I think this will be launched sometime next year. The hope is that it will be more bigger transactions and quicker than online banking.
India politics thread
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I think this will be launched sometime next year. The hope is that it will be more bigger transactions and quicker than online banking.
Should have known. What a shame.
The main worry would be losing and stolen cards. Don't think transactions more than 200 - 500 bucks should be allowed if it ever becomes a reality. Would be quite nice to go and buy a packet of milk and touch the reader and be home in a couple of mins.
You wouldn't need a card. The transaction is done via your smart phone. It is aimed at retail vendors who deal in large sums of cash on a daily basis. It makes their lives lot easier by eliminating the need to carry cash all the time. They can simply make a quick deposit/transaction/payment with least interference from the bank.
Ok, you mean similar to android / apple pay? Cool.
You could say that is the base model. Like you said, it would be a nice luxury to have for small/daily purchases. I think the bigger picture, is to make cashflow quicker and easier for big businesses.
If a cashless future was the goal, rather than chasing the 6% of black money in cash, there was no need for this secrecy at all, nor any need for these sharp deadlines. Govt services and payments could be gradually switched to electronic systems (like has happened with NREGA), the govt could have stopped printing 1000 notes (instead of removing older ones), people could have been given 6 months to switch.
So, the question is why they chose this method with all the associated risk and suffering. It is IMO because gradual reform cannot create the pro-Modi wave that drastic measures can.
Same as above. Transition to a cashless economy could have been done gradually and with less pain. In fact NREGA's transition from cash to electronic is 2008-9 is an example of this. The change was sudden and for months workers went without salary since the infrastructure wasn't ready, officials weren't prepared, etc.
Finally, what is a cashless economy?
Which country is our goal here? (this is 2009 data from The Economist: http://www.economist.com/blogs/graphicdetail/2012/04/focus)
It's not one or other, but parts of the solution. One is to make life difficult for those who carry huge amounts of black money cash. Other is to encourage people to move to electronic means. I applaud the initiative...but actually thought it'd be better without the 2000rs notes. They just should have eliminated 500s and 1000s and made 100s as the highest denomination. Have sufficient reserves and we could have avoided the cash crunch too.
The reason for the 2000s was because of the timing - so far only a small percentage of note value has been replaced. Printing presses simply cannot keep up with the demand. Again, cash is 6% of black money. Is a 1-3% slowdown in GDP growth worth it for that?
If a cashless future was the goal, rather than chasing the 6% of black money in cash, there was no need for this secrecy at all, nor any need for these sharp deadlines. Govt services and payments could be gradually switched to electronic systems (like has happened with NREGA), the govt could have stopped printing 1000 notes (instead of removing older ones), people could have been given 6 months to switch.
So, the question is why they chose this method with all the associated risk and suffering. It is IMO because gradual reform cannot create the pro-Modi wave that drastic measures can.
Same as above. Transition to a cashless economy could have been done gradually and with less pain. In fact NREGA's transition from cash to electronic is 2008-9 is an example of this. The change was sudden and for months workers went without salary since the infrastructure wasn't ready, officials weren't prepared, etc.
Finally, what is a cashless economy?
Which country is our goal here? (this is 2009 data from The Economist: http://www.economist.com/blogs/graphicdetail/2012/04/focus)
I think a largely cashless economy is more important for India since such a small percentage of our population actually pays any taxes, whereas in western country like US, IRS is very vigilant in auditing small businesses to make sure they play their adequate taxes even if many transactions are in cash.
Also some folks on here have very poor understanding of banking and financial systems. If Indian economy collapses and value of rupee falls, it would not matter if you have money in the bank or in the form of cash at home. To compare us to Greece is idiotic since Greece due to Euros is relying on ECB to fulfill their obligation of maintaining every citizen's bank balance, hence why they need periodic loans to keep the country running. Whereas in our case, we rely on indigenous body in RBI for the same. What is more important is the value of rupee and inflation. There is absolutely no scenario possible in India where the banking system will collapse but only those with bank accounts will be affected but those with hard cash will be fine. Perpetuating such non sense is akin to scare mongering.
I think so too but key word there is urban centers. Could this be another 'India Shining' moment for BJP? Even then so many were convinced that it was a pro-BJP wave in the country but it turned out that only the middle class was dazzled by that BJP campaign
Rural UP supports the move more than Lucknow and Kanpur.
Edit: the impression in rural areas is that the rich are suffering more, following what Modi said about the poor sleeping well and rich needing sleeping pills.
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Did I touch a nerve? Anyway, I'll pay heed to your advice and get out more; but there is one condition: before I do that you'll need to get your head out of Modi's ass. Deal?
Poor people currently support the move as they think that this move affects the rich. While they have to bear the brunt of standing in line, it's the rich people's money that is going to be confiscated and they'll get a windfall. They think this move brings parity when their farm or factory owner and them both only have 500 rupees in their pockets. What they don't understand is that the hoarded cash was only 6% of the total currency. That the majority of holdings are in other assets. What they don't realize right now is that it's their jobs that are going disappear.
As per latest RBI report only 2.1 lakh replacement currency has been printed so far, and majority of that is the 2000 denomination note. The four presses in the country don't have the capacity to print more than 3 lakh crores per month. It'll take 6-8 months to print currency equivalent of what was taken out of the system. This is a bad idea executed poorly. Just wait and watch how much more pain it is going to cost. Sooner or later people will come to their senses.
