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Chitchat panic grips india
- Thread starter eatshitndie
- Start date
‘Enemy’ flooding the country with fake notes, says Modi
http://www.asianage.com/india/polit...ste-for-the-rich-while-poor-love-it-modi.html
http://www.asianage.com/india/polit...ste-for-the-rich-while-poor-love-it-modi.html
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These Fucking filthy shit skins
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I am white, I have the right to be in front of that black lady in the line.
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verdict after 1 week......epic failure. size of newly minted notes are too large for atm's to store and disburse. it's just one of many missteps in the planning and execution stage. now many are wondering if the whole shbang is properly and thoughtfully planned. many sectors on the rough edges of the economy will go bust before any meaningful results are to be reaped, resulting in untold devastation of the entire country side - no crops are planted for the new planting season as there's no cash to buy seeds, the fishing industry is near collapse as fishermen have no buyers. what a fecking mess, and india may never recover from this failure of epic proportions. great idea, lousy planning and execution. should have consulted the pap on this for advice.
https://www.bloomberg.com/view/arti...-strike-against-black-money-backfires?ref=yfp
https://www.bloomberg.com/view/arti...-strike-against-black-money-backfires?ref=yfp
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tourists should have known better not to visit india now.
http://www.bbc.com/news/world-asia-india-37972634?yptr=yahoo&ref=yfp
"I have been in Goa since Diwali and took out 30,000 rupees (£356) - in three sets of 10,000 rupees (£118) ATM transactions - which is the maximum allowed for foreign debit cards before the notes were declared invalid.
"I have so far not been able to exchange them because either the banks have no money or if you do find one with money and wait in the long queue, then they are only exchanging a maximum of 4,000 rupees (£48).
"Luckily some of the restaurants I go to are still accepting the old notes and so I can get fed and then rely on the small change to buy my daily incidentals like water, fruit etc.
"Sadly the waiters do not get a tip from me as those small notes are so precious, but I have promised them a big tip when I manage to finally exchange some of my money.
"Some businesses take credit cards, but in Goa where I am, there are very few places that take them unless you are staying at a top hotel, which I am not.
"The other problem is if you do manage to get your hands on the new 2,000 rupee notes (£24) the small sellers are reluctant to take them as they do not have enough small denomination notes to give you.
"The majority of the Indian population is poor and it is horrendous the impact this is having on them. Also, the country relies on tourism - November is when visitors start going to India because of the good weather. But the situation could affect the tourist industry and put people off from visiting.
http://www.bbc.com/news/world-asia-india-37972634?yptr=yahoo&ref=yfp
"I have been in Goa since Diwali and took out 30,000 rupees (£356) - in three sets of 10,000 rupees (£118) ATM transactions - which is the maximum allowed for foreign debit cards before the notes were declared invalid.
"I have so far not been able to exchange them because either the banks have no money or if you do find one with money and wait in the long queue, then they are only exchanging a maximum of 4,000 rupees (£48).
"Luckily some of the restaurants I go to are still accepting the old notes and so I can get fed and then rely on the small change to buy my daily incidentals like water, fruit etc.
"Sadly the waiters do not get a tip from me as those small notes are so precious, but I have promised them a big tip when I manage to finally exchange some of my money.
"Some businesses take credit cards, but in Goa where I am, there are very few places that take them unless you are staying at a top hotel, which I am not.
"The other problem is if you do manage to get your hands on the new 2,000 rupee notes (£24) the small sellers are reluctant to take them as they do not have enough small denomination notes to give you.
"The majority of the Indian population is poor and it is horrendous the impact this is having on them. Also, the country relies on tourism - November is when visitors start going to India because of the good weather. But the situation could affect the tourist industry and put people off from visiting.
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indelible ink is now used to mark fingers for those who finally get to a bank counter and swap out 4000 rupees worth of 100-rupee notes to prevent cheating. ah nehs are truly fucked.
http://finance.yahoo.com/news/india-struggles-millions-throng-banks-074827532.html
http://finance.yahoo.com/news/india-struggles-millions-throng-banks-074827532.html
Hi again, this is what i meant:
http://www.reuters.com/article/india-debt-bonds-idUSL4N1DT16B
India defies Emerging Markets sell-off as cash curb triggers bond rush
SINGAPORE, Nov 28 (IFR) - India is proving to be immune from the heavy selling in global emerging-market debt, as Prime Minister Narendra Modi's clampdown on undeclared cash has sparked expectations of a rate cut and pushed issuers to take advantage of low yields.
