused 70 deaths - does PM Modi accept that" instead of being able to find support against the action. With respect, even you are coming up with "Oh it can get so bad in future because of this".

I would like to point out one curious fact and we have statistics today to help me make that point, true or not. While 86% of Indians have supported demonetization - about 12% are dead against it. That means about 150 million Indians are against demonetization. Now why are we seeing no huge demonstrations, stone throwing and bus burning? Simply because many of these are not "popular sentiment riots" but riots sparked by paying money to goondas and hiring crowds for money. It is amusing and pathetic to see the only demonstrations are MPs in front of parliament. These people will have to withdraw crores from legitimate party accounts if any and then distribute the cash to rioters

This is what Indians with freedom have been doing and ironically the minute that freedom is curtailed - people are worrying instead of celebrating. Why is that? People who had near zero black transactions are almost 100% unaffected and apart from some queues most are uncomplaining.

People who say "It's my money and that the government cannot control my money" are ignoring one hu-uge elephant in the room. Every single banknote that we use as cash is owned by the government and is only a piece of paper worth less than toilet tissue under normal circumstances. It is every citizens job to ensure that the value of the paper he has translates into real value by contributing to the nation its due. This a basic tenet of citizenship - the price of freedom, the real bribe that every citizen should pay for running the country. Trackable transactions.

This demonetization has shown that the government has power to screw us now - even without electronic currency. I put it to you that what a lot of people who are complaining actually want is for the nation to remain intact as it is so they can enjoy the fruits of black money. Actually if they are really worried about government control over money the current national set up needs to be demolished and the reserve bank abolished - leaving people to hoard and develop wealth as they want in whatever currency takes their fancy - that is true freedom from government control.

In fact this is exactly what is happening in Pakistan. I did not want to describe the similarities here - but the topic keeps coming up.

[chetak]

max deposits in jan dhan a/c are from West Bengal..now u all know why Mamta di is so agitated? total deposits in jan dhan a/c =RS 21000 crores !!

and it will mostly be from one community too.

[chetak]

Are there any reports at all of Indians holding Indian currency in large amounts in swiss bank lockers???

[habal]

shiv saar, I am not sure about this, Maybe this will be a good step. Our human material is not of highest quality, many are structurally compromised. And that is what leads to corruption in first place.

every man with Black money and every man who distrusts Modi is using every western argument to criticize his actions. "Freedom to spend my money as I like. It's my wealth and should be accessible to me all the time" Demonetization causing deaths rights violation. Ignoring the poor.

I know a certain person, who gives same arguments against demonitisation. He doesn't have a cent of black money but is is a leftist or leftist-minded.

on the whole, you may be correct though and may be this is what it takes to bring this country out of this mess. Time will tell.

[Sachin]

Updates..
1. Chennai High Court is now hearing a plea on the usage of Devanagari script based numerals on the Rs.2000 notes. Central Govt. says it is a design, but the court has not accepted it.
2. CPI(M) plans to have a "nation wide" protest on Nov 28 (Monday). The day has been rechristened as "Aakrosh Divas"

[KJo]

I would like to see some sort of metrics put out by the Modi Govt on how the demonetization has made a difference. How much black money has been destroyed? Anything which quantifies and shows change will be welcomed by the people.

Indians are fed up with the system and are actually very patient to leaders who want to improve the country. They deserve such details.

[Karthik S]

IMO those statistics will come out on Dec 30, so far we know how much money has entered the banking system.

[Dumal]

Updates..
1. Chennai High Court is now hearing a plea on the usage of Devanagari script based numerals on the Rs.2000 notes. Central Govt. says it is a design, but the court has not accepted it.

Many old stamp papers have devanagari numerals printed. No one seemed to have any problems with those.

[shiv]

2. CPI(M) plans to have a "nation wide" protest on Nov 28 (Monday). The day has been rechristened as "Aakrosh Divas"

I will work double hours on that day. I will do free consultations

[Suraj]

Another statistic is something I was thinking about.

If in 10 days of demonitisation, around 10% of the old currency notes have been replaced by new ones.

now in 50 days, we can expect 50% at best. So this is their intended target. And thus a shortage of new curreny notes is expected to remain in the system. Esp new 500 notes.

2K notes for some reason will be available in plenty due to low demand.

There was never a plan to replace all the notes in circulation with new ones. Doing so is entirely pointless and defeats the purpose of this exercise. It's called demonetization after all.

