Currency Demonetisation and Future course of Indian Economy

habal · Post by **habal** » 04 Dec 2016 15:36

Schmidt is right, there was a lot of downtime in bsnl lines yesterday. It can either be local faults or much behind that. It has added an element of uncertainty, since these things happen at most innoportune moments. Wireless POS do not have as many issues as wired POS connected to bsnl landlines IMO.

RajeshG · Post by **RajeshG** » 04 Dec 2016 15:39

Sicanta wrote:Can someone please critically analyze this article:

Demonetisation: Understanding the event, impact, narrative and meaning

http://www.business-standard.com/articl ... 175_1.html

Very well written

Deans · Post by **Deans** » 04 Dec 2016 15:49

Sicanta wrote:Can someone please critically analyze this article:

Demonetisation: Understanding the event, impact, narrative and meaning

http://www.business-standard.com/articl ... 175_1.html

The author is a researcher and (in my view) not as qualified as a senior banker / economist /corporate leader to give an expert opinion
and is also far removed from the practical discussions around this topic that for e.g. we at BRF are having.

The following points are made to conclude that this is a bad idea. My response in italics

1. Level of counterfeit currency was at only 400 cr. This quotes an NIA estimate given in early 2015, based on seizures in 2014 and does not take into account recent attempts from across the border to massively ramp up fake notes, to a point where it would cripple our economy. The level of fake notes detected in J&K after 08th Nov (GOI should publicise the face that stone throwers were paid in fake currency) was an indication of how serious this threat could be. The fact that Pak can theoritically copy the new notes does not mean we should do nothing to stop this menace.

2. Level of BM held in cash is only a small part of total BM: Yes, but it all begins with cash. Stop the cash and you remove the ability to convert in into other assets. Besides GOI is also going after cash held abroad, real estate & gold and there is no indication that this is a one off exercise.

3. Previous raids have yielded little, to this effort won't work too: Exactly, so we need something completely out of the box.

4. Our economy is very cash intensive and the poor cannot do without cash (as proved by some complex analysis of 1 tailor in East UP).
As per the authors analysis, (which I struggled to understand), the tailor's entire net worth is $ 280 Not sure why someone worth Rs 20,000
should be terribly affected by DM, since his customers are unlikely to pay him in Rs 500+ notes. That is the reason, as the author correctly points
out, only 10% of retail outlets have POS terminals - most of the others deal with very small value transactions not requiring high value notes

5. Poor are made to suffer for no fault of theirs - They have suffered for 70 years from the evils of BM and they recognise perhaps better than
those claiming to speak on their behalf, that something has to be done, for which they don't mind standing in a queue. Access to ATM's in some
parts of India are limited, precisely because the population that might want to access them is also limited. After DM a landless labourer would
in theory walk miles to exchange his high value notes - this ignores the point that he would have to travel the same distance to spend this
money, or receive it. There would be at best 1 additional trip to the bank/ PO/ ATM in 50 days for an average rural poor household.

6. This is the way things have always been in the past and attempts to change the status quo is socialist/ communist/ fascist etc. (no comment)

Sicanta · Post by **Sicanta** » 04 Dec 2016 16:07

Digital payments push: Single UPI platform in offing for banks

http://www.business-standard.com/articl ... 317_1.html

Deans · Post by **Deans** » 04 Dec 2016 16:16

Sicanta wrote:Digital payments push: Single UPI platform in offing for banks

http://www.business-standard.com/articl ... 317_1.html

UPI is already a single platform (hence the U = Unified in UPI ). An ICICI UPI holder can transfer funds to a SBI Buddy (UPI) holder or any other
ID of a participating bank. NPCI is the agency which provides the architecture that the banks build their apps on. As long as all software updates are passed on by banks via app updates, it is better to have multiple apps competing with each other and innovating on features, which would
popularise the payment mechanism and keep improving the user experience.

