Currency Demonetisation and Future course of Indian Economy

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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

Sachin wrote:You mean ask any one why they (or their friends - the whiners) dodged the taxes? ;) :lol: . They will have 1000s of reasons. One commie might even say that he is not paying tax because Modi & BJP is ruling the country. He may pay tax, if CPI(M) and Polit Bureau runs the country. But you are right, the people who seem to have got hit are people who did medium to big business; but only using cash.
Such responses shouldn't be laughed at and let go. They should be humiliated and berated for their stupid 'I'll pay taxes when my favored party is in power' nonsense. It's a dangerous meme that mistakenly ties basic civil responsibilities to political colors. They should get dismissive responses like 'Are you crazy ? Do you also wipe your pakistan only when it's between 7am and 10am ? You think these are things you get to randomly decide when to pay or not ?'
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Re: Currency Demonetisation and Future course of Indian Economy

Post by SandeepA »

The below info-graphic is in circulation about DeMo. Can someone help me refute this..i dont have sufficient data.

Image
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Re: Currency Demonetisation and Future course of Indian Economy

Post by vimal »

She is the part of this group a typical jholla chap group.
https://www.facebook.com/Citizens.INDIA/
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Rudradev »

Sandeep A ji,

It is easy to refute. As with any argument that claims to use statistics: ask, "where's the control"?

Bharti Sahay Sinha shows a graph to claim "lack of correlation", but was there EVER any grounds to argue a correlation between demonetisation and terrorism-related deaths across the timeline (X-axis) considered in the first place? Obviously there isn't.

Many types of counter-terrorism efforts were proceeding from 2008 until now, at different levels of intensity and engagement, in all spheres from military (COIN) to intelligence to political to diplomatic... and obviously they had their own cumulative effects on terrorist activity irrespective of demonetisation (which happened only last year). THAT is what is responsible for deaths from terrorism going up and down, across 90% of the graph when there was no question of any impact from demonetisation!

Hence it is a strawman argument. For example, if penicillin was introduced in 1942, what "correlation" or "lack of correlation" can be demonstrated by a graph showing deaths from infectious disease 1933-1943? Whatever ups and downs happened in the period 1933-1942, there is no question of them being associated with penicillin because it had not been introduced yet! Only by comparing 1942-1952 data, vs. 1933-1942, can any "correlation" or "lack of correlation" be argued.

And even then there is no "control" data (what about myriad other factors operating across those periods which may or may not have impacted deaths from terrorism, or from infectious disease in our example?)

The kind of statistical method with which one can hope to establish significant correlation between one single factor and a given outcome when myriad other factors are operating, is a linear regression analysis. With such a technique, one may attempt to isolate the numerous confounding factors one by one. There is no linear regression analysis happening in this graph, only MS paint copy-paste. Obviously this Bharti Sinha Sahay is some JNU-turd with no grasp of the basic concepts of statistics.

In addition, it is convenient for her that she has chosen to separate out civilian and security-personnel fatalities into separate bars on her histogram to make her chart look more impressive, relative to the fake numbers alleged for "demonetisation-related deaths". Intellectually dishonest through and through.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

What’s to refute ? ‘Demonetization fatalities’ is a nandi dropping description . Have them prove it . And when they try, mock them and make up your own categories for each one .
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Re: Currency Demonetisation and Future course of Indian Economy

Post by SandeepA »

Thanks Rudradev, Suraj.
It wasnt needed really they blocked me when I questioned them..so much for FoE!
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

At least shows their bakistaniyat

In the meantime., send this to everybody

http://www.firstpost.com/india/i-could- ... 03833.html
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

Loans up to Rs 25 lakh under HBA for govt employees
25 lakhs, and a loan term for 20 years. Principal to be paid up in 2/3 of loan term in installments, followed by interest payment in the next 1/3 term of loan period. Interest rate is 8.5% p.a. Such a scheme existed for Bank employees. But now that is getting extended to all central government employees. Is this a simple plan to share the benefits of De.Mo to a large group of people? Central Govt. employee strength is huge, and they are every where in the country.

