India politics thread

prateik said:
Opening an account is pretty easy. And SBI (and others) has zero balance options.
The id needed for it is the same as the id you'll need to exchange money.
The whole process is pretty quick too.


Forced banking.. thats just complaining for the sake of it. You dont need to keep any money in the bank. You dont need any more id proof than you would need anyway. Its 1 additional step but then you can deposit all your money at once and withdraw larger amounts.

I dont see any problem with it.
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Not really. I tried opening an SBI account (even though it was a couple of years ago), but they asked me for a truckload of documents and I just gave it up in the middle. Compared to this, my DB and ICICI accounts were pretty easy to open (DB being corporate, ICICI because I live in their neighbourhood and the guy was willing to come to my home for documentation). PSUs generally are a pain to deal with, especially when you are a new customer.
 
coolredwine said:
Not really. I tried opening an SBI account (even though it was a couple of years ago), but they asked me for a truckload of documents and I just gave it up in the middle. Compared to this, my DB and ICICI accounts were pretty easy to open (DB being corporate, ICICI because I live in their neighbourhood and the guy was willing to come to my home for documentation). PSUs generally are a pain to deal with, especially when you are a new customer.
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Lot has changed over the past few years. It is easier now than it has ever been.
 
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Hisha said:
And for that also you have to stand in queue for hours.
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Is that an assumption or have to seen long lines at banks? I've been to 3 banks over the last week (SBI, ICICI and HDFC) and the only queue for for deposit/withdrawal. There were other counters that were not really crowded at all. It might change, but there certainly werent long queues for general banking. The bits I saw without any wait time were passbook printing and sending a DD. Didnt see anyone open a new account fwiw.

And the maximum you can withdraw per week is 24k. What if you have some emergency for cash? Just like hospital case, travel, agricultural needs, business needs, etc. to name a few?
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Nothing to do with scrapping the exchange of currency. Unless you mean someone needs 24k + 14k from standing in line every day exchanging old currency.

Old currency is still accepted in emergency cases, isnt it? And Agricultural needs as well I think.

coolredwine said:
Not really. I tried opening an SBI account (even though it was a couple of years ago), but they asked me for a truckload of documents and I just gave it up in the middle. Compared to this, my DB and ICICI accounts were pretty easy to open (DB being corporate, ICICI because I live in their neighbourhood and the guy was willing to come to my home for documentation). PSUs generally are a pain to deal with, especially when you are a new customer.
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It's a lot easier now.

http://www.businesstoday.in/moneyto...re-for-opening-bank-account/story/210788.html
 
prateik said:
Is that an assumption or have to seen long lines at banks? I've been to 3 banks over the last week (SBI, ICICI and HDFC) and the only queue for for deposit/withdrawal. There were other counters that were not really crowded at all. It might change, but there certainly werent long queues for general banking. The bits I saw without any wait time were passbook printing and sending a DD. Didnt see anyone open a new account fwiw.
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Not an assumption, the current state of the banks. I talked with my parents and family members and they are all very angry now. Other than the individuals, the small scale businesses and farmers are really struggling at the moment.

prateik said:
Nothing to do with scrapping the exchange of currency. Unless you mean someone needs 24k + 14k from standing in line every day exchanging old currency.

Old currency is still accepted in emergency cases, isnt it? And Agricultural needs as well I think.
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Exchange or withdraw, you can only get a maximum of 24k per week. Old currency is only accepted in sate run hospitals, not in private hospitals. In paper, farmers can buy seeds and fertilizers using old money. But not every sellers are accepting that.

And the fact that the government has stopped the functioning of cooperative banks is a big blow to the farmers as most of the farmers are relying on these kinds of banks for their agricultural needs.
 
Hisha said:
Not an assumption, the current state of the banks. I talked with my parents and family members and they are all very angry now. Other than the individuals, the small scale businesses and farmers are really struggling at the moment.



Exchange or withdraw, you can only get a maximum of 24k per week. Old currency is only accepted in sate run hospitals, not in private hospitals. In paper, farmers can buy seeds and fertilizers using old money. But not every sellers are accepting that.

And the fact that the government has stopped the functioning of cooperative banks is a big blow to the farmers as most of the farmers are relying on these kinds of banks for their agricultural needs.
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Anything more about the bolded part. Like I said, I've been to 3 banks in the last week and there wasnt a huge rush for general banking. There has been nothing to suggest that they arent accepting new accounts, so I really dont think opening a new account would be a lot of effort.. certainly not more than getting 2k exchanged.

The rest of your post is completely irrelevant to my original post. (opening a new account is better than standing in long lines and exchanging 2k at a time)


The whole implementation has been a mess... but that is another debate.

I dont see what is wrong with scrapping the exchange of old currency part. That was being abused and they have stopped it. Apparently it has led to the queues getting shorter as well.
http://www.hindustantimes.com/india...tiple-times/story-mUk3bG9SX8fYaq7NtFvK9H.html


edit:
I'm still waiting for any source for the 50-60% unbanked claims.. Anyone?
 
