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Modi Plunders India’s Cash. Indians Cheer.

The idea may I'm but like all things desi, the rollout is a disaster, no efficiency, things still happen the old socialist babudom way, chaotic and badly managed.

I don't care about the small handful of crooks they are busting, more pressing daily concerns to tend to here.

shit move, the common folk shouldn't have been dragged into this bs, 20 days and counting with no signs of improvement, hope stuff gets back to normal soon.

Lol then I don't think u r India u don't have idea that in only month things r changed everyone getting new cash nd those who saying that poor people r hurted frm this decision either they r dumb or they cnt able to see good thing in India u know how poor people get the 500 or 1000 notes if the r working on daily basis i bet NT any poor people get 500 to 1000 Rps per day ..this decision only hurt to that who have stored there cash to save the tax...nd even if u know pm is providing this money to every citizen of India..
 
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So with a full month to go it appears that almost everything will come back, which essentially means that govt's main hope and perhaps the single major objective of demonitization that a huge portion of it wouldn't come back and they would be then able to use that amount for whatever they want (R Jagannathan even went as far as to say that jan dhan accounts would get a cash reward before election in one of his articles!) did not work out. So if there was black money stashed under beds or in mattresses, people have managed to get that into the system and legitimize it without paying a dime extra and on the top of that banks would now pay 4% interests to them. If you watch Chidambaram's interview that he gave within a week of demonitization, he predicted exactly this. No wonder the govt is now changing the narrative from black money to digital transaction. Past few days have been all about digital transaction from govt's PR machinery.



You have no idea what you are talking about. If everything comes back to the system it is actually a failed exercise.
The Deposit Figure Of Over Rs 11 Lakh Crore Is Incorrect. Here’s What The RBI Data Says.
Alok Bhatt - December 02, 2016, 6:03 pm
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SNAPSHOT




Reports pegged a cash deposit of demonetised notes at over Rs 11 lakh crore. That figure is, however, incorrect.





The Indian Express ran a story titled ‘Demonetisation’s rude shock: There may not be any black money’ recently. The report, attributed to IANS, was carried by many other news portals as well. Quoting from the Rajya Sabha reply of the Minister of State for Finance, Arjun Ram Meghwal, the report said the high-denomination currency circulating in the system on the day of Prime Minister Narendra Modi’s historic announcement was Rs 15.44 lakh crore.

Quoting the Reserve Bank of India (RBI), the report said Rs 8.45 lakh crore (in old Rs 500 and Rs 1,000 currency notes) was already mopped up by the banks from its depositors.

The report also went on to claim that the total cash reserve ratio (amounting to Rs 4.06 lakh crore) as on 8 November was the amount already held by banks and, thus, part of the total currency in circulation.

Then, it dropped a bombshell, questioning the demonetisation drive in view of the total value of Rs 12.50 lakh crore already finding its way into the banking system.

However, the figures from the report are incorrect.

Every Friday, the RBI releases its Weekly Statistical Supplement (WSS) report, detailing its weekly operations under 14 tabulated reports. The most recent report available in the public domain is that from 25 November 2016, and the report for the current week is due today. These reports capture the data for the week prior to the release of the report.

Now, refer to Table 7 in the report. It captures the information on reserve money (M0), its components and sources. Reserve money (M0) is the ‘base money’ and the highly liquid component of money stock in the economy. It plays the most crucial role in the determination of other monetary aggregates of the economy.

At any given point in time, the reserve money (M0) equation (its components) is as follows:

Reserve money = Notes in circulation + Bankers’ deposits with the RBI + Other deposits with the RBI

Notes in circulation represent the currency in circulation in the form of notes and coins, while bankers’ deposits with the RBI represent balances maintained by banks in the current account with the RBI, mainly for maintaining the CRR and as working funds for clearing adjustments.

The final component of reserve money is other deposits with the RBI and this includes deposits from foreign central banks, multilateral institutions, financial institutions and sundry deposits net of IMF Account No 1.






A tabulated compilation of movement in reserve money (M0) per WSS bulletins of the RBI is as below:



Capture.PNG



From the table, it can be seen that the total currency in circulation as on 18 November was Rs 14.27 lakh crore - a decline of Rs 3.70 lakh crore (20.61 per cent) over the figures from 4 November.

Another significant takeaway from the tabulated data is that bankers’ deposits with the RBI for CRR (as claimed in the IANS report) as the currency already in circulation is not counted as currency in circulation and is in fact a separate line item.

If one were to take into account the RBI figure of Rs 8.45 lakh crore as mopped up by banks till 28 November as the old notes tendered for cancellation, almost Rs 6.99 lakh crore (45.27 per cent of total) is yet to be deposited.

In view of this explanation, it is important to stress on the need to form opinions only on the basis of RBI bulletins and press releases. There are far too many people who would want to write the obituary of demonetisation. Believing motivated reports would be playing into their hands.
 
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The Deposit Figure Of Over Rs 11 Lakh Crore Is Incorrect. Here’s What The RBI Data Says.
Alok Bhatt - December 02, 2016, 6:03 pm
Shares 995
000_Del6245017.jpg

SNAPSHOT




Reports pegged a cash deposit of demonetised notes at over Rs 11 lakh crore. That figure is, however, incorrect.





The Indian Express ran a story titled ‘Demonetisation’s rude shock: There may not be any black money’ recently. The report, attributed to IANS, was carried by many other news portals as well. Quoting from the Rajya Sabha reply of the Minister of State for Finance, Arjun Ram Meghwal, the report said the high-denomination currency circulating in the system on the day of Prime Minister Narendra Modi’s historic announcement was Rs 15.44 lakh crore.

Quoting the Reserve Bank of India (RBI), the report said Rs 8.45 lakh crore (in old Rs 500 and Rs 1,000 currency notes) was already mopped up by the banks from its depositors.