Journey of Transforming India
Got this on e-mail, and it is a summary of the anti-Black money initiatives till date. Have not managed to go through the data in detail.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by hanumadu »

SandeepA wrote:The below info-graphic is in circulation about DeMo. Can someone help me refute this..i dont have sufficient data.
Terrorism is not just deaths like the graph tells. Stone throwing is also terrorism and definitely you don't hear about it as much now.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by fanne »

correrelate just with JJ&K, with only stone throwing. As these guys get paid for throwing. The cross border terrorist are already paid in their hell land and for that they do not need Indian currency. The first argument that terrorism (as in death) is related to black money paid is wrong. Stone throwing is related to it. Graph that and you can prove your case. E.G. for few months just after demo there were no stone pelting and just before demo, it was at all time high.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by periaswamy »

:rotfl: monetary loss due to standing in queues it seems

The Congress party drones at the EPW (this paper was motivated by IAC's Jean Dreze) and the cretins at Takshashila think this is some sort of awesome analysis.
1) they based this result after looking at queues at 4 places in New Delhi -- statistically this is the equivalent of statistical analysis based on one data point.
2)
Let that length be “L.” Once we have this value, we present a hypothetical situation in which they were asked, “If given an option to withdraw money without standing in the line, how much of ₹2,000 (standard withdrawal limit) are you willing to let go?” Let this price that they are willing to pay be “P,” in rupees.
2.2.2 Method 2: As a check on the first method, we asked our respondents to estimate the per hour monetary value of their queuing time directly.
So basically, they have pulled out of thin air some "value of loss per person for standing in a queue" and the jokers at EPW published this nonsense, no doubt to make the crown prince's baby gurgles seem credible.

Even if there was a hit to the economy for this duration, the targets of this exercise were the ones who would have answered the above question in percentages, given the amount of cash they had been used to hoarding for decades. All of this "research" from politically compromised drones fail to point out that those who lost the most in this exercise were given a chance to "wash their cash" after paying a nominal tax rate and opening themselves to questions about the source of the income.

I mean, here we have an exercise aimed at removing the entire informal (and non taxable) economy outside the govt's control, and these IIT Delhi geniuses are pretending that standing in queues for a month has caused great economic loss to the country. As if people in the country do not ever stand in queues for anything else, or indeed, that the average person had stashes of cash that they had to spend day after day waiting in queues.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by VKumar »

Suraj wrote:What’s to refute ? ‘Demonetization fatalities’ is a nandi dropping description . Have them prove it . And when they try, mock them and make up your own categories for each one .
We should compare normal death rates with death rates during demo.

In a large population, many people die every hour.

If millions of people stand in queues, there would be some deaths, quite unrelated to stress of standing in queue .

For example see farmer suicides. Hundreds of farmers commit suicide when their crop fails and they are unable to service loans. Were there any demo related suicides? In other words, loss of money because of demo did not seem to trigger suicides.

Only a proper statistical study can establish whether there was any significant increase in number of deaths that can be attributed to demo WHICH MAY NOT HAVE OCCURED IN THE NORMAL COURSE OF DAILY LIFE.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

Sorry no, absolutely not . The original statistical parameter ‘demonetization fatalities’ is Nandi dropping , aka bool sheet . It was not an innocent mistake but a deliberate attempt to create a false narrative . The response to that is not to give it respect in the form of mathematics, but to mock and destroy its foundation .
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Re: Currency Demonetisation and Future course of Indian Economy

Post by A_Gupta »

https://www.bloomberg.com/news/articles ... a-cash-ban
Home Price Rises Slow in India Thanks to Modi’s Cash Ban
India’s property sector was already battling a slowdown last year, when Prime Minister Narendra Modi’s crackdown on cash quashed any hope of an imminent revival.

Removing 86 percent of cash, at the time a key part of many real-estate transactions, dented sales and new launches of residential projects, which make up 80 percent of the market. The government’s clean-up measures have since continued, with new home-buyer protections rolled out in May and a nationwide sales tax in July, both further constraining the industry as developers focused on compliance.

Underlying all these changes is Modi’s aim of hobbling the shadow economy and widening the tax net. That real-estate was hit hard isn’t surprising when you consider the sector was last year estimated to account for a large share of illicit deals that use untaxed wealth stashed as cash. While Knight Frank LLP reckons India’s housing market has been Asia’s top performer over five years, prices have been mostly stagnant following demonetization.

“Time and again, the back-to-back policy regulations reinforced a slowdown of sorts in an already sluggish market,” said Shishir Baijal, chairman and managing director of Knight Frank India, a property consultant. “The next 12 to 18 months are likely to be the ‘under observation’ period for the real estate sector.”