[arun]

With West Bengal nationally topping fund inflow post demonetization into Jan Dhan accounts surely Mamta Banerjee and her TMC cannot complain that the banking system has let West Bengal down. So what explains the TMC leading the charge of the anti currency demonetizing brigade? Perhaps the explanation lies in how a second tier state from economic size perspective topped the list of accretions to Jan Dhan accounts :

Currency ban: Rs 21,000 crore deposited in Jan Dhan accounts, maximum from West Bengal

[TKiran]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

[Akshay Kapoor]

2. CPI(M) plans to have a "nation wide" protest on Nov 28 (Monday). The day has been rechristened as "Aakrosh Divas"

I will work double hours on that day. I will do free consultations

Jai Hind Shiv sir. That's the spirit ! Our karma is ours and ours alone.

[Akshay Kapoor]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

kitna hai ?

[rahulm]

Went for a tour of old pune city - the famous peths.

Girija, a Marathi cuisine restaurant with 3 branches has decided to scoff and snub current efforts and show the middle finger in a visible act of defiance by prominently displaying signs that say "kuthlehi credit/debit card aamhi swikaarat nahi" - we don't accept any credit or debit card"

Girija is a family owned and run outfit. Sons of the soil type people. The type who have significant land holdings.

Onwards, enroute to Cafe Goodluck, I passed Navmaharashtra oil mills in Deccan Gymkhana. It's an old, boutique oil mill that retails edible oil. I have passed this shop too many times. This time was different. It had a large, clearly visible from the road payTM sticker. Owners are, like Girija, son of the soil types - with Marathi topi.

For those who, live in or are familiar with Pune, Cafe Goodluck is an icon an institution. A family run irani restaurant, it has, at least for now, defiantly thumbed its nose at and withstood the savage development that has ravaged Pune. While others like Naaz have meekly surrendered to 'western imperialism' [sic] by becoming a 'BARISTA', Goodluck has remained largely unchanged. It serves legendary muska pav and sweet milky Irani tea to the hordes of all ages who use far superior sensors and algorithms to search for and scramble to occupy empty seats.

I had my fill of muska pav, omelette toast and 2 cups of irani tea. The counter had a swipe machine and they cheerfully accepted my debit card for a small payment.

Next, I prowled Laxmi road and surrounds - entering shops with no intention of buying but to research accepted payment methods. I visited at least 10 shops. All were accepting some sort of EFT.

--------

In an increasing and maturing economy the % of cash transactions typically reduces as transactions move to electronic means. In India, the growth of the economy in the last decade or so has actually seen cash transactions increase from 10% to 12%. This implies something is structurally wrong and needs fixing.

People and business have got used to all 'care and no responsibility' BM, blatant tax evasion is rationalised , sometimes using 'my father is pregnant' type of (ill) logic.

Justifying malpractices by saying 'I provide people with jobs' is like justifying British rule in India by ignoring their genocide and brutality in India by saying British rule gave us railways - a fallacious and flawed line of reasoning.

NaMo, in his speech yesterday, rightfully called out that BM has eroded our value system to the point most just accept it and participate in as a fact of life. A fact people who have slowly boiled and are drowning in the BM cesspool have not noticed.Each passing year the cesspool boils a little bit hotter but what does it matter- as long as my family is fine, I have provided for my daughter's marriage, bought land for family and future generations and have jewellery in lockers [sic]

[arshyam]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

Sorry, but that's a lot of bull cloaked in dharmic cover to appeal to the BRF audience . Those of us who have no black money still did celebrate all of the above over the years. And will continue to do so. What you seem to be saying is that these festivals are fueled by cash. Okay, but where you are wrong is the implicit assumption that cash = black.

Not true.

[KJo]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

Are you serious man??

You basically said curbing black money was an assault on Hindus.

[TKiran]

kitna hai ?

Akshay Kapoor ji, there has been an almost unanimous consensus here in this dhaaga that there are no other shade of money except black and white. Any unaccounted for money is only black.

For example, I sell the scrap and get huge unaccounted for cash, which I use for celebrating Dussehra. I get so much black money that I give new clothes for all my contractors, customer gifts, big pooja, lunch, and I offer hundi donations and everything. Utna hai...

[Yayavar]

Do you also pave the roads used to get to your pundal?

[Suraj]

So all this money that Banks have accumulated, Would it not be out of bank vaults as soon as Govt lift restrictions on withdrawing money. Why do we think that Banks would be flush with Money for a long time, at the most I see this money with banks maybe till mid of next year while things settle down. Remember most of the money in the banks is White and cash economy is not going to disappear just because some notes were demonetized.

