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SHARAD CHANDRA DANEJ (Asstt. Manager)     14 November 2016

Demonetisation

Reserve Bank of India Act 1934 emplowers Govt for demonetisation u/s 24(1), 24(2) & 26(2) under RBI Act.



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 15 Replies

Kumar Doab (FIN)     14 November 2016

The public in general is facing the heat.

The big sharks as they call have not been afected.

The black money details stacked in tax heavens of big sharks is not revealed.

 

 

Ms.Usha Kapoor (CEO)     15 November 2016

To unearth th eblack money   this entire exercise of demontization of 5000 rupees and 1000 rupees has  taken upbythe Central Governmnt.Super rich peopel are uneffectedby  this exercise.Only common man with no connections and not much money in pocket is getting  affected.Rich People' money is stashd away in  foreign tax havens.UNless Balck money stashed in tax havens is brought to India and attached  development of Infrastructure etc ddoesn't take place.Poverty can't be miitgated.If you appreciate this answer please convey my forumthnaks byclicking thanks button.

Kumar Doab (FIN)     15 November 2016

Agreed with Ms. Usha Kapoor.

The central and state government should display their success with persons in power, powerful, rich and resourceful.

That was the aim.

 

thelawassist   17 November 2016

Govt's announcement to ease cash Crunch

1. Farmers can withdraw Rs 25,000 per week against crop loans.
2. Kisan credit card will be subject to same new limit.

3. Registered mandi traders can draw up to Rs 50,000 per week.

4. One member of the family, be it father or mother, can withdraw up to Rs 2.5 lakh for a wedding. The accounts has to be KYC compliant. However, the person         withdrawing the money will have to give a self-declaration.

5. Over the counter exchange of old 500, 1,000 rupee bank notes limited to Rs 2000 from Rs 4,500 from November 18.
6. Central government employees up to group C can draw salary advance up to Rs 10,000 in cash that'll be adjusted against their November salaries.

 

Sorce: https://timesofindia.indiatimes.com/india/Govt-announces-slew-of-measures-to-ease-cash-crunch/articleshow/55470386.cms

 

 

 

 

 

 

 

Kumar Doab (FIN)     17 November 2016

Thanks for posting.

SHARAD CHANDRA DANEJ (Asstt. Manager)     17 November 2016

Are there any logical answers for these questions

1. Why not Rs. 500 and Rs. 1000 notes not released as soon as the old ones banned.

2. why only Rs. 2000/- note came into circulation immediately after ban of Rs. 500 and Rs. 1000/- notes why not Rs. 500 and Rs. 1000/- notes are delayed.

3. why did govt changed the shape and size of the notes so as to give lots of trouble to recalibrate the ATMs all over India.

4. What was the need to issue new Rs. 2000/- note while we are to discourage high denomination notes?

 

If you appreciate my worries please click on thumbs up button just below my profile.

 

SHARAD CHANDRA DANEJ (Asstt. Manager)     17 November 2016

The black marketing will not stop because it has become the habit of the people to get what they want at any cost.

Recently I wanted court fee stamps and when I contacted one advocate who is selling the stamps, he charged me double of the value of the stamps.

In our area near the court there's no licensed agent to selling the stamps. One has to go far away to fetch those stamps judicial or non judicial.

 

 

Democratic Indian (n/a)     17 November 2016

Originally posted by : SHARAD CHANDRA DANEJ
Are there any logical answers for these questions

1. Why not Rs. 500 and Rs. 1000 notes not released as soon as the old ones banned.

2. why only Rs. 2000/- note came into circulation immediately after ban of Rs. 500 and Rs. 1000/- notes why not Rs. 500 and Rs. 1000/- notes are delayed.

3. why did govt changed the shape and size of the notes so as to give lots of trouble to recalibrate the ATMs all over India.

4. What was the need to issue new Rs. 2000/- note while we are to discourage high denomination notes?

 

If you appreciate my worries please click on thumbs up button just below my profile.

 

If you read the replies of goodboy_mentor and StampMaster in another forum via this link https://www.indiansforguns.com/viewtopic.php?f=1&t=24760 you will get answers to your questions. In depth discussion about the real game of demonetization has been discussed.

1 Like

Dipangkar   20 November 2016

Originally posted by : Democratic Indian
If you read the replies of goodboy_mentor and StampMaster in another forum via this link https://www.indiansforguns.com/viewtopic.php?f=1&t=24760 you will get answers to your questions. In depth discussion about the real game of demonetization has been discussed.

Sir could u plz copy/paste the text here, as the links says "This site can’t provide a secure connection"

Democratic Indian (n/a)     20 November 2016

Originally posted by : Dipangkar
Originally posted by : Democratic Indian
If you read the replies of goodboy_mentor and StampMaster in another forum via this link https://www.indiansforguns.com/viewtopic.php?f=1&t=24760 you will get answers to your questions. In depth discussion about the real game of demonetization has been discussed.
Sir could u plz copy/paste the text here, as the links says "This site can’t provide a secure connection"

The site is perfectly safe and it is secure. It's certificate is verified by Comodo CA Ltd. may be it is an issue with configuration of your browser. If you are sure that your browser does not have any issue, you can simply ignore the message and go ahead. Copy/paste is not going to be easy since there is lot of material on that site.

1 Like

Dipangkar   20 November 2016

Thanks Sir,

Good to see u still here, i don't know why LawyerClub Blocked my old account, but after some years here i am, back again with a new one :)

U ar right It can be a Browser Problem as i cannot open this page in Google Crome or Opera.... Thanks anyway.

I would have loved to read that artical.....