Project launches across India’s top seven cities declined 60 percent in the quarter ended Sept. 30, from the final three months of 2016 when demonetization was announced, according to Anarock Property Consultant. Sales dropped 32 percent over the same period, it said.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

For some asking for high profile BM launderers being raided., Sasikala may not be a big name.

https://swarajyamag.com/insta/operation ... -uncovered
Simultaneous searches were conducted across 37 locations in Chennai, Coimbatore and Puducherry while documents have been seized from across 150 locations over the last three days, reports The Hindu. Senior officials associated with ‘Operation Clean Money’ said that the aim of the search was to find benami assets. Assets which cannot be accounted for will be confiscated under the Benami Transactions (Prohibition) Amended Act, 2016.

We have seized documents (hinting at) huge benami assets. It appears that prime properties in Tamil Nadu have been purchased in the names of household staff like car drivers, servants, assistants, etc. and friends or business associates of the main suspects. We will serve notices asking them to explain the source of income (for purchase of these properties) and account for the same

A Senior Income Tax Official To The Hindu
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

And in further news:
Equity mutual funds registered a staggering inflow of Rs 2.86 lakh crore in the past eleven months bolstered by the ban on high value currency notes, according to industry data.

The sudden spike in bank deposits and consequent decline in interest rates following demonetisation on 8 November last year led to surge in inflow into equity mutual funds, an analyst said.

According to the Association of Mutual Funds in India (AMFI) data, equity funds received an inflow of Rs 2.86 lakh crore from November 2016 to October 2017. Prior to that, such funds had registered flows of Rs 1.5 lakh crore between October 2016 and December 2015.

“Along with that optimism of investors, demonetisation actually helped the industry to attract more investments. We have seen Rs 2.86 lakh crore coming into the mutual funds but we have also seen some redemptions. After taking into account redemptions, we have a net inflow of Rs 1.35 lakh crore.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

That is a cool $45 billion . From elsewhere I see that the total invested in equity mutual funds increased by a phenomenal 40 percent year on year between June 2016 and June 2017 to 9.8 lakh crore.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by ArjunPandit »

Suraj wrote:
Sachin wrote:You mean ask any one why they (or their friends - the whiners) dodged the taxes? ;) :lol: . They will have 1000s of reasons. One commie might even say that he is not paying tax because Modi & BJP is ruling the country. He may pay tax, if CPI(M) and Polit Bureau runs the country. But you are right, the people who seem to have got hit are people who did medium to big business; but only using cash.
Such responses shouldn't be laughed at and let go. They should be humiliated and berated for their stupid 'I'll pay taxes when my favored party is in power' nonsense. It's a dangerous meme that mistakenly ties basic civil responsibilities to political colors. They should get dismissive responses like 'Are you crazy ? Do you also wipe your pakistan only when it's between 7am and 10am ? You think these are things you get to randomly decide when to pay or not ?'
You know what I got the same idiotic argument by a business family who did not have any money a month back when I needed, but asked me for help to get 25L deposited.
My response was would you want your water, sewer, electricity and police services turned off when a party you dont like rules? His face was worth watching
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

There is a very active story floating around in social media. That is about linking mobile phone numbers with Aadhaar. I even heard a voice clip (in Malayalam) which was a heated argument between a customer executive and a customer (of a mobile service provider). The points of interest:-
  • The key of the message is the assumption that all government subsidies (based on Aadhaar) are routed to the bank account which they have last seeded with Aadhaar #.
  • The major mobile phone service providers have also started their "payment bank" schemes, and after the Aadhaar linking of a mobile phone, the mobile phone companies are opening a payment bank account, without checking with the customer (by some sort of trickery/forgery).
  • The subsidy amount all goes to the payment bank account. The mobile phone company charges a hefty penalty for closing such accounts, and makes it pretty impossible to transfer money out of this account.
I don't know whom to believe here. Way back in 2000s, when Credit Cards were just becoming more popular I used to get credit cards from some banks even without asking/formally requesting. One bank even said that, since I had a saving bank account with them (my salary account), they "assumed" that I may also like to have a credit card.