The report also went on to claim that the total cash reserve ratio (amounting to Rs 4.06 lakh crore) as on 8 November was the amount already held by banks and, thus, part of the total currency in circulation.

Then, it dropped a bombshell, questioning the demonetisation drive in view of the total value of Rs 12.50 lakh crore already finding its way into the banking system.

However, the figures from the report are incorrect.

Every Friday, the RBI releases its Weekly Statistical Supplement (WSS) report, detailing its weekly operations under 14 tabulated reports. The most recent report available in the public domain is that from 25 November 2016, and the report for the current week is due today. These reports capture the data for the week prior to the release of the report.

Now, refer to Table 7 in the report. It captures the information on reserve money (M0), its components and sources. Reserve money (M0) is the ‘base money’ and the highly liquid component of money stock in the economy. It plays the most crucial role in the determination of other monetary aggregates of the economy.

At any given point in time, the reserve money (M0) equation (its components) is as follows:

Reserve money = Notes in circulation + Bankers’ deposits with the RBI + Other deposits with the RBI

Notes in circulation represent the currency in circulation in the form of notes and coins, while bankers’ deposits with the RBI represent balances maintained by banks in the current account with the RBI, mainly for maintaining the CRR and as working funds for clearing adjustments.

The final component of reserve money is other deposits with the RBI and this includes deposits from foreign central banks, multilateral institutions, financial institutions and sundry deposits net of IMF Account No 1.






A tabulated compilation of movement in reserve money (M0) per WSS bulletins of the RBI is as below:



Capture.PNG



From the table, it can be seen that the total currency in circulation as on 18 November was Rs 14.27 lakh crore - a decline of Rs 3.70 lakh crore (20.61 per cent) over the figures from 4 November.

Another significant takeaway from the tabulated data is that bankers’ deposits with the RBI for CRR (as claimed in the IANS report) as the currency already in circulation is not counted as currency in circulation and is in fact a separate line item.

If one were to take into account the RBI figure of Rs 8.45 lakh crore as mopped up by banks till 28 November as the old notes tendered for cancellation, almost Rs 6.99 lakh crore (45.27 per cent of total) is yet to be deposited.

In view of this explanation, it is important to stress on the need to form opinions only on the basis of RBI bulletins and press releases. There are far too many people who would want to write the obituary of demonetisation. Believing motivated reports would be playing into their hands.

Swarajya to the rescue! This article may be right about the CRR based calculations in the IANS article but the current numbers floating around aren't very encouraging. RBI also has not released the latest deposit data to quash these rumors like they did in the previous two weeks. That, along with the new amnesty scheme of the govt suggest that something is not right. If govt liabilities from this exercise get anywhere closer to the value of the scrapped notes, it would be a disaster.
 
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Swarajya to the rescue! This article may be right about the CRR based calculations in the IANS article but the current numbers floating around aren't very encouraging. RBI also has not released the latest deposit data to quash these rumors like they did in the previous two weeks. That, along with the new amnesty scheme of the govt suggest that something is not right. If govt liabilities from this exercise get anywhere closer to the value of the scrapped notes, it would be a disaster.

You seem disappointed by the rescue.

In any case rather than gleefully wait for a "disaster", why not display some patience and wait till end of December ?

It is certain the GoI will release all relevant data after the whole exercise is over.
 
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You seem disappointed by the rescue.

In any case rather than gleefully wait for a "disaster", why not displace some patience and wait till end of December ?

It is certain the GoI will release all relevant data after the whole exercise is over.

Serious question. How many accounts do you have here and what is the usual rate per post these days?
 
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Swarajya to the rescue! This article may be right about the CRR based calculations in the IANS article but the current numbers floating around aren't very encouraging. RBI also has not released the latest deposit data to quash these rumors like they did in the previous two weeks. That, along with the new amnesty scheme of the govt suggest that something is not right. If govt liabilities from this exercise get anywhere closer to the value of the scrapped notes, it would be a disaster.
When you have N number of left wing websites and blogs like scroll, thewire, Newslaundry, Kafila as well as msm like the Hindu, NDTV, Indian Express the list goes on and on why is it bad to show the right wing side using Swarajya?

Most Right Wing blogs and Publications work towards correction of false and malicious news reports by the leftist media
 
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When you have N number of left wing websites and blogs like scroll, thewire, Newslaundry, Kafila as well as msm like the Hindu, NDTV, Indian Express the list goes on and on why is it bad to show the right wing side using Swarajya?

Most Right Wing blogs and Publications work towards correction of false and malicious news reports by the leftist media

I actually said that line as a one liner, it is a good response and I even thanked your post. But one liners often don't translate well into print.
 
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Serious question. How many accounts do you have here and what is the usual rate per post these days?

I will tell you the same thing I told another "secular intellecutual".

Great minds discuss ideas, average mind discuss Events, Small minds discuss People.


Do not expose your 'size' by attempting to discuss Me.
 
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Most Right Wing blogs and Publications work towards correction of false and malicious news reports by the leftist media
They will fail.

Unless and until Right wring publications become dispensers of ideas on their own right, they will never put down roots. Right now, most only focus on rebuttals.

The right wing intellectual ecosystem and publishing has not taken root in India..yet.
 
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Great minds discuss ideas, average mind discuss Events, Small minds discuss People.

And paid shrills spend 24 hours a day on a website, replying to every post against his dear leader from different accounts, thanking his own post in the process. Shoo!
 
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And paid shrills spend 24 hours a day on a website, replying to every post against his dear leader from different accounts, thanking his own post in the process. Shoo!

Modi is "our" leader assuming you are Indian :coffee:

Feel free to abuse him or me, your small size is now duly acknowledged :tup:
 
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