India: Millions Rise Up Against New World Order Ban On Cash

[PlugnPlay]

that's the problem with you commie mindset people, you don't even realize you've gone commie, sad !

I guess I will just have to suffer for my sins

 

[911]

You are not getting my point, millions of Indians are buying good from Amazon which is foreign company like that they want to control every aspect of life.

We need Indian corporates with the backing of GOI in every sector who can give tough competition to these foreign companies.

Similarly GOI should device alternate plans to avoid any consequences of global melt down.

Local companies can't compete with the international companies without adequate resources. Its capitalism, where big business crushes small business. A person buying goods will always look for the cheapest price available.
http://www.dailyo.in/business/amazo...colonisation-facebook-uber/story/1/14086.html

 

[T-72]

I guess I will just have to suffer for my sins

in a dharmic gulag

 

[PlugnPlay]

That may be so. This is a one time move to flush out the existing black money held as cash presently. It won't prevent accumulation of black money in future - other measures are necessary to prevent that.

Also, to buy foreign currency, you need a paper trail. You have to show your identity papers and have the transaction recorded, to buy gold or foreign currency. (There are illegal suppliers of both, but it is a lot more difficult than accumulating Indian rupees.) Paper currency, OTOH, required no paper trail.

(Mind you, I'm not sure of how effective this move will be - we will have to wait and see. I'm just dispelling the misconception that this will undermine faith in the Indian rupee itself. That will not happen, as the currency has not been declared valueless - it just has to be exchanged for new notes of the same value.)

True.

One does not leave a paper trail if one purchases foreign currency in the black market.

The illegal market is difficult NOW, but it will become easier in days to come since there will be huge demand for them. And where there is demand, the supply WILL arise. That is just the way the universe works.

Unless there is a mechanism that will discourage cash economy, this exercise will have only a sort term gain.

This has to be followed up by abolition of income tax and replace it with banking transaction tax and higher tax for cash transactions.

 

[Dragon Ball]

That is just Naive.

Majority of Black money is due to CORRUPTION. Almost 90%.

Corruption exist because our Judiciary does not exist and that is not getting Fixed any time soon.

Transparency due to digitisation will reduce corruption, but will not eliminate it.

Banks gives loans to Big Industries, not Farmers and poor entrepreneur. Kisan Credit Cards offered by banks hardly offer 25% of the farmer's gross estimated income as credit. That too at a rate of 9% per annum.

Its a joke.

There is no pressure on banks to make credit cheap so its just not going to happen anytime soon.

Our industries, even our Big industries do not have the capacity to absorb this much money, so the banks will be forced to lend it out to the common man at lower interest rates rather than sit on the money and pay interest. Mudra bank was an initiative in that direction. Raghuram Rajan was an impediment in its proper execution. Now that he is gone, we can expect banks to more responsive to work with the govt to meet its objectives.

 

[PlugnPlay]

in a dharmic gulag

..... where do Dalits like you go ?

Our industries, even our Big industries do not have the capacity to absorb this much money, so the banks will be forced to lend it out to the common man at lower interest rates rather than sit on the money and pay interest. Mudra bank was an initiative in that direction. Raghuram Rajan was an impediment in its proper execution. Now that he is gone, we can expect banks to more responsive to work with the govt to meet its objectives.

That is the general idea and should work in theory. But I would not be holding my breath for it to work in practice.

The truth is that the GoI do not have anyone smart enough and dedicated enough to make that happen. Modi certainly do not have the bandwidth to do it himself. Jaitly is a glorified bureaucrat who will NEVER think outside the box.

Who does that leave us with ? Nobody.

 

[Dragon Ball]

..... where do Dalits like you go ?



That is the general idea and should work in theory. But I would not be holding my breath for it to work in practice.

The truth is that the GoI do not have anyone smart enough and dedicated enough to make that happen. Modi certainly do not have the bandwidth to do it himself. Jaitly is a glorified bureaucrat who will NEVER think outside the box.

Who does that leave us with ? Nobody.

I think you are underestimating the team Modi has put in place. Remember he is the guy who speaks of giving his report card before elections. Whatever misgivings I may have had about Jaitley (I never had many), I have none now. Given the secrecy with which the whole plan was conceived, worked at, and put in place, I have nothing but admiration for the guy now. This I can say even though I am Dr. Swamy's fan. It was not an easy task getting those jan dhan yojana accounts opened. It was not an easy thing to get everyone on board with Aadhar and get DBT to every household from gas cylinders to making MNREGA payments in their individual bank accounts. Be it construction 20 million toilets in schools in a year or any of the rest of schemes govt has put in place, this is a govt which walks the talk. It is not Narendra Modi alone, it is also the cabinet he has put together.

 

[Kyusuibu Honbu]

Other "news" from the same website today (I swear, I'm not making this up - visit their homepage.):


"Queen Elizabeth descended from long line of cannibals."