Meanwhile, seems like the RSS teachings and surgical strikes didn't stop Pakistan, who were supposedly begging India to stop. 5 more poor jawans and 2 officers killed in a terror strike yesterday. But the defense minister ramps up the rhetoric every day. Sorry state of affairs.
Did some guy just say that its hard to live in Sweden without Swedish Krona? The guy couldn't even spell Krona correctly?
Ssshh... Anti-nationals like you and me are not supposed to talk about jawans or the rhetorics of the defense minister. If we do it is only because "We want to milk their deaths" to support our petty political points
So the people who had JDY have been told to deposit all their money in bank accounts and are now being told they can withdraw only 10K and that too subject to terms and conditions.
Jai ho!!!
Jai ho!!!
Anyway, I'll pay heed to your advice and get out more; but there is one condition: before I do that you'll need to get your head out of Modi's ass. Deal?
Well, this thread has descended into what it was expected to.
Shit will hit the fan tomorrow when salaries are paid out.
Salaries have already come in.. Lines at least in my city have once again become very very long. People want to withdraw as much as possible, because many are not sure whether the withdrawal limits will stay or get changed or scrapped tomorrow.
You don't get the point (no wonder). The issue is not about people downloading Modi APP and participating in his survey. People have absolute freedom to download the APP and participate in his survey as per their wish. No one questioning that. The issue is about the Prime Minister of a nation declaring that 92% of the citizens supports him based on a survey where only 0.007% of the total population participated where 95% of the participants being die hard Modi fans. The only valid question here is, is the PM stupid enough to actually believe the result of the survey and think that he has the support of 92% of the citizens OR is he trying to fool the nation?
Really??? Do you genuinely believe that 5lakh is good enough sample for a population of 13000 lakh?? If Congress or AAP made such claims using similar methods and in similar circumstances, i am sure that you will be laughing your ass of at the commonsense level of their leaders. But unfortunately, you are a Bhakt, you are not allowed to express your actual feelings in this case. Fair enough, i can understand your feelings..
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The only person coming across as stupid here is you who is so much bothered and obsessed with the survey. Forget PM. Are you fool enough to think that people decide how they feel about the move based on that app survey?
Aagain, who is talking about the people here? My man, i already told you, no one is questioning the people who participated in that survey, it was within their rights and they had absolute freedom to do it.
The question is only about the PM who, calling the survey as historic, declared that 92% of the people support him based on a survey where only 0.007% of the total population participated and 95% of the participants being die hard Modi fans.
I am not talking about people who participated in survey only either. I am talking about general public.
I didn't come across anyone discussing about it anywhere in my circles even with majority of them being pro-BJP. So I really doubt others really bothered why no. is 92%. Most people have common sense to not form opinion based on app survey and aren't obsessed with desperation.
I told you already, if you have so much problem with Modi calling it historic, conduct your own survey among the objective, unbiased wire, epw and catch news subscribers and show to Modi how wrong he is!
Look you are smart enough to look past it. True for most people with a bit of sense. Not sure why you are so bothered by it.
Yes, it has descended into the worst kind of twitter inspired bhakt non-bhakt arguments.
Its already here. Very few POS terminals have the chip for it to work though.
Visa Paywave. Some banks offer it.
The limit is 2000 iirc. That was for the SBI card. Another I saw had it at 1000.
A lot of these terminals went from wired to wireless after they made pins mandatory. Now asking merchants to switch to NFC enabled ones is going to take time.
The adoption, especially by smaller shops, is going to be slow.
Something like Samsung Pay would be great though.. That works with almost every terminal.
There is a problem with assuming that the economy will go cashless. Here we take it for granted that banks will take centre stage in all cash-credit based transactions in the future, and therefore, payment from the holder of cash can be settled through banks against the claims of the seller. However, the role of the banks and cash for that matter is not just payment and settlement system but also source of credit. At the moment hardly 30 percent of total Indian population uses the banking system and significantly less people for credit purposes which is not so much the fault of the population but primarily the fault of the banking system. In order to facilitate the credit, a bank requires people be deemed credit worthy and honestly the banks deem a significant portion of population not to be so. This is hardly surprising considering the change in orientation of Indian (or global) financial system in the current world and regulating banks to do is hardly possible. It comes as no surprise that priority sector lending in India is steadily declining across the banks and the banking coverage in rural areas has declined (funnily enough) after the golden era of rural banking which has post nationalization.
This new national anthem in all cinemas crap. 
Supreme Court nowadays has too much free time on hand. Just like the FA.This new national anthem in all cinemas crap.
At least you MH lot are used to it, new for us up north. FFS.
New national anthem?
Anyway, I'll pay heed to your advice and get out more; but there is one condition: before I do that you'll need to get your head out of Modi's ass. Deal?
No deal. Carry on
"Hud hud dabang" picturised on Modi.
Why are the movie theatres targetted btw? Why not the parliament, courts, govt offices, etc?This new national anthem in all cinemas crap.
The ruling doesn't make sense. I guess they would know that MH already has something like this, so just added the whole country to the list.
Pretty sure they would consider the anthem a waste of time in govt offices, parliament, courts etc.
"Nation wants to know!"
Alternatively this will help us curb black money. People who do not stand up, are disrespecting the country, so you know they would not have a problem hoarding black money which ruins the country. They will be caught and investigated. He He