Yagnasri · Post by **Yagnasri** » 04 Dec 2016 16:31

From what I understand the present UPI is not compatible for Appel and also Windows based Mobile phones. Hope the new one is applicable to that all. UPI of SBI called SBI Pay. I do not know what else is other banks call theirs.

Deans · Post by **Deans** » 04 Dec 2016 16:56

21 Banks are on board and have launched UPI apps. So far only ICICI and HDFC work with both Android and IOS.
My understanding is that the banks rushed to launch the UPI app after the DM announcement, else they would have all launched IOS and possibly
windows compatible versions from the outset.

jamwal · Post by **jamwal** » 04 Dec 2016 17:06

http://www.opindia.com/2016/12/greek-em ... n-article/

Greek Embassy slams The Hindu for misquoting their minister in an anti-demonetization article

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After demonetization, many media persons thronged to get on the ground reactions from Indian citizens, politicians and anyone and everyone. Suhasini Haider, the deputy resident editor and diplomatic affairs editor of The Hindu decided to take it a step further by going international with her reporting and interviewed Greece’s alternate foreign minister Mr George Katrougalos of the ruling Syriza party.

Syriza essentially translates into ‘Coalition of the Radical Left’ and whose political ideologies include, Democratic socialism, Left-wing populism, Anti-capitalism and Alter-globalization. It in some ways is a U-turn party, after it came to power promising an end to the stringent austerity measures and ended up heaping even more stringent ones instead. In a report on 26th November co-written by her, in the story headline Mr Katrougalos was portrayed as calling Demonetization as a “Draconian move”.

On face value the Greek Minister calling it a draconian move was hypocritical to say the least as his party itself as part of the austerity measures had imposed a weekly withdrawal cap of 420 Euros or roughly Rs 30,000 which is much less considering the higher cost of living.

Soon after the piece was published many talked about the veracity of a visiting foreign minister criticizing the internal policies of the guest country.

Follow
Rupa Subramanya @rupasubramanya
Greek minister on official visit & criticizes domestic Indian policy. No other govt would put up with this. @PMOIndia kick him out. #WTF https://twitter.com/suhasinih/status/802353135423361024 …
10:43 AM - 26 Nov 2016
359 359 Retweets 277 277 likes
Some commented about her strange choice for an interview

Follow
Spamnath Bharti @attomeybharti
Hope @suhasinih also interviews finance ministers of Zimbabwe and Venezuela to tell us why demonetization is bad for the economy. https://twitter.com/suhasinih/status/802353135423361024 …
11:10 AM - 26 Nov 2016
438 438 Retweets 352 352 likes
On 3rd of December, The Hindu published this clarification put out by Panos Kalogeropoulos the Ambassador of the Greek Embassy in New Delhi

With reference to excerpts of the Greek Alternate Foreign Minister’s interview to The Hindu (“‘Demonetization is a draconian move’,” Nov.26), the Embassy of Greece wishes to declare that some comments by the Alternate Minister concerning recent monetary measures by the Indian government have been presented out of context and thus led to an oversimplification of their meaning.

The Minister was referring to European practices and has explicitly stated that he does not want to make judgment on internal affairs of which he does not have in-depth knowledge.

The clarification is nothing but an indictment of the style of reporting of Suhasini Haider and The Hindu. As was made evident by the Greek authorities, they were anguished by the fact that the report misquoted the Minister which led to an extreme oversimplification of what he wanted to actually say and stated that he did not with to make any judgement based on a country’s internal policies of which he has no knowledge of.