"There is so much liquidity and credit offtake is muted. Banks are getting a yield pick-up by investing in quasi-sovereign bonds," Venkatesh said. MORE EASING Expectations of a rate cut have risen as India's GDP is expected to take a near-term hit as cash-dependent businesses struggle to cope up with a cash shortage.
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onomic and political risks of India’s demonetization
BY RAMESH THAKUR
NOV 27, 2016
ARTICLE HISTORY
PRINT SHARE
CANBERRA – On Nov. 8, Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes (1,000 rupees is about $15) were no longer legal tender; people were given 50 days to deposit them in bank accounts or exchange them for new notes at banks and post offices — when only half of Indian adults have bank accounts. Beyond a fairly low threshold (under $4,000), people will be required to explain the source of their cash holdings.
Disruptive technology can unleash creative forces through destructive impact on an industry that exists in a stable equilibrium of vested interests. Will the world’s fastest growing big economy show similar resilience and regeneration from deep shock therapy, or will demonetization cure the disease but kill the patient? By withdrawing 86 percent of circulating currency when 70 to 80 percent of transactions are cash-based, has the Indian government burned down its economic house in order to eradicate the pest of corruption?
All previous instances of large-scale overnight currency cancellations were in countries ravaged by hyperinflation or facing state or economic collapse. Such shock therapy in a major economy is without precedent, so no one can predict the long-term structural impact and the full range of intended, pernicious and perverse consequences.
The goal is to eradicate black money, counter tax evasion and destroy counterfeit currency. In most large economies, cash is around 5 percent of GDP; in India it is 12 to 14 percent. Fewer than one-third of Indians have access to financial institutions. While most banks are concentrated in cities, most Indians live in villages. Forcing businesses to use banks and digital payments will help to bring them inside the tax net.
Only 5 percent of Indian workers pay income tax, just 15 percent of the economy is inside the tax net and India’s tax to GDP ratio at 17 percent is 5 points lower than comparable countries. Because of high property taxes, for example, buyers collude with sellers to understate the sale value and split the tax difference. This explains why the policy is an attack on the Indian way of doing business: Much of India’s cash-based consumer transactions have ground to a halt.
Yet it will do little to flush out significant proportions of illicit wealth. Former Finance Minister P. Chidambaram is right: In practice it amounts more to demonization of cash than demonetization of currency. It is shockingly callous in its indifference to the distributional consequences. The ATM networks have been hit by total chaos, while the central bank struggles to print replacement currency. Almost 50 deaths have been reported among people forming long lines at banks. Has a single parliamentarian, let alone Cabinet minister, stood in line to exchange currency notes? The rich have engaged “mules” to line up and exchange their currency for them while the “common man” faces hardships in the daily purchases of food, medicine, bus and rail tickets, and so forth.
Consumer goods sales are reported to have dropped by one-third. Trucks are at a standstill. Farmers have difficulty buying seeds and fertilizer and selling crops and perishable produce. The fishing industry is close to collapse. Few villages have ATMs and having to trek into cities and wait in line for hours means the loss of daily wages — as it does for the rickshaw drivers, street vendors, domestic workers and daily laborers in the cities. The construction industry has been badly hit with significant wage implications for its casual workforce.
While the poor keep their money in cash, the rich park illicit wealth in Indian and overseas real estate, shell companies, shares, gold and overseas bank accounts. Only 5 to 6 percent of India’s illicit wealth is estimated to be held in cash components. Demonetization attacks the stock without touching the flow of black money. Cumulative illicit outflows from developing to developed countries increased from $369 billion in 2000 to $1.26 trillion in 2008. In the 10-year period from 2004 to 2013, the developing world as a whole lost $7.8 trillion. India has experienced the third-highest illicit capital outflow ($83 billion in 2013) after China ($259 billion) and Russia ($120 billion). Yet India’s tax authorities have been among the least aggressive in going after names leaked in the Panama Papers in April.
The move also confuses the black with the informal economy by conflating cash with black money. Demonetization has the potential to permanently damage the latter, which comprises 45 percent of GDP and 80 percent of the workforce. Its main motor is the desire to escape the crushing burden of state taxes, regulations and bureaucracy. India’s formal and informal economies are not quarantined from each other, but form a seamless value chain. For example, almost one-third of the working capital of small businesses comes from the black economy. Can that lost capital be replenished with fresh credit?
The policy also highlights several pathologies of India’s governance. It buttresses the power of economically illiterate politicians and heavy-handed bureaucrats to control a large economy. Few citizens have encountered the tax inspector as a paragon of efficiency and probity. Forcing people to stand in line for unending hours and answer humiliating questions is an attack on property rights that puts restrictions on the people’s ability to earn, access and use money.