"Jesus was a pagan who worshiped a male or female god."

"Britney Spears Illuminati ‘Slumber Party’ Video Decoded."

"Hillary Clinton attempted genocide on African-Americans."

"CIA agents create fake news."

(The last one is plausible, but note the irony!)

The phrase "New world order" in title was a give away

 

[randomradio]

Before this , I thought Modi is a farsighted leader, now I know he is a blindman

Money is the credit of the state，it derives its value by being declared by a government to belegal tender; that is, it must be accepted as a form of payment within the boundaries of the country. It's the cornerstone of one country, after this, people will not likely put most money into bank but change to foreign currency exchange and gold.

What a stupid method I never seen before~~~~

In India only 1% pay income tax.

why pay high tax on an apartment sale if you're a regular guy who did nothing wrong and that's all you hold or if that apartment is one of a handful of investments you own ?

This is the first time I've seen someone openly claiming it's fine to evade taxes.

It doesn't matter what investment you make, you have to pay taxes.

If you believe this pool, you don't know there is another India where people don't have their voice on the internet.

That side gave BJP a landslide victory in recent elections.
http://www.deccanchronicle.com/nati...dslide-modi-says-victory-for-development.html

But he is partially right in his assessment that any future black money will be stored in Foreign currency and Gold due to this move that reduces the confidence of Black Money hoarders in Indian currency.

It will impact our Currency valuation in both short and long term.

Even that's come under scrutiny.
http://www.ndtv.com/india-news/no-t...-gold-purchased-from-disclosed-income-1632757

That may be so. This is a one time move to flush out the existing black money held as cash presently. It won't prevent accumulation of black money in future - other measures are necessary to prevent that.

Also, to buy foreign currency, you need a paper trail. You have to show your identity papers and have the transaction recorded, to buy gold or foreign currency. (There are illegal suppliers of both, but it is a lot more difficult than accumulating Indian rupees.) Paper currency, OTOH, required no paper trail.

(Mind you, I'm not sure of how effective this move will be - we will have to wait and see. I'm just dispelling the misconception that this will undermine faith in the Indian rupee itself. That will not happen, as the currency has not been declared valueless - it just has to be exchanged for new notes of the same value.)

There will be another round of demonetization, particularly of the new 500, 1000 and 2000 rupee notes.

There will be a cash transaction limit from next year. All big transactions must go digital or leave a paper trail.

There will be restrictions on gold purchases.

There will be restrictions on property purchases.

 

[Banglar Bir]

conspiracydailyupdate.com

yup, legit


a Pakistani sitting in Qatar bitching about "terrorists

"

A PAKISTANI?

 

[Logicaldude]

If you believe this pool, you don't know there is another India where people don't have their voice on the internet.

BJP has won elections since the move.

Unless you mean those people who do not have their voice on internet are calling our chinese and pakistani well wishers and asking them to post on their behalf lol!

 

[JanjaWeed]

What?
After 93% public support? After winning every Parliament & assembly by-polls handsomely?
After winning every civic & local body elections with thumping numbers?

Ya...sounds more like minions dreaming about millions!

 

[randomradio]

What?
After 93% public support? After winning every Parliament & assembly by-polls handsomely?
After winning every civic & local body elections with thumping numbers?

Ya...sounds more like minions dreaming about millions!

There will be a huge assets contraction in the economy over the next 1 year, all the stuff that rose because of black money.

They will use that also to say how Modi effed up the Indian economy even if the effect is very different and far more difficult to quantify than fake growth created only by the wealthy as it is today.

 

[PlugnPlay]

Even that's come under scrutiny.
http://www.ndtv.com/india-news/no-t...-gold-purchased-from-disclosed-income-1632757

True again, but its a stupid move.

This does nothing to address the Cause i.e demand, but tries foolishly to address the effect i.e. Supply.

It will only result in Smuggling of gold and black marketing of gold. That is the inevitable end to this sorry move.

Gold has been the source of security in India for more than 5000 years and its beyond idiotic to think that such deep entrenched social memory can we wiped off with a piece of legislation.

This is exactly the kind of thinking a bureaucrat like Jaitley will come up with. They self styled experts who has been the bane of India right from "Pandit" Nehru.


Allopathy addresses the symptoms, Ayurveda addresses the root cause.


India needs Ayurvedic treatment, not short sighted Allopathy cure.

 

[GR!FF!N]

Meanwhile in India.....................................................

http://timesofindia.indiatimes.com/...eme-fails-to-pay-tax/articleshow/55748408.cms

No wonder people like this will wage "Jihad" against injustice and oppression of Yindoo Extremist moodi using oppressive means like Demonitisation..Because this fellow showed his income between 1 lakh-2 lakh yearly,uses rikshaw to go to Office and his neighbors owe money from him,just to avoid suspicion.This fellow alone now is 20% contributor of entire Black money under IDS.