The fact that The Hindu, which originally reported the news, had to carry this clarification which in itself slammed The Hindu, gives us a hint as to the amount of criticism and pressure they must have been under, from the Greek embassy and officials. It is very likely that they felt extremely upset that their foreign minister was used as a pawn by Suhasini Haider, to settle domestic scores in India.

nandakumar · Post by **nandakumar** » 04 Dec 2016 17:38

It was posted here or in the politics thread that Modi's recommendation to the Jan Dhan account holders not to return the money deposited by black money holders is not feasible. Apparently those black money holders have taken their ATM cards and also taken a post dated cheque from the JD account holders rendering the prospect of refusal remote. I disagree.
ATM cards can be replaced either at the instance of the account holders or where the bank has reason to feel that the card might have been compromised. A sudden emergence of Rs 49,000 in an otherwise dormant account is a good enough reason for the bank to suo moto ask the account holder to apply for a new card and pending such an application invalidate the old card. As regards post dated cheque, an issuer can instruct bank to stop payment before the due date no civil or crminal liability accrues to the issuer of the cheque if there is no prior liability in existence on the date of the issue of the post dated cheques. Now, for a black money holder to prove that the JD account holder had wrongfully dishonored the cheque as to attract criminal liability under the Negotiable Instruments Act, he has to show that a prior liability existed on the date of the issue of the cheque. He can do so only if he incriminates himself by claiming that he had provided the funds himself (loan). Clearly he can not do so.
Of course whether a poor illiterate JD account holder can stand up to the intimidation by the more powerful black money holder is another matter. Just that if he has the guts, he can stand up to these people and the ATM card and post dated cheques are not a hindrance. But I think Modi was making alarger point. He was appealing to the larger general public to say how he is making life miserable for the fat cats among public.

raj-senthil · Post by **raj-senthil** » 04 Dec 2016 18:12

RBI to issue new Rs 20 and 50 notes; old currency notes still valid

The Reserve Bank of India will shortly issue new Rs 20 and Rs 50 notes in the Mahatma Gandhi Series-2005. These notes will bear the signature of RBI Governor Urjit R Patel.Old banknotes of the two denominations will continue to be legal tender.

The year '2016' will be printed on the reverse of the banknotes.

"The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing signature of Dr. Urjit R Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote,"said RBI in a statement.

On the Rs 20 note, it said " Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, with inset letter ‘L’ in both the number panels."

The RBI move comes after Prime Minister Narendra Modi's decision last month to scrap 500 rupee and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has caused a currency crunch in a country where most people are paid in cash and buy what they need with cash.

With a small stock of smaller notes available and new bills of 500 and 2,000 rupee in short supply, Indians are being forced to stand in queues outside banks and cash machines to change their old notes.

vijayk · Post by **vijayk** » 04 Dec 2016 18:26

Some guy came with IDS of 2 lakh crores disclosure. Benami for others. Rejected

hanumadu · Post by **hanumadu** » 04 Dec 2016 18:41

vijayk wrote:Some guy came with IDS of 2 lakh crores disclosure. Benami for others. Rejected

Lot of politicians, govt employees, illegal activities perpetrators cannot even declare their ill gotten wealth even at 50% hair cut.

Bart S · Post by **Bart S** » 04 Dec 2016 18:44

shiv wrote: I installed ICICI Pockets earlier today after much researching. I have an ICICI account as well. Everything appears OK - charged it with a token 1000. Let's see..

FWIW...you don't need to charge it with money if you don't want to. You can make payments through it directly against your bank account.

Charging money is useful for some additional things, like if you want to use the virtual Visa card, or get a physical one against the Pockets wallet/account. Some people do this for additional security so that they don't have to give out their usual debit/credit cards to online sites or physical shops. For example, if your weekly usage on your debit card is Rs 5000, you could just load the wallet with that much and use your pockets card for transactions, so if it is lost or compromised that is all that is at risk.

Bart S · Post by **Bart S** » 04 Dec 2016 18:52

durairaaj wrote:We are not sure if the origin of corruption is business people or executive machinery or the political parties.

It is fairly well recognized that it all all of them. No one party is either corrupt or honest in it's entirety.

durairaaj wrote: Instead of maligning corrupt business practices the next steps should focus on how to improve the compliance part.