A better solution would have been to shift the balance of economic decision-making away from the state to firms and consumers; simplify, rationalize and reduce taxes; cut regulations and curtail officials’ discretionary powers; eliminate loopholes; and widen the tax net.
A major cause for the persistence of poverty and the growth of corruption in India is regulators and tax inspectors who harass entrepreneurs at every rung of economic activity because of the maze of regulations and the thickets of red tape. Shock therapy without institutional transformation enlarges government while minimizing governance; more government equals more corruption. Demonetization cements the Indian government’s reputation for capricious and arbitrary economic actions.
Politically, the decision has reinforced Modi’s image as a strong and decisive leader prepared to take bold and tough decisions in the country’s interests. It could denude political rivals of substantial cash assets for fighting the forthcoming elections in Uttar Pradesh, India’s most populous state.
On the political downside, it has hit the lavish expenditure wedding season. The ruling party’s main political base includes wholesale and retail traders who deal largely in cash. Their businesses have been gutted. How many marginal small businesses will survive the loss of a week’s or fortnight’s sales and income?
Foreign tourists were caught unawares and most simply do not have the time or patience to stand in line for long hours for minor sums of money. A substantial proportion of the 25-million-strong Indian diaspora is likely to have $100 to $300 in the high-denomination rupees as convenient small change on arrival in India. For these groups the shock therapy amounts to a minor inconvenience rather than a major hardship. But several million mildly irritated people among a country’s most likely overseas goodwill ambassadors is not to be disregarded.
Another governance pathology is the failure to tell friends from foes and a stubborn refusal to listen to contrarian voices from people of goodwill with the requisite expertise. Instead the government’s default mode is to attack any criticism as somehow anti-national or pro-corruption.
BY RAMESH THAKUR
NOV 27, 2016
ARTICLE HISTORY
PRINT SHARE
CANBERRA – On Nov. 8, Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes (1,000 rupees is about $15) were no longer legal tender; people were given 50 days to deposit them in bank accounts or exchange them for new notes at banks and post offices — when only half of Indian adults have bank accounts. Beyond a fairly low threshold (under $4,000), people will be required to explain the source of their cash holdings.
Disruptive technology can unleash creative forces through destructive impact on an industry that exists in a stable equilibrium of vested interests. Will the world’s fastest growing big economy show similar resilience and regeneration from deep shock therapy, or will demonetization cure the disease but kill the patient? By withdrawing 86 percent of circulating currency when 70 to 80 percent of transactions are cash-based, has the Indian government burned down its economic house in order to eradicate the pest of corruption?
All previous instances of large-scale overnight currency cancellations were in countries ravaged by hyperinflation or facing state or economic collapse. Such shock therapy in a major economy is without precedent, so no one can predict the long-term structural impact and the full range of intended, pernicious and perverse consequences.
The goal is to eradicate black money, counter tax evasion and destroy counterfeit currency. In most large economies, cash is around 5 percent of GDP; in India it is 12 to 14 percent. Fewer than one-third of Indians have access to financial institutions. While most banks are concentrated in cities, most Indians live in villages. Forcing businesses to use banks and digital payments will help to bring them inside the tax net.
Only 5 percent of Indian workers pay income tax, just 15 percent of the economy is inside the tax net and India’s tax to GDP ratio at 17 percent is 5 points lower than comparable countries. Because of high property taxes, for example, buyers collude with sellers to understate the sale value and split the tax difference. This explains why the policy is an attack on the Indian way of doing business: Much of India’s cash-based consumer transactions have ground to a halt.
Yet it will do little to flush out significant proportions of illicit wealth. Former Finance Minister P. Chidambaram is right: In practice it amounts more to demonization of cash than demonetization of currency. It is shockingly callous in its indifference to the distributional consequences. The ATM networks have been hit by total chaos, while the central bank struggles to print replacement currency. Almost 50 deaths have been reported among people forming long lines at banks. Has a single parliamentarian, let alone Cabinet minister, stood in line to exchange currency notes? The rich have engaged “mules” to line up and exchange their currency for them while the “common man” faces hardships in the daily purchases of food, medicine, bus and rail tickets, and so forth.
Consumer goods sales are reported to have dropped by one-third. Trucks are at a standstill. Farmers have difficulty buying seeds and fertilizer and selling crops and perishable produce. The fishing industry is close to collapse. Few villages have ATMs and having to trek into cities and wait in line for hours means the loss of daily wages — as it does for the rickshaw drivers, street vendors, domestic workers and daily laborers in the cities. The construction industry has been badly hit with significant wage implications for its casual workforce.