Added later: Ba$$$rds at AirTel indeed did seem to come up with such a cheap scheme.
General Terms and Conditions for Airtel Payments Bank Limited (erstwhile known as Airtel MCommerce Services Ltd.)
v. I authorize the Bank to use information which is KYC documents , particulars provided and usage based relationship information, for Account opening purpose. I authorize the Bank to link my Bank Account with Aadhaar number for electronic transfer of subsidies. Related entities and further solemnly authorize Bank to use or share my documents and/or information provided for provision of third party products.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Gus »

I am confused if it is linking phone with aadhaar or linking aadhaar with phone. I don't have a number in India, but my aadhaar has my mom's number and OTPs are sent to that (for the ITR verification that I did online..) ..
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

Gus wrote:I am confused if it is linking phone with aadhaar or linking aadhaar with phone.
It is actually linking your "phone connection/number" with Aadhaar.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

ArjunPandit wrote: You know what I got the same idiotic argument by a business family who did not have any money a month back when I needed, but asked me for help to get 25L deposited.

My response was would you want your water, sewer, electricity and police services turned off when a party you dont like rules? His face was worth watching
You could have taken Rs. 25L., gone to the IT wallah., turned in Rs. 25 lakhs and also the business family. And got 2.5 lakhs in return as reward money.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

Suraj wrote:That is a cool $45 billion . From elsewhere I see that the total invested in equity mutual funds increased by a phenomenal 40 percent year on year between June 2016 and June 2017 to 9.8 lakh crore.
The other advantage is the decrease in volatility from FIIs. Currently FIIs hold a large chunk of the Indian equity., so any movement by FIIs (which need not be correlated to local economic reality) leads to wide movement in the equity prices.

Now with a substantial share of investments from Indians themselves., there is less volatility due to uncorrelated changes. For example., in 2008-2012 Indian stock market behaved as if it is Dow Jones of east., any movement on DJIA would immediately reflect in Sensex or BSE. Yes there was a global impact, but its impact on BSE/Sensex was over correlated. This I think was due to skittish FIIs.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by ArjunPandit »

disha wrote:
ArjunPandit wrote: You know what I got the same idiotic argument by a business family who did not have any money a month back when I needed, but asked me for help to get 25L deposited.

My response was would you want your water, sewer, electricity and police services turned off when a party you dont like rules? His face was worth watching
You could have taken Rs. 25L., gone to the IT wallah., turned in Rs. 25 lakhs and also the business family. And got 2.5 lakhs in return as reward money.
Trust me i seriously considered this too....
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

300% increase in PAN card applications since note ban: CBDT
There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said today. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to scrap high value currency notes in November last year, the number rose to 7.5 lakh. He added that the department was taking a number of measures to curb black money and that steps such as no cash transaction of above Rs 2 lakh was a move in that direction.

“All these measures and demonetisation will act as solutions to curb the use and generation of black money in the country. “More and more people applying for PAN means they want to keep their businesses and financial transactions clean,” the CBDT chief said. PAN is a 10-digit alphanumeric number, which is alloted by the Income Tax (IT) department to an individual, firm or entity. About 33 crore PAN cards have been issued in the country till now. The CBDT is the policy-making body of the I-T department.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Karan M »

disha wrote:
Suraj wrote:That is a cool $45 billion . From elsewhere I see that the total invested in equity mutual funds increased by a phenomenal 40 percent year on year between June 2016 and June 2017 to 9.8 lakh crore.
The other advantage is the decrease in volatility from FIIs. Currently FIIs hold a large chunk of the Indian equity., so any movement by FIIs (which need not be correlated to local economic reality) leads to wide movement in the equity prices.

Now with a substantial share of investments from Indians themselves., there is less volatility due to uncorrelated changes. For example., in 2008-2012 Indian stock market behaved as if it is Dow Jones of east., any movement on DJIA would immediately reflect in Sensex or BSE. Yes there was a global impact, but its impact on BSE/Sensex was over correlated. This I think was due to skittish FIIs.
This has a huge strategic impact as well on our long term economic future and preventing any war or other event from roiling our markets.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

^^Of course. But #mediapimps missed that by a thousands of mile. I did expect inflows into investing instruments like stocks/bonds/CDs etc., just the investment into equity mutual funds is *staggering* indeed!
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Manish_P »