That statement makes no sense. Why shouldn't stuff that is corrupt or illegal be maligned, as you put it? Somebody breaking the law (especially in mundane stuff like tax evasion) is breaking the law, no two ways around it. Just because you think the taxes are unfair or other people are getting away is not an excuse to break the law.

durairaaj wrote: The government should make laws and regulations less stringent and give lesser discretionary powers to bureaucrats in socially good transactions, But make stringent laws on socailly. bad transactions such as drug, violent crime, white collar corruptions and scams and severe punishments to the bureaucrats caught in corruption.

Unless it is done all the gains from this huge exercise will go to waste. I hope the government knows this and acts on it.

Basically it starts from the top, the politicians. Unless that changes nothing will. Because if you ask business people they will point at bureaucrats forcing them to be corrupt, who in turn will point at politicians forcing them to be corrupt.

With PM Modi, this is what changed.

Primus · Post by **Primus** » 04 Dec 2016 19:00

Akshay Kapoor wrote:
I still think massive administrative reforms are needed. One cornerstone has to be abolition of these all India services, getting ex servicemen into them etc etc. But that is a much bigger deal than demo - they will be up in arms and the country will grind to a halt.How do you take on an entire system - by bypassing it and going to the people - thats what he is doing.

He is as free market and capitalist as Sardar Patel. Don't worry.

I've felt all along that DeMo by itself would not accomplish a clean, corruption and BM free country, many more changes are needed. However, every epic journey begins with a single step. Just taking that first step forward shows intent and determination.

In that sense, IMHO, as I've said before, the DeMo is as momentous an event as our Independence from the Brishits was and if coupled with logical administrative follow up reforms would lead us to a glorious future. Nehru had the mandate, he had the opportunity but lacked the vision and the courage to take us forward. One can hope (and pray) that Modi is truly a Lionheart. But we the people need to do our bit too, he cannot do it alone.

In that context, some time-pass shayari:

Wo bhi ik azadi thi
Ye bhi ek azadi hai
Wo thi angrezi goron se
Ye hai rishwat-khoron se
Kale-kale choron se
Aur aatanki looteron se

Us peedhi ne diya balidan tha
Hamko bhi kuchh dena hai
Gaddaron se, makkaron se
Jhooth ke pehredaron se
Is desh ko wapas lena hai
Is desh ko wapas lena hai

Translation:

That was freedom
This is freedom too
That was from the British goras
This is from Corrupt people
Black money thieves
And terrorist raiders

That generation made a sacrifice
This one should to do it too
From traitors and cheats
Guardians of lies
Need to take back the nation
Need to take back the nation

Lilo · Post by **Lilo** » 04 Dec 2016 19:19

A simple law change of decriminalizing bribe giving while continuing to treat bribe taker as a criminal will set the cat among the pigeons.
Need RS majority & a handle on a sufficient number of highness honors in the SC for this change to be accomplished.

Hopefully in the second term.

ShauryaT · Post by **ShauryaT** » 04 Dec 2016 19:22

Bart S wrote:With PM Modi, this is what changed.

It is not about the man it is about institutions and systems. Yes, good people can come and do good even in a bad system but a good system will weed out the bad. E.x: Modi is not a magical one person wonder. He is a product of a system nurtured by the RSS. It is the RSS system that Modi is a product of and his personal character has been nurtured, shaped and moulded by the institutional values of the RSS. What a leader ought to do is build up these lasting institutions to sustain their vision, until such time it gets replaced and renewed by a new one. The foundational narratives and institutions that were Nehru's vision and in many parts not eve him but the colonial vision still dominate the structures of governance. I am looking for a strong leader, who will change these narratives in lasting and substantial measures.

SaraLax · Post by **SaraLax** » 04 Dec 2016 19:27

jamwal wrote:http://www.opindia.com/2016/12/greek-em ... n-article/

Greek Embassy slams The Hindu for misquoting their minister in an anti-demonetization article

SHARE TWEET SHARE EMAIL
After demonetization, many media persons thronged to get on the ground reactions from Indian citizens, politicians and anyone and everyone. Suhasini Haider, the deputy resident editor and diplomatic affairs editor of The Hindu decided to take it a step further by going international with her reporting and interviewed Greece’s alternate foreign minister Mr George Katrougalos of the ruling Syriza party.