1 Like

Dipangkar   20 November 2016

"........ They all stemmed from the delusion that the leader of a country could redesign an entire society to conform to a master plan. The 20th century is full of cautionary tales that warn against such delusion, such as the communism of Mao and Stalin, and the fascism of Hitler. Yet, we do not learn..........."

 

Narendra Modi takes a great leap backwards. Mao would approve...

--------------------------   The Times of India

 

In 1958, Chairman Mao ordered that that all sparrows over China should be put to death. It was hailed as a necessary step by a strong leader. Farmers were suffering because sparrows tended to eat their grain seeds. Thus began The Great Sparrow Campaign. A countless number of sparrows were indeed wiped out — but there were unintended consequences. Sparrows ate locusts, and once the balance in the ecosystem changed, locusts proliferated and destroyed China's crops. There was famine, hunger, starvation: no less than 45 million people died in the three years following Mao's orders. At the start, Mao exhorted them to bear with the inconvenience. But then the pain piled up.

Mao's infamous Great Leap Forward included plenty of edicts besides the death warrant to sparrows. They all stemmed from the delusion that the leader of a country could redesign an entire society to conform to a master plan. The 20th century is full of cautionary tales that warn against such delusion, such as the communism of Mao and Stalin, and the fascism of Hitler. Yet, we do not learn.

Narendra Modi's demonetisation of old 1000 and 500 rupee notes is one such folly, a blunder in every imaginable way. It doesn't achieve its intended purpose. And its unintended consequences could devastate the lives of the poor, and cripple our economy.

Modi claims that this move is an attack against black money and corruption. This is not true, and here are four reasons why. One, as per a recent estimate, only 6% of black money is kept in the form of cash. Two, new 2000 and 500 rupee notes are on the way, and a black market for conversion from old to new is already thriving. Three, as various economists have pointed out, this attacks the stock and not the flow of black money. To strike at black money and corruption, you need to strike at their root causes.

Corruption and black money are a consequence of big government, of one set of individuals having discretionary powers over the actions of others. If Modi was serious about tackling black money, he'd bring about institutional changes that would take us towards the minimum government he had promised in his 2014 campaign. Instead, government keeps getting bigger, controlling more and more of our lives. More government = more corruption.

 

The fourth and most compelling reason is this: these aren't really high-denomination notes. Modi has probably not bought anything from a store in 15 years, so he imagines that the poor do not use these notes. Well, consider that the last time demonetisation took place in 1978, a 1,000 rupee note, in terms of purchasing power, could buy goods worth Rs 12,000 today. Rich people did hoard their black money with it, but the poor did not use them. A 500 rupee note today, by contrast, is the equivalent of a 50 rupee note in 1978. These notes constitute 85% of the money in circulation, as opposed to 0.6 in 1978. Over 90% of the transactions in India are cash transactions, and more than 90% of the cash in India is not black money.


This is why the consequences of Modi's move are so severe. According to an RBI note from March this year, only 53% of Indians have bank accounts. How do you think the other 600 million store their savings? Over 300 million people have no government ID, and there are crores of people stuck without a way to convert their hard-earned cash. Even if they did have accounts, there are reports that the government will take six months to print enough replacement notes. Every day the death toll goes up, but rural suffering and anger cannot be captured by bare numbers.

Apart from all the individual suffering, our economy is being eviscerated. Cash is integral to most of the economy. Farmers are unable to sell perishable produce, to buy grains for the new harvest or to pay labourers. Transporters are unable to transport goods across distances. Commerce has shut down in many places, with small businesses going bust. In some places, the barter system is back, as if we've gone centuries back in time.


Even if implementation was perfect, this would be a historic blunder because social engineering never works, and carries moral costs because of its unintended consequences. When people have to queue up to withdraw their own money, on which limits are placed, it is an attack on property rights that is more out of the Communist handbook than any right-wing philosophy. Indeed, Burkean conservatives and Hayekian libertarians alike would be aghast at Modi's actions, as he propels India towards the Soviet Union so admired by Nehru, with its state oppression, artificial shortages and infamous queues. But Chairman Mao would approve.

 

https://timesofindia.indiatimes.com/home/sunday-times/all-that-matters/Narendra-Modi-takes-a-great-leap-backwards-Mao-would-approve/articleshow/55517238.cms

 

1 Like

Democratic Indian (n/a)     21 November 2016

Originally posted by : Dipangkar
Thanks Sir,
Good to see u still here, i don't know why LawyerClub Blocked my old account, but after some years here i am, back again with a new one :)
U ar right It can be a Browser Problem as i cannot open this page in Google Crome or Opera.... Thanks anyway.
I would have loved to read that artical.....

Welcome back to LCI!

 

Did some investigation. The site is secure, some off site content like photo bucket links etc. may not be secure. As said earlier, it is nothing to be alarmed, just ignore the message, click next or whatever applicable to go ahead and read the discussion. Your browsers are allright.

 

Your comparision of this move with the move of Mao is very good. The government is becoming authoritorian and undemocratic day by day under one excuse or the other. In India we have now practically two kinds of people, the ruling elite and those blindly serving these ruling elite and their interests.

1 Like

Dipangkar   21 November 2016

Originally posted by : Democratic Indian
The government is becoming authoritorian and undemocratic day by day under one excuse or the other. In India we have now practically two kinds of people, the ruling elite and those blindly serving these ruling elite and their interests.

U are  right sir,

One More Proof of your Above comment is....

"......SC refused to bar HCs from hearing pleas on demonetization saying doors of courts cannot be shut in a situation which "may lead to riots"............"

The Main Question that arise here is ......
Why did the Centre plead seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification ????? 
Isn't the Centre trying to Supress the Democracy of the common men ???


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