Nine of bullion trader’s city properties, worth Rs 21cr, attached by ED
The Enforcement Directorate (ED) on Thursday attached nine city properties worth Rs 21 crore belonging to Chandrakant Narsidas Patel, one of the directors of Pushpak Bullions Private Limited (PBPL).
ED holds that Patel had purchased gold bullion despite allegedly defaulting on loans worth Rs 114 crore to the Union Bank of India. The agency had arrested Patel on September 22.
During interrogation, Patel had admitted that gold worth Rs 32 crore was given on credit by the bank to the two bogus companies that he had set up. The ED is also looking into how an NPA account was allowed by the bank to facilitate the buying of gold bullion.
One of the allegations against Patel is that he had been depositing old demonetised currency notes directly into UBI's currency chest.
Also, Patel had used old currency notes post-demonetisation to buy 285 kg gold worth Rs 84 crore, ED officials said.
Patel, the ED said, had collected the cash from people after demonetisation, moving the funds to the PBPL accounts which were subsequently converted into buying gold assets. The ED is also probing if Pushpak was being used as a 'medium' to convert a section of politicians' black money into white.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by abhijitm »

Deleted
Last edited by Suraj on 17 Nov 2017 22:20, edited 1 time in total.
Reason: Please don't use the forum as a place to yell swear words .
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Suraj »

Demonetisation impact: 'Card transactions soar 84% in Sept to Rs 74,090 cr'
Debit and credit card transactions have jumped to Rs 74,090 crore in September this year, up a hefty 84 per cent as compared to the same month last year when it stood at Rs 40,130 crore, thanks to the government push for non-cash payments, says a study.

The transaction volume at all points of sale (POSes) clipped higher by 86 per cent to 378 million in September this year over the same period last year when it stood at 203 million, European payment solutions provider Worldline said in a weekend report quoting the Reserve Bank data.

In September 2016, the number stood at 203 million, it added.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Gus »

What is the endgame after “attached”?

Auction and adding proceeds to treasury? After any court case? In stasis until then?
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Re: Currency Demonetisation and Future course of Indian Economy

Post by disha »

Auction & proceeds to treasury. There will be separate courts involved to ensure due process is followed
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Re: Currency Demonetisation and Future course of Indian Economy

Post by ArjunPandit »

Suraj wrote: The transaction volume at all points of sale (POSes) clipped higher by 86 per cent to 378 million in September this year over the same period last year when it stood at 203 million, European payment solutions provider Worldline said in a weekend report quoting the Reserve Bank data.
[/quote]
The point is sustainability. With my little experience of being in des in last one year, it is all back to kadak gandhiji
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Kashi »

ArjunPandit wrote:The point is sustainability. With my little experience of being in des in last one year, it is all back to kadak gandhiji
Also convenience. GandhiJi will remain all prevalent for the foreseeable future, but e-transactions and e-payments will continue to grow- at a variable pace- as people find it more and more convenient and acceptable.

The growth of e-commerce should also be taken into perspective. A lot of folks are increasingly purchasing high value products- TVs, Washing machines, ACs online.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by ArjunPandit »

Kashi wrote:
ArjunPandit wrote:The point is sustainability. With my little experience of being in des in last one year, it is all back to kadak gandhiji
Also convenience. GandhiJi will remain all prevalent for the foreseeable future, but e-transactions and e-payments will continue to grow- at a variable pace- as people find it more and more convenient and acceptable.

The growth of e-commerce should also be taken into perspective. A lot of folks are increasingly purchasing high value products- TVs, Washing machines, ACs online.
agreed sir, my point is that demo did some dislocation/relocation, but the organic change was due happening anyways. My disheartenment is due to the fact that the govt didnt push enough to take this historic moment to reach near cashless status. If the country can grudgingly bear the pain of demo then no change is to difficult for my country
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Sachin »

Kashi wrote:Also convenience. GandhiJi will remain all prevalent for the foreseeable future, but e-transactions and e-payments will continue to grow- at a variable pace- as people find it more and more convenient and acceptable.
Gandhi-Ji would remain in power for many more years, but the overall plan should be to reduce the dependency on Gandhi-ji to make big transactions. Over a period of time, Gandhi-ji to be only taken out for small-regular-usual transactions.
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Re: Currency Demonetisation and Future course of Indian Economy

Post by a_bharat »

SC rejects bail application of accused on his failure to explain source of demonetized notes

November 24, 2017[2017] 87 taxmann.com 260 (SC)
308 Views
PML Act : Where appellant accused failed to explain source from where he had acquired huge amount of demonetized currency recovered from him, his prayer for bail on being arrested for offence u/s 3&4 of PML Act was rightly rejected