Syriza essentially translates into ‘Coalition of the Radical Left’ and whose political ideologies include, Democratic socialism, Left-wing populism, Anti-capitalism and Alter-globalization. It in some ways is a U-turn party, after it came to power promising an end to the stringent austerity measures and ended up heaping even more stringent ones instead. In a report on 26th November co-written by her, in the story headline Mr Katrougalos was portrayed as calling Demonetization as a “Draconian move”.

On face value the Greek Minister calling it a draconian move was hypocritical to say the least as his party itself as part of the austerity measures had imposed a weekly withdrawal cap of 420 Euros or roughly Rs 30,000 which is much less considering the higher cost of living.

Soon after the piece was published many talked about the veracity of a visiting foreign minister criticizing the internal policies of the guest country.

Follow
Rupa Subramanya @rupasubramanya
Greek minister on official visit & criticizes domestic Indian policy. No other govt would put up with this. @PMOIndia kick him out. #WTF https://twitter.com/suhasinih/status/802353135423361024 …
10:43 AM - 26 Nov 2016
359 359 Retweets 277 277 likes
Some commented about her strange choice for an interview

Follow
Spamnath Bharti @attomeybharti
Hope @suhasinih also interviews finance ministers of Zimbabwe and Venezuela to tell us why demonetization is bad for the economy. https://twitter.com/suhasinih/status/802353135423361024 …
11:10 AM - 26 Nov 2016
438 438 Retweets 352 352 likes
On 3rd of December, The Hindu published this clarification put out by Panos Kalogeropoulos the Ambassador of the Greek Embassy in New Delhi

With reference to excerpts of the Greek Alternate Foreign Minister’s interview to The Hindu (“‘Demonetization is a draconian move’,” Nov.26), the Embassy of Greece wishes to declare that some comments by the Alternate Minister concerning recent monetary measures by the Indian government have been presented out of context and thus led to an oversimplification of their meaning.

The Minister was referring to European practices and has explicitly stated that he does not want to make judgment on internal affairs of which he does not have in-depth knowledge.

The clarification is nothing but an indictment of the style of reporting of Suhasini Haider and The Hindu. As was made evident by the Greek authorities, they were anguished by the fact that the report misquoted the Minister which led to an extreme oversimplification of what he wanted to actually say and stated that he did not with to make any judgement based on a country’s internal policies of which he has no knowledge of.

The fact that The Hindu, which originally reported the news, had to carry this clarification which in itself slammed The Hindu, gives us a hint as to the amount of criticism and pressure they must have been under, from the Greek embassy and officials. It is very likely that they felt extremely upset that their foreign minister was used as a pawn by Suhasini Haider, to settle domestic scores in India.

BRF members in Twitter - should call this Suhasini's act of blatant media lies as Shameless twisting of Greek leader's statement by The Hindu. Media ethics down the toilet, just to spite Indian federal government ?' and send the same to Suhasini - the original author ( @suhasinih), her big boss N.Ram (@nramind), to another 'The Hindu' family member Malini Parthasarathy ( @malinip) and finally to Suhasini's father Subramaniam Swamy's (@swamy39) too.

It's nice to see even P Chidambaram's attempt - to twist the facts of the September 30 2016 concluded IDS sum of 65K odd crores of INR into untruth & shame - being caught out by his own erstwhile Finance Miniistry's recently released statement !!. Common man on Twitter is giving a lot of gyan and channeling the 'need to be ashamed' back to Chidambaram. Wonder if he even reads any of those retorts asking him to quit the game & come out with the names of his embedded spy agents working in the Finance Ministry & RBI.

vijayk · Post by **vijayk** » 04 Dec 2016 19:34

Abdul razaque mohd sayed declared 2 lakh crores under IDS was rejected by IT. Probe initiated

Prasad · Post by **Prasad** » 04 Dec 2016 19:59

Saralax Saar
Not just Indane, hp and bp also let you book cylinders online. Been doing it for more than a year now.