While the poor keep their money in cash, the rich park illicit wealth in Indian and overseas real estate, shell companies, shares, gold and overseas bank accounts. Only 5 to 6 percent of India’s illicit wealth is estimated to be held in cash components. Demonetization attacks the stock without touching the flow of black money. Cumulative illicit outflows from developing to developed countries increased from $369 billion in 2000 to $1.26 trillion in 2008. In the 10-year period from 2004 to 2013, the developing world as a whole lost $7.8 trillion. India has experienced the third-highest illicit capital outflow ($83 billion in 2013) after China ($259 billion) and Russia ($120 billion). Yet India’s tax authorities have been among the least aggressive in going after names leaked in the Panama Papers in April.
The move also confuses the black with the informal economy by conflating cash with black money. Demonetization has the potential to permanently damage the latter, which comprises 45 percent of GDP and 80 percent of the workforce. Its main motor is the desire to escape the crushing burden of state taxes, regulations and bureaucracy. India’s formal and informal economies are not quarantined from each other, but form a seamless value chain. For example, almost one-third of the working capital of small businesses comes from the black economy. Can that lost capital be replenished with fresh credit?
The policy also highlights several pathologies of India’s governance. It buttresses the power of economically illiterate politicians and heavy-handed bureaucrats to control a large economy. Few citizens have encountered the tax inspector as a paragon of efficiency and probity. Forcing people to stand in line for unending hours and answer humiliating questions is an attack on property rights that puts restrictions on the people’s ability to earn, access and use money.
A better solution would have been to shift the balance of economic decision-making away from the state to firms and consumers; simplify, rationalize and reduce taxes; cut regulations and curtail officials’ discretionary powers; eliminate loopholes; and widen the tax net.
A major cause for the persistence of poverty and the growth of corruption in India is regulators and tax inspectors who harass entrepreneurs at every rung of economic activity because of the maze of regulations and the thickets of red tape. Shock therapy without institutional transformation enlarges government while minimizing governance; more government equals more corruption. Demonetization cements the Indian government’s reputation for capricious and arbitrary economic actions.
Politically, the decision has reinforced Modi’s image as a strong and decisive leader prepared to take bold and tough decisions in the country’s interests. It could denude political rivals of substantial cash assets for fighting the forthcoming elections in Uttar Pradesh, India’s most populous state.
On the political downside, it has hit the lavish expenditure wedding season. The ruling party’s main political base includes wholesale and retail traders who deal largely in cash. Their businesses have been gutted. How many marginal small businesses will survive the loss of a week’s or fortnight’s sales and income?
Foreign tourists were caught unawares and most simply do not have the time or patience to stand in line for long hours for minor sums of money. A substantial proportion of the 25-million-strong Indian diaspora is likely to have $100 to $300 in the high-denomination rupees as convenient small change on arrival in India. For these groups the shock therapy amounts to a minor inconvenience rather than a major hardship. But several million mildly irritated people among a country’s most likely overseas goodwill ambassadors is not to be disregarded.
Another governance pathology is the failure to tell friends from foes and a stubborn refusal to listen to contrarian voices from people of goodwill with the requisite expertise. Instead the government’s default mode is to attack any criticism as somehow anti-national or pro-corruption.
http://www.businessinsider.in/Now-e...ep-of-demonetization/articleshow/55635859.cms
Now even China is applauding Modi’s bold step of demonetization
Now even China is applauding Modi’s bold step of demonetization
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when your rival either makes a mistake or is mired in a cesspool, either keep quiet and let rival continue with the mistake or encourage rival to continue with the same shit. it's a napoleon maxim.
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95% retail biz done cash. And talk of digital and plastic payments -how do you expect the masses to even get to transition phase?
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close to 50% don't even have a bank account. and majority of nehs in rural areas can't even get near a bank. and target completion date is dec-30? what an unrealistic pipedream.
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Actually i am confused about one thing is that why doesn't shit skin land get much condemnation for this major fuck up.
Let's assume China does exactly the same thing with their largest currency note they would be bashed to no end. Here shit skin land does it and creates so much chaos not only for their own shit skin citizens but for foreigners and somehow they barely get condemnation.
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Racism is when the ang moh thinks an nehs are more like them and can be trusted more than the chinks. Nehs and ang mogs are known as caucasoid in race. Chinks are mongoloids. Even culturally, the 2 can bullshit better than chinks.
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These fucking shit skins need to be bashed and yes technically they are considered caucasoid or at least the northern ones but they aren't white but i get your point.
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Modi wants to introduce cashless society.
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Talk to whites, ask them if they trust nehs more or chinks. Even creating opportunity they rather create for nehs than chinks.
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Thats because most broke law by not paying taxes. Better obey new law or face tax penalties also.
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