All the cash that's being deposited will be destroyed! It's not going to go back out there - it's no longer legal tender remember. GoI does not plan to print cash to replace all the previous cash float. Not even close to it. Maybe 20% of the prior float.

[Primus]

shiv saar, I am not sure about this, Maybe this will be a good step. Our human material is not of highest quality, many are structurally compromised. And that is what leads to corruption in first place.

every man with Black money and every man who distrusts Modi is using every western argument to criticize his actions. "Freedom to spend my money as I like. It's my wealth and should be accessible to me all the time" Demonetization causing deaths rights violation. Ignoring the poor.

I know a certain person, who gives same arguments against demonitisation. He doesn't have a cent of black money but is is a leftist or leftist-minded.

on the whole, you may be correct though and may be this is what it takes to bring this country out of this mess. Time will tell.

Habal Ji, the fundamental nature of man is to look out for himself, a survival trait that has been programmed into our genes and it takes a superhuman effort to fight it.

Our morals depend on many things, foremost being the likelihood of being caught and punished for any transgression.

It is not that the average American or Brishit has a higher moral standard, he is just more afraid of the law because it is applied universally with the same ruthlessness.

I have always felt that the single biggest problem India faces is that the rule of law is either not applied or cannot be applied to everyone. IMHO all the corruption and black-marketing stems from this basic fact. There are beautiful laws on the books, relating to every aspect of life, but they do not work because it is so easy to circumvent them.

And that's where this demonetization scheme has hit the culprits very hard, suddenly the law has become the same for one and all and is being enforced in a manner that beggars belief, it is their worst nightmare come true!

[Suraj]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

Japan has a developed economy and has a substantial cash float. Even more than India. Maybe 2x as much. *Crisp* fresh banknotes are the standard gifting option, with specific gifting envelopes with particular emblems indicating the kind of gift offered. They're doing just fine.

You are going overboard with cultural warfare fears. All the major outlays for festivals and personal occasions can be done using cheque or bank transfer. What you're really saying is that these events were all major avenues to exchange black money. Well, that cash has value of Rs.0 now, so there's nothing to exchange, short of starting anew with the new currency. That would be useless because you would live in fear of GoI telling you one day to go exchange the Rs.2000 too.

[vnms]

kitna hai ?

Akshay Kapoor ji, there has been an almost unanimous consensus here in this dhaaga that there are no other shade of money except black and white. Any unaccounted for money is only black.

For example, I sell the scrap and get huge unaccounted for cash, which I use for celebrating Dussehra. I get so much black money that I give new clothes for all my contractors, customer gifts, big pooja, lunch, and I offer hundi donations and everything. Utna hai...

Seriously man!!!

Black money means unaccounted for cash. It's just that and nothing else. Do you have a different definition of balck money? Cash is either accounted for or not accounted for. It is binary. It's one or the other. And it is not about consensus on this dhaaga.

No one is questioning how you got it. Nor is anyone questioning how you plan to spend your money.

[Bart S]

Girija, a Marathi cuisine restaurant with 3 branches has decided to scoff and snub current efforts and show the middle finger in a visible act of defiance by prominently displaying signs that say "kuthlehi credit/debit card aamhi swikaarat nahi" - we don't accept any credit or debit card"

We need legislation to force businesses of a certain size an above into accepting cashless payments. This is as critical a step as demonetization, especially for the long term.

[rsingh]

2. CPI(M) plans to have a "nation wide" protest on Nov 28 (Monday). The day has been rechristened as "Aakrosh Divas"

I will work double hours on that day. I will do free consultations

hakim sahab in jihadi mood

[UlanBatori]

kitna hai ?

Akshay Kapoor ji, there has been an almost unanimous consensus here in this dhaaga that there are no other shade of money except black and white. Any unaccounted for money is only black.
For example, I sell the scrap and get huge unaccounted for cash, which I use for celebrating Dussehra. I get so much black money that I give new clothes for all my contractors, customer gifts, big pooja, lunch, and I offer hundi donations and everything. Utna hai...

Hmm!! this is no different than what I do: I sell dung, people buy it and put it in their heads, I get paid, often directly under the table into my bank account, I use the money to celebrate various festivals and give (myself) new clothes, exchange gifts at the checkout counter of the grocery store, donate to worthy insurance companies and other charitable organizations.