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prateik said:
edit:
I'm still waiting for any source for the 50-60% unbanked claims.. Anyone?
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Anecdotal. A lot of assumptions at work, I believe. 25Cr Jan Dhan accounts. FM said there are 80Cr (debit/credit) cards, with 40Cr active users. You can deduce from that what you may.
 
coolredwine said:
Anecdotal. A lot of assumptions at work, I believe. 25Cr Jan Dhan accounts. FM said there are 80Cr (debit/credit) cards, with 40Cr active users. You can deduce from that what you may.
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We had 233m unbanked people in 2015. 182m fewer than in 2014(it was 415m in 2014). That number would have gone down even further now.
http://www.cnbc.com/2015/10/15/india-sees-massive-drop-in-unbanked-population.html

And that is individuals. Many households have just 1 account.
The only official word I can find suggests just 23000 households dont have an account.
http://www.business-standard.com/ar...sehold-has-a-bank-account-115021101677_1.html

That 65% is from a 2011 stat.. A lot has changed.

25Cr Jan Dhan accounts.
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If that is true, that means at least 70m more accounts since the 2015 stat..
 
coolredwine said:
https://www.reddit.com/r/india/comments/5enwgq/american_tourist_in_delhi_my_demonetization/

Everything is hunky dory in my country. There is no inconvenience, only some people face it, but it's either they are 1 in a billion or a hypothetical case. Also collateral damage.
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I was India for last few weeks. Came for my parents' medical treatment in Chennai. Nepalese ATMs work in India and after the check up was over we had around 15k in cash all in 500-1000 denominations which came out from the ATMs. The night the announcement happened, our check up was over. But the hospitals refused the cash for medicines and this was true for even payment in labs and doctor fees. We scraped through autos who would pay us 300 for 500 denominations and 600 for 1000. The banks asked us to go to airport because they require Indian ID and the Chennai airport informed us that we needed visa (Nepalese don't require a visa so we didn't have any). So we wasted precious 100 RS bills in the process. For 3 days we ate Wada and idli for food because that was all we could afford. The CMBT ticket counter lady was gracious enough to get us 3 tickets to Pondicherry (we were the lucky ones) where we were hoping to exchange USD. The fourth money exchange there gave us IRS 55 per dollar (exchange rate was 67) so effectively mugged us 12 per dollar and thus we had respite. I had a friend who was kind enough to book us OYO Room with his credit card and for train tickets otherwise we were fecked. I actually enjoyed the experience because it was something new for me. My parents however had a really rough time. It was in Kolkata in early hours that we found an empty ATM that worked.
 
Then:
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes.

8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased.
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Source: http://www.pmindia.gov.in/en/news_updates/prime-ministers-address-to-the-nation/?comment=disable

Now:
 
@CNNnews18
  • Sources: Amendment was brought in by Cabinet yesterday to plug the loop hole in IT Act.
  • IT Act allowed black money hoarders to declare the cash component as income for current year and pay around 30% tax
  • This had resulted in disparity, as under IDS Scheme people had to pay 45 percent tax.
  • Sources: To plug this disparity, cabinet has recommended 60% tax (approx) on unaccounted cash submitted in banks after demonetization
  • Decision taken keeping in mind that more than 21,000 Cr have been submitted in Jan Dhan accounts since the announcement of demonetization.
 
Stanzin Lama said:
@Ayush_reddevil @RedDevil@84 Then why are people (and media) saying it is a good thing if the cost is so massive and benefit so minuscule?
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Because of people like me.
I can base the benefit of the move only on what some economists are saying. Because I am no expert.
I could be wrong, but then I could be right.
Many many people are in same position and as usual tend to hope for the best. Over a period of time, one can ask people how their lives changed because of the move and then maybe get a better perspective of things.
Anyways media, poll based opinions tend to be biased in one way or other. There is only so much we can believe them. We can use them to support our arguments as we please though :)
 
Donaldo said:
:lol: Couldn't make this up.
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I just hope there are only 2 variants. At this rate, catching counterfeits of new currency will be so so painful. I can already imagine the shopkeeper saying "Only this type of 500 Rs notes accepted here"
 
RedDevil@84 said:
I just hope there are only 2 variants. At this rate, catching counterfeits of new currency will be so so painful. I can already imagine the shopkeeper saying "Only this type of 500 Rs notes accepted here"
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2 variants are enough to make confusions. RBI spokesperson confirmed that it's printing mistake. The worst thing is that RBI decided to distribute it rather than destroying it. Anyway, that's what you get when you appoint someone not based on the merit for a challenging position like RBI Governor.
 
:lol: :lol: :lol:

A feck up of this level, and there is still no one who has asked for heads to roll.

Good thing that the bank association have asked for RBI gov's resignation calling him an incompetent poop.
 
