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  #1  
Old August 29th, 2018, 09:42 PM
ashdoc ashdoc is offline
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Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

If the goal was to flush out black money then it has not worked at all with 99 percent of demonetised currency back in banks.

https://www.washingtonpost.com/world...=.dd859171e95c

https://m.timesofindia.com/business/...w/65589633.cms

Cashless economy too has not come and most of India is back to using cash.
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  #2  
Old August 30th, 2018, 06:14 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

But my friend who has access to authentic and reliable information says that due to demonetisation, Naxalites - the biggest threat to India's national security - disappeared in thin air.
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  #3  
Old August 30th, 2018, 06:15 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

Quote:
Originally Posted by ashdoc View Post
If the goal was to flush out black money then it has not worked at all with 99 percent of demonetised currency back in banks.

https://www.washingtonpost.com/world...=.dd859171e95c

https://m.timesofindia.com/business/...w/65589633.cms

Cashless economy too has not come and most of India is back to using cash.
I have to agree with part 2. On my last trip to India, we mostly used cash. Though use of credit cards at POS* is much easier and the PayTM also works. For online transactions, OTP** was a pain for us. If you dont have the mobile, you are helpless.

On point 1, i had a discussion with a cousin's Sasurji last year who is a retired big shot in a PSU Bank told that most of the money is back, but a good part of Black money is not in the name of the owners. Rather it has been split between many benaamis. For the black money walahs, withdrawing or accessing money is going to be a herculean effort.

On another note, i pointed in a whatsapp group - Isnt calling unaccounted or non tax paid money as 'Black Money' being racist???

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Old August 30th, 2018, 06:47 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Originally Posted by sgars View Post
On point 1, i had a discussion with a cousin's Sasurji last year who is a retired big shot in a PSU Bank told that most of the money is back, but a good part of Black money is not in the name of the owners. Rather it has been split between many benaamis. For the black money walahs, withdrawing or accessing money is going to be a herculean effort.
if that is the case , then demonetisation did hurt the black money wallahs . of course , demonetisation did help the modi government immensely from the electoral point of view . as a political move it was nothing short of spectacular .
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Old August 30th, 2018, 06:49 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Isnt calling unaccounted or non tax paid money as 'Black Money' being racist???
you are being affected by the PC culture in the US
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Old August 30th, 2018, 07:17 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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you are being affected by the PC culture in the US
If you go by MSM (plus many leftwing) news sites, PC culture is in India too. Like me_too_urban_naxal tag is trending.
https://www.outlookindia.com/website...res-why/315731

I am in a swing state which voted for trump last time. But close to a major university which is known to be left wing. So in real life i am mostly quiet politically except with other desis.
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Old August 30th, 2018, 08:10 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Originally Posted by ashdoc View Post
if that is the case , then demonetisation did hurt the black money wallahs . of course , demonetisation did help the modi government immensely from the electoral point of view . as a political move it was nothing short of spectacular .
did it really though? It turned the likes of you against them.... Shiv Sena like allies hated the move...

btw, It may not have had effect on previous black money (because as you say most of it is back in the banks), it has effected the future black money, for ex the effect on property market has been profound. very little black money in this market since then.

I reckon they should not have introduced the 2000rs note after demonitisation..
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Old August 30th, 2018, 08:11 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Originally Posted by sgars View Post

On another note, i pointed in a whatsapp group - Isnt calling unaccounted or non tax paid money as 'Black Money' being racist???

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Old August 30th, 2018, 08:43 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

I posted earlier my conversation with an investment adviser during my trip to India last January. Demonetization was still having it's effect on cash availability in ATMs. People used to SMS each other, jaldi aa ja idhar ATM me cash hai.

Investment guy was suggesting most bankers realized demonetization's primary aim was to save some PSU banks from going under, and thousands of jobs and economy was at risk. Of course, this can't be admitted to by the government publicly, so they have to count on other positive effects of demonetization.

I feel neutral and pro-BJP people will support demonetization saying the intention was good, whether it worked largely or not.
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Old August 30th, 2018, 10:57 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

When someone 'sends' money to a foreign account, the bank in India does not send physical currency notes to the overseas bank. Similarly when one transfers dollars from USA to India, the bank here does not 'courier' dollar bills to India.

So if almost all of the currency notes came back into the central bank reserves, it does not mean that illegal money never left the country.

Just wanted to clarify what and how money 'transfer' works.
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Old August 31st, 2018, 02:07 PM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

Somewhat related

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Old August 31st, 2018, 02:54 PM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Originally Posted by Charchila View Post
Somewhat related

the full version is this---

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Old September 1st, 2018, 02:44 PM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

WhatsApp forward

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Old September 3rd, 2018, 05:41 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

Quote:
Originally Posted by echarcha View Post
When someone 'sends' money to a foreign account, the bank in India does not send physical currency notes to the overseas bank. Similarly when one transfers dollars from USA to India, the bank here does not 'courier' dollar bills to India.

So if almost all of the currency notes came back into the central bank reserves, it does not mean that illegal money never left the country.

Just wanted to clarify what and how money 'transfer' works.
that's all white though? my impression is that black money has to be physical - otherwise banks/IT department get the visibility of the money leading to questions about the source.
have heard of stories of rooms full of physical notes, sofas and mattresses filled with notes - because black money could not be banked...
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Old September 4th, 2018, 12:36 AM
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Re: Demonetisation flopped big time ; 99 percent of demonetised currency back in banks

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Originally Posted by kkkk View Post
that's all white though? my impression is that black money has to be physical - otherwise banks/IT department get the visibility of the money leading to questions about the source.
have heard of stories of rooms full of physical notes, sofas and mattresses filled with notes - because black money could not be banked...
Most smart 'black money' fellows convert it into gold, diamonds, immovable assets in someone else's name (benami property) etc. Many buy agricultural land etc.
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