UNFORTUNATELY, the guvrmands want me to give them anywhere from 20% to 50% of the money I get.
And if I don't report every penny, they call it Black Money. Not Grey Money or Off-White Money.

[Bart S]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

There have been lots of various rationalizations of black money, but this has go to be the biggest load of .... that I have seen posted, at least on this thread.

Hinduism or any other religion existed before the days of 500 and 1000 Rs notes, or before paper currency for that matter, and will exist for long after its gone.

And you seriously think that dowry is a good thing?

[UlanBatori]

Along with this, NaMO needs a major overhaul of the tax code. What Akshayji says above hits the target: most charitable or other religious/social donations are **NOT** tax-exempt. People are terrified of applying for tax-exempt status because they say it brings endless harassment by polis etc.

The tax code denies tax exemption (80C?) to all exempt some grandly-described Historical Monuments if they are associated with One Religion. If they are associated with Another Religion/ Community of Yet Another Religion/Community, no problem.

So this DM exercise will suddenly starve temples and other establishments of One Community. Stupid.

OTOH, the Tax form even today bifurcates all Indian taxpayers into TWO Classes:

Those who Own Race Horses, and Those Who Don't

[Marten]

2. CPI(M) plans to have a "nation wide" protest on Nov 28 (Monday). The day has been rechristened as "Aakrosh Divas"

I will work double hours on that day. I will do free consultations

Thankfully I do not have reasons to consult you yet, Saar. Am not in town or would have come by to avail the free consult. hehe

kitna hai ?

snip... Utna hai...

Woh theek hai, what about your nonsense about TCS being a loss making company until 2000? At least find the right place to do bakw-ass or do you like getting bajao-ass?!? None of your arguments are even remotely valid. I have owned three businesses that made losses. I still refuse to pay a bribe never mind what inconvenience there is.

I don't have a license in India because of the situation in Bangalore and think folks like you will take up any excuse to loot your customer and then pretend it is because the entire system is rotten and everybody is like this onlee. What to do, no... Let me say this again, do not pretend your lack of morals are a necessity to survive or be successful in business. It is a fact of life and that is all it is. For perhaps another few years. So make hay now, because guess what, NaMo is taking on especially folks like you! Please stop talking of Dharma like you understand even a fraction of what that word means.

[Primus]

Fully organized economy is still a Western concept.

Without black money, there will be no Indian style marriages, you can expect registered marriages, no dowry, no Dipavali, no dassara, no sankranti, no holi, no ugaadi, no pushkara snanams, even pooja would be expensive, no offering of flowers, no coconut breaking, no theertha yatras, no pitrukarmas, it's a total crusade against Hindus.

Whatever little Dharma is prevailing would also get deracinated. Unintended consequences only, just saying....

Great! I hope it does happen, and soon!

Dharma does not need gold coins in silver thaalis. It does not need marble Gods with sandalwood chariots. It does not need expensive firecrackers to announce itself. All it needs is faith and well, Dharma itself.

As for marriages and dowry, I cannot wait for the day when a daughter's birth is not mourned but celebrated with the same pomp and joy that a son's is. In another lifetime I was in the burns unit at Safdarjang Hospital. Saw so many young brides burnt by in-laws for not bringing in dowry. If you have not seen a young woman with 100% burns in such shock that she does not feel the pain at all, you have no idea how evil the system is.

[TKiran]

Sorry, but that's a lot of bull cloaked in dharmic cover to appeal to the BRF audience . Those of us who have no black money still did celebrate all of the above over the years. And will continue to do so. What you seem to be saying is that these festivals are fueled by cash. Okay, but where you are wrong is the implicit assumption that cash = black.

Not true.

In Telugu, there is a proverb ఇల్లు కట్టి చూడు... పెళ్లి చేసి చూడు... Which means, you can't see the God, you can only feel it, you will have to experience the building of your dream home and you will have to experience the marrying off of your daughter,

Many people do తూ తూ పెళ్లి... Thoo thoo marriage and think that they too experienced the marriage..

You can never organize such a grand celebration of Dussehra, even if I give you all my black money.. Arrey, I get calls from my customers, who could not attend the pooja literally apologizing to me, in fact, my workers who left my company even 15 years back would attend my pooja along with their entire family, even traveling directly from Dubai sometimes. The beggars line up almost 1 km for the food... I don't want to boast (errr.. did I already do that?) But your celebrations are no match to my celebrations (or at least the literal meaning of it)