• Facts : Bail application of appellant accused who was arrested for offence u/s 3&4 of PML Act for depositing Rs. 38.53 Crore in cash of demonetized currency into bank accounts of companies and getting demand drafts issued in fictitious names with intention of getting them cancelled and thereby converting demonetized currency into monetized currency on commission basis was rejected

• Held that there was inexplicable silence or reluctance of appellant in disclosing source from where such huge value of demonetized currency and also new currency had been acquired by him. Fact that no limit for deposit was specified, in demonetisations in Notification dated 8-11-2016 would not extricate appellant from explaining source from where such huge amount had been acquired, possessed or used by him. Volume of demonetized currency recovered from office and residential premises of appellant, including bank drafts in favour of fictitious persons and also new currency notes for huge amount, leave no manner of doubt that it was outcome of some process or activity connected with proceeds of crime projecting property as untainted property. Possession of such huge quantum of demonetized currency and new currency in form of Rs.2000/­ notes, without disclosing source from where it is received and purpose for which it was received, appellant had failed to dispel legal presumption that he was involved in money­laundering and property was proceeds of crime. Thus, opinion of Sessions Court and High Court rejecting prayer for grant of regular bail to appellant was not to be interferred with.
hanumadu
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Re: Currency Demonetisation and Future course of Indian Economy

Post by hanumadu »

http://www.moneycontrol.com/news/busine ... 48641.html
Dreamline Manpower Solution Private Limited, which deposited Rs 3166 crore :shock: , was in existence for just six years, before its name was struck off by the RoC recently. The company’s last annual general meeting was held in September 2014, according to RoC records. The company has a paid-up capital of Rs 1 lakh and has only two directors. Both directors are the boards of eight other companies. The RoC records do not mention the business activity of the company.

Second on the list is a NCR-based dormant company which has deposited around Rs 2450 crore. This company too has been struck off by the RoC from its records. There is no information available about the company’s directors. As per RoC records, this company acts as a broker in different kinds of trading activities.

Other companies on the list include Sterling Agro Industries Limited, which has deposited Rs 626.67 crore. It comes under Delhi Registrar of companies, and its main businesses are horticulture, growing of crops and market gardening.
Looks like for large amount of black money holders, shell companies were the preferred route. 3,166 crores by one company? How much time it would even taken to count them? Eager to know who and how many does the money actually belonged to.
ShauryaT
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Re: Currency Demonetisation and Future course of Indian Economy

Post by ShauryaT »

Digital transactions fail to gather steam after initial demonetisation surge
While total value of transactions via electronic payment system hit a high of Rs 149 lakh crore in March 2017, up from Rs 94 lakh crore in November 2016, digital business fell to a low of Rs 107 lakh crore in July 2017 and Rs 109 lakh crore in August, according to figures available from National Payment Corporation of India (NPCI). It rose to Rs 124 lakh crore in September 2017 but was down to Rs 99.28 lakh crore in October (till 29th) despite doubling of point of sale (PoS) machines in merchant establishments across the country. The volume also declined from a high of 957.5 million in December 2016 to 863.9 million by October 2017. “There is anecdotal evidence that some smaller merchants are reverting to cash. With easing of the liquidity crunch, transaction volumes for overall retail electronic payments have seen a marginal dip. For mobile wallets too, there has been a gradual tapering after the initial bounce. This prima facie would suggest a slow reversal in the usage of digital platforms,” HDFC Bank said in a report.
Important to track where digital payments are after a year of demon.
Akshay Kapoor
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Re: Currency Demonetisation and Future course of Indian Economy

Post by Akshay Kapoor »

Karan M wrote:
disha wrote:
The other advantage is the decrease in volatility from FIIs. Currently FIIs hold a large chunk of the Indian equity., so any movement by FIIs (which need not be correlated to local economic reality) leads to wide movement in the equity prices.

Now with a substantial share of investments from Indians themselves., there is less volatility due to uncorrelated changes. For example., in 2008-2012 Indian stock market behaved as if it is Dow Jones of east., any movement on DJIA would immediately reflect in Sensex or BSE. Yes there was a global impact, but its impact on BSE/Sensex was over correlated. This I think was due to skittish FIIs.
This has a huge strategic impact as well on our long term economic future and preventing any war or other event from roiling our markets.
exactly it increases strategic autonomy
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