Neela · Post by **Neela** » 04 Dec 2016 20:22

SaraLax wrote: BRF members in Twitter - should call this Suhasini's act of blatant media lies as Shameless twisting of Greek leader's statement by The Hindu. Media ethics down the toilet, just to spite Indian federal government ?' and send the same to Suhasini - the original author ( @suhasinih), her big boss N.Ram (@nramind), to another 'The Hindu' family member Malini Parthasarathy ( @malinip) and finally to Suhasini's father Subramaniam Swamy's (@swamy39) too.

\.

Unbelievable media would stoop so low.
Suhasini Haider used the word "draconian" for GoI's demonetisation. She used the Greek Fin. Minister's(?) shoulder to shoot at GoI.This fits in with the overall picture media wants to portray of this govt : right wing, dictatorial, intolerant.
Greek embassy stepped in and pulled the rug and said the words were "taken out of context"

Manish_Sharma · Post by **Manish_Sharma** » 04 Dec 2016 20:55

Can this news be true?

http://pib.nic.in/newsite/PrintRelease. ... lid=154873

Verification of High Value Suspicious Declarations made under the IDS 2016

An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016.

On 1st October, 2016, it was announced that declarations totalling Rs. 65,250 crore were received from 64,275 declarants, subject to reconciliation. After final reconciliation the revised figure of actual declarations received and taken on record was Rs. 67,382 crore which had been made by 71,726 declarants.

Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means. A family of four declarants namely, Mr. Abdul Razzaque Mohammed Sayed (self), Mr.Mohammed Aarif Abdul Razzaque Sayed (son), Shrimati Rukhsana Abdul Razzaque Sayed (wife) and Ms.Noorjahan Mohammed Sayed (sister) who were shown as residents of Flat no. 4 , Ground Floor , Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs. Two lakh crore (Rs. 2,00,000 crore). Three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed. The other declaration was filed by one Mr. Mahesh Kumar Champaklal Shah resident of 206, MangalJyot Tower, Jodhpur Gram Satellite, Ahmedabad for an amount of Rs.Thirteen Thousand Eight Hundred and Sixty crore (Rs.13,860 crore).

These declarations from Mumbai and Ahmedabad were kept pending for investigation about the genuineness of the same and were not included in the total value of declarations announced on 1st October, 2016. After due enquiry, it was found that these declarants were persons of suspicious nature and very small means and the declarations could have been misused.

Therefore, after due consideration, the Income Tax Department decided by 30th November, 2016 , to reject these two sets of declarations of Rs.Two Lakh Crore and Rs.Thirteen Thousand Eight Hundred and Sixty Crore respectively. The Department has since commenced enquiries against these declarants to determine the intention behind these false declarations.

I want to ask ShauryaT types as they are claiming that all the money has been laundered by BMers, then how come such ridiculous amounts are being brought desperately as 31st approaches?

Paul · Post by **Paul** » 04 Dec 2016 21:16

The big fish are testing the waters. As I said 10 12 days ago, they are yet to open their account with the IT boys.

Still hoping SC or Mamta or AK will come up with something.

SwamyG · Post by **SwamyG** » 04 Dec 2016 21:23

One point across demonetization has been that Modi is acting, stealthily if any, to reduce the informal/unorganized sector so that he can get people over to digital money and eventually pave way for Walmart types to come into India. Gurumurthy has ruled out India will ever become a cashless economy.

So SuSwamy does not talk to her daughter Suhasini at all or what? Father and daughter on two sides of the coin, huh?

Gus · Post by **Gus** » 04 Dec 2016 21:30

I still don't get the ' modi should do this first, modi should do this next, modi should bring the bat down at right angle with front foot forward and head still blah blah "...

I am just enjoying the hits to and over the fence after a long period of ones and twos.

Bart S · Post by **Bart S** » 04 Dec 2016 21:50

Gus wrote:I still don't get the ' modi should do this first, modi should do this next, modi should bring the bat down at right angle with front foot forward and head still blah blah "...