Stanzin Lama said:
I was India for last few weeks. Came for my parents' medical treatment in Chennai. Nepalese ATMs work in India and after the check up was over we had around 15k in cash all in 500-1000 denominations which came out from the ATMs. The night the announcement happened, our check up was over. But the hospitals refused the cash for medicines and this was true for even payment in labs and doctor fees. We scraped through autos who would pay us 300 for 500 denominations and 600 for 1000. The banks asked us to go to airport because they require Indian ID and the Chennai airport informed us that we needed visa (Nepalese don't require a visa so we didn't have any). So we wasted precious 100 RS bills in the process. For 3 days we ate Wada and idli for food because that was all we could afford. The CMBT ticket counter lady was gracious enough to get us 3 tickets to Pondicherry (we were the lucky ones) where we were hoping to exchange USD. The fourth money exchange there gave us IRS 55 per dollar (exchange rate was 67) so effectively mugged us 12 per dollar and thus we had respite. I had a friend who was kind enough to book us OYO Room with his credit card and for train tickets otherwise we were fecked. I actually enjoyed the experience because it was something new for me. My parents however had a really rough time. It was in Kolkata in early hours that we found an empty ATM that worked.
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I'm sorry you faced this inconvenience. Hope everything turned out fine at the end and you purchased all the required medicines.
 
How exactly does Bharat Bandh in this scenario make sense?
 
neelu91 said:
How exactly does Bharat Bandh in this scenario make sense?
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Most of the Bandhs never make sense anyways

Already people have enough headaches spending time at the bank. Not getting out enough money etc. The opposition wants to pile up the misery by stopping all non-banking services
 
http://thewire.in/82581/bjp-demonetisation-buys-land-worth-crores/

https://in.news.yahoo.com/bjp-bought-land-worth-crores-213712414.html

Days before Prime Minister Narendra Modi announced the demonetisation policy, his Bharatiya Janata Party (BJP) bought land worth crores of rupees.

The party, in power at the Centre, bought several land parcels in Bihar up to the first week of November.

The report refers to Sanjeev Chaurasia, a BJP MLA who told Catch News, “Land was being bought everywhere… In other places too, along with Bihar… We are merely the signatory authority; the money came from the party… the plots were bought for building party offices and other purposes. They were bought up to the first week of November.”
 
Hisha said:
http://thewire.in/82581/bjp-demonetisation-buys-land-worth-crores/

https://in.news.yahoo.com/bjp-bought-land-worth-crores-213712414.html

Days before Prime Minister Narendra Modi announced the demonetisation policy, his Bharatiya Janata Party (BJP) bought land worth crores of rupees.

The party, in power at the Centre, bought several land parcels in Bihar up to the first week of November.

The report refers to Sanjeev Chaurasia, a BJP MLA who told Catch News, “Land was being bought everywhere… In other places too, along with Bihar… We are merely the signatory authority; the money came from the party… the plots were bought for building party offices and other purposes. They were bought up to the first week of November.”
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Unfortunately the original source is something called Catch News, with 2 reporters I've not heard of. It's good that they have the screenshots, but it's hard to trust their quotes. Has anyone else carried this story?
It would be :drool: if a selective leak could be proven though.
 
berbatrick said:
Unfortunately the original source is something called Catch News, with 2 reporters I've not heard of. It's good that they have the screenshots, but it's hard to trust their quotes. Has anyone else carried this story?
It would be :drool: if a selective leak could be proven though.
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It would be droolworthy if our politicians could be proven corrupt? Wut?

The implementation looks to have been a downright disaster starting from the the PM and RBI down the banks themselves but some of the posts on here can only be described as plain sad. Makes me question how receptive our country is to change and whether some of us are simply more interested in jumping down the throats of every politician who tries to do something. Or of course you could simply be one of those weirdos who are staunch followers of a political party like it's a fecking sports team.
 
Akash said:
It would be droolworthy if our politicians could be proven corrupt? Wut?
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For me the suspicious timing of those land deeds in multiple states by the same party is proof enough. For a court it's not. So I'm hoping that more evidence comes out to join the dots.
 
berbatrick said:
For me the suspicious timing of those land deeds in multiple states by the same party is proof enough. For a court it's not. So I'm hoping that more evidence comes out to join the dots.
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Not really the point. Why would it be ":drool:" if it were true (Which is probably is)?
 
Akash said:
Not really the point. Why would it be ":drool:" if it were true (Which is probably is)?
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The :drool: part is if it could be proven, not that it happened. Corruption charges being proven on a large scale are still rare.
 
Wonder if that incompetent moron Jaitley still feels that the implementation couldn't have been better.
 
My colleagues (2 white folks have just returned from India) have been laughing and perplexed about this entire episode. They told me that there are long queues, vendors refuse to give change and they could only exchange half of the amount they wanted (they were carrying some bank notes from their previous visits). So I refuse to believe anyone who says that the situation on the ground is much better and that the queues are lessening and what not.
 
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