I am just enjoying the hits to and over the fence after a long period of ones and twos.

Well said

Rishi Verma · Post by **Rishi Verma** » 04 Dec 2016 22:37

SwamyG wrote:...
So SuSwamy does not talk to her daughter Suhasini at all or what? Father and daughter on two sides of the coin, huh?

SuSwamy once said in an interview that him and daughter don't need to agree on everything. That's fine. Suhasini can try to emulate burkha once in a while, I don't think she will ask Appa before doing her work.

Austin · Post by **Austin** » 04 Dec 2016 22:38

Manish_Sharma wrote: Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means. A family of four declarants namely, Mr. Abdul Razzaque Mohammed Sayed (self), Mr.Mohammed Aarif Abdul Razzaque Sayed (son), Shrimati Rukhsana Abdul Razzaque Sayed (wife) and Ms.Noorjahan Mohammed Sayed (sister) who were shown as residents of Flat no. 4 , Ground Floor , Jubilee Court, 269-B, T.P.S-III, Linking Road, Bandra (W), Mumbai, filed a total declaration of Rs. Two lakh crore (Rs. 2,00,000 crore). Three out of the four PAN numbers were originally in Ajmer which were migrated to Mumbai in September 2016, where the declarations were filed. The other declaration was filed by one Mr. Mahesh Kumar Champaklal Shah resident of 206, MangalJyot Tower, Jodhpur Gram Satellite, Ahmedabad for an amount of Rs.Thirteen Thousand Eight Hundred and Sixty crore (Rs.13,860 crore).

Some one was suggesting he might be a Khadim at Ajmer Darjah as per his name.

How much is Two Lakh Crore in USD Billion and 13,860 in same ? Thanks

Paul · Post by **Paul** » 04 Dec 2016 22:43

Now 20 & 50 rupee notes coming out. But old ones will be legal as well.

Paul · Post by **Paul** » 04 Dec 2016 22:44

Now who was it again who said this was not well thought out again?

Repent ye sinners!

Akshay Kapoor · Post by **Akshay Kapoor** » 04 Dec 2016 22:58

Primus wrote:
Akshay Kapoor wrote:
I still think massive administrative reforms are needed. One cornerstone has to be abolition of these all India services, getting ex servicemen into them etc etc. But that is a much bigger deal than demo - they will be up in arms and the country will grind to a halt.How do you take on an entire system - by bypassing it and going to the people - thats what he is doing.

He is as free market and capitalist as Sardar Patel. Don't worry.
I've felt all along that DeMo by itself would not accomplish a clean, corruption and BM free country, many more changes are needed. However, every epic journey begins with a single step. Just taking that first step forward shows intent and determination.

In that sense, IMHO, as I've said before, the DeMo is as momentous an event as our Independence from the Brishits was and if coupled with logical administrative follow up reforms would lead us to a glorious future. Nehru had the mandate, he had the opportunity but lacked the vision and the courage to take us forward. One can hope (and pray) that Modi is truly a Lionheart. But we the people need to do our bit too, he cannot do it alone.

In that context, some time-pass shayari:

Wo bhi ik azadi thi
Ye bhi ek azadi hai
Wo thi angrezi goron se
Ye hai rishwat-khoron se
Kale-kale choron se
Aur aatanki looteron se

Us peedhi ne diya balidan tha
Hamko bhi kuchh dena hai
Gaddaron se, makkaron se
Jhooth ke pehredaron se
Is desh ko wapas lena hai
Is desh ko wapas lena hai

Translation:

That was freedom
This is freedom too
That was from the British goras
This is from Corrupt people
Black money thieves
And terrorist raiders

That generation made a sacrifice
This one should to do it too
From traitors and cheats
Guardians of lies
Need to take back the nation
Need to take back the nation

Bahut achhe ! Is desh ko wapas lena hai !

Rishi Verma · Post by **Rishi Verma** » 04 Dec 2016 22:59

Ayiyo.. Amma gotta heart attakka

Reasons a) crores gone as fast as hot idlis from Amma's Kitchen b) Dec 31 deadline approaching c) Apollo did not accept old notes d) all of above

Amma Cardiac Arrested

Of course I wish her speedy recovery (so that she can come clean with her BM)

PS: strange on the very day Apollo had declared her fully-fit she decides to prove them wrong

Akshay Kapoor · Post by **Akshay Kapoor** » 04 Dec 2016 23:03

Bart S wrote:
Gus wrote:I still don't get the ' modi should do this first, modi should do this next, modi should bring the bat down at right angle with front foot forward and head still blah blah "...

I am just enjoying the hits to and over the fence after a long period of ones and twos.
Well said

+ 1

Dipanker · Post by **Dipanker** » 04 Dec 2016 23:05

"As farmers struggle to work their fields, traders run into losses and workers go unpaid, the euphoria over PM Modi's black money purge is fading."

Havoc in the hinterland

vnms · Post by **vnms** » 04 Dec 2016 23:14

Gus wrote:I still don't get the ' modi should do this first, modi should do this next, modi should bring the bat down at right angle with front foot forward and head still blah blah "...

I am just enjoying the hits to and over the fence after a long period of ones and twos.

Agree 100%. We don't need an Afridi. We need a Kohli to hang around and score a
Century and win the game. People want a century scored in 10 balls! Not happening.

More like boxing. Duck, weave, jab, check defenses, launch a combination of punches. Weave back out, circle again, jab. Deliver punches from unexpected and expected angles. Give no respite. Tire out the opposition. Till we hear 'no mas, no mas'.

Manish_Sharma · Post by **Manish_Sharma** » 04 Dec 2016 23:29

Dipanker wrote:"As farmers struggle to work their fields, traders run into losses and workers go unpaid, the euphoria over PM Modi's black money purge is fading."

Havoc in the hinterland

This is karan thapar and aroon puri team....

Rishi Verma · Post by **Rishi Verma** » 04 Dec 2016 23:32

Austin wrote:
Some one was suggesting he might be a Khadim at Ajmer Darjah as per his name.

How much is Two Lakh Crore in USD Billion and 13,860 in same ? Thanks

At 70Rs = $1 it comes to...

13.86k-cr = $1.98 billion
2L-cr= $28.5 fuc*king billion !!

Holy crap!

Manish_Sharma · Post by **Manish_Sharma** » 04 Dec 2016 23:35

Crossposting from political drama thread, this should be known how dedicated people we have in banking :

SaraLax wrote:
habal wrote:some gossip from rbi & bank staff over the weekend:

kahoon ke na kahoon
My mother has got cold, is suffering from mild chest infection because she is acting as cashier on most days of the week and she is also the lady who goes to the local city treasury of the bank, to both deposit the demonetized 1000s/500s received at her branch as well as get some of those 100/50/20/10 Notes for use in their branch.

She says these 100s/50s/20s/10s notes are all too too old, seem to have been stacked for years together somewhere in a forgotten stash inside RBI and suddenly being taken out now. Those notes are very smelly & all these have made her end up in her current health issues. She is taking heavy antibiotics and also xyzal variants of tablets - to save herself from cold infected sleep deprivation & get some proper sleep before they go to banks next day & work for nearly 11 hours (even now) before returning home. She isn't complaining about Modi or anybody for this sudden rush of heavy work ... and her enthusiasm for work is as normal. Anyway many employees in her bank are quite conscious that their bank is in deep trouble on NPA front and are often worried if they will get their proper retirement benefits even. So these people don't complain much these days even though they are not responsible for their bank's heavy NPA troubles.

Austin · Post by **Austin** » 04 Dec 2016 23:37

Wow huge money , Thanks , must be the black money of netas and industrialist

UlanBatori · Post by **UlanBatori** » 04 Dec 2016 23:51

Psst..Strange termilogy

Cardiac Arrested

That term means natural life over, hain?