India politics thread

Found this reply on social media,. "This is a propaganda against BJP leaders by Congress and the left. He was appointed by a bank to deposit money in the ATM machines and he was carrying the cash from the bank as part of his work. Police is fabricating things to defame Modiji"

i think its true :smirk::wenger:

Is that really the defense being put forward ? :wenger:
 
Is that really the defense being put forward ? :wenger:
It is someone from 'social media' whose response matters apparently to be posted. From what I had read, BJP state unit has expelled him.
 


Clearly all the money is going to enter the system again, good luck trying to catch the offenders
 
I'm

I'm guessing they will (should) be mapped to PAN cards as to which accounts the amount has been deposited into? Makes it relatively easier, though cumbersome, no?

The money wouldn't have been put in huge chunks though,impossible task to catch offenders with small deposits.
 
The money wouldn't have been put in huge chunks though,impossible task to catch offenders with small deposits.
Was always bound to happen since one can deposit 49k without furnishing PAN card details. I hope (guess more likely) that IT has a system in place which can segregate net income and amount deposited in cash for next FY, through which they can identify anomalies. Still difficult as people can claim that this was cash saved over certain years from their income.
 


Clearly all the money is going to enter the system again, good luck trying to catch the offenders


Was always bound to happen since one can deposit 49k without furnishing PAN card details. I hope (guess more likely) that IT has a system in place which can segregate net income and amount deposited in cash for next FY, through which they can identify anomalies. Still difficult as people can claim that this was cash saved over certain years from their income.

This was bound to happen. You need to listen to people who has in-depth knowledge of economics, especially on Indian economics. There is one such economist named Mr. Raghuram Rajan. He once said, “Black money hoarders find ways to divide their hoard into many smaller pieces. You find that people who haven’t thought of a way to convert black to white, throw it into the hundi in some temples. I think there are ways around demonetisation. It is not that easy to flush out the black money.”

Nobody listened to him, well, at least not those who are in power. They thought they are the only people with some brain in this world, just like the frog in the well. Now you look at the situation and ask yourself, where is the black money? Seems it all suddenly turned white!!! So we ask, then what was the purpose of this circus? Is the government totally stupid and incompetent? Or their agenda was something else?
 
And they say they put a full stop to corruption from November 8th onwards. Right... seems like it's just started.

Bengaluru Raids Reveal 5 Crores, Mostly In New Notes. Also, A Lamborghini.

http://www.ndtv.com/bangalore-news/...-lamborghini-1632774?pfrom=home-lateststories
I definitely believe that "influential" people are benefiting from their inner circles. Nothing explains the fact when they are caught with bundles of new bank notes. The rich definitely find their way to get around this, no idea why an opposite narrative was provided to everyone.
 
I definitely believe that "influential" people are benefiting from their inner circles. Nothing explains the fact when they are caught with bundles of new bank notes. The rich definitely find their way to get around this, no idea why an opposite narrative was provided to everyone.

I know this for sure. I talked with many rich people and none of them are worried about their money. Most of them told me that it's already 'settled'. Yesterday I talked with a mining baron and he had the same answer. Sadly, it's only the poor people who are struggling and dying. Even if the government was genuine (which I don't believe they are) in their move, they massively failed in this game of hide and seek.
 
Picture shows the money seized from a Bangalore bureaucrat today, mostly in new currencies.

cash-money-bengaluru_650x400_61480604498.jpg
 
Picture shows the money seized from a Bangalore bureaucrat today, mostly in new currencies.

I think we need to take a step back here and note that there's no magic wand that's going to eliminate Black Money in an instant. There are issues in the roll-out of the said scheme and if some news reports are to be believed, BJP did benefit out of it.

That said, do you disagree that there's money being put into the system because of this move and if there's are benefits to having more money in the banking system. There seems to be some downward trend in the housing market because of this move. Temporarily, atleast, the real estate market seems to be a little bit more affordable to the common man.

Whilst the distress of the common man is real, I really do think that it could've been avoided with proper management.
 
Well you can talk about the pros and cons of this move but the government can't get away with at least their intention was right bullshit. In the last 22 days I have realised just how much power the government has got over the people,every second day the government is lying with a straight face. We can talk about the implementation being poor but the government should be much more accountable for their mistakes. Accountability though is a distant thought when the government continues to argue about how it will be a minor inconvenience for a 'few' days and how anyone opposing it is worried about his own money. Elections obviously are one of the powers in the hands of people for accountability but I think it is a dangerous precedent to suggest that elections are basically the be all and end all on a move.
 
My point wasn't really about the government taking responsibility itself,it was more about the people here saying that at least this achieved something and tons of posts about how we want things to change but don't want it to affect us. Governments can't and shouldn't be judged on intentions. Implementing things is the most important part of governance and this government has failed embarrassingly on this idea. Tomorrow Modi could decide that he wants a full fledged war with Pakistan and I am pretty sure that with the patriotic crap thrown in a lot of the country would support him but that wouldn't make the decision right though.
 
I think we need to take a step back here and note that there's no magic wand that's going to eliminate Black Money in an instant. There are issues in the roll-out of the said scheme and if some news reports are to be believed, BJP did benefit out of it.

That said, do you disagree that there's money being put into the system because of this move and if there's are benefits to having more money in the banking system. There seems to be some downward trend in the housing market because of this move. Temporarily, atleast, the real estate market seems to be a little bit more affordable to the common man.

Whilst the distress of the common man is real, I really do think that it could've been avoided with proper management.

So, you do accept that the demonetisation has failed to curb black money and fake currency, don't you? Government told us that the purpose of demonetisation was to curb black money and fake currency. While i was almost sure that the criminals will eventually decode the security features of the new notes, i thought that it will take them at least 2 months. But, surprisingly, fake currencies of new notes are already entered the market. There are many reports regarding the same. I think these criminals are more efficient than our RBI :D.

As far as the black money is concerned, the total value of banned 500 and 1000 notes which was in circulation on November 8, 2016 was 14 lakh crores. And as per today's CNBC-TV18 report, 11 lakh crore rupees already entered the banking systems till November 30. And we still have around one more month to deposit the invalid currency notes. So, one could easily expect 3 lakh crore more deposit in the remaining 30 days. So, where is the black money? People with black money either exchanged it with new notes or deposited it in the bank through many ways. These stats says volumes about the current governments knowledge and competence level.

So, if you look at the circus which is still running and then look at the stats mentioned above, you could see that the demonetisation almost completely failed to curb black money and fake currency.

Now coming to the second part; while i do agree that now there is more money in the bank, i don't think it is going to help the common man in a big way. And the small benefits are never going to cover the losses caused to the poor and to the economy, and surely it is not going to get back the lives of 80 citizens who dies because of this move. One possible advantage is that the loans might become cheaper. But at the same time, it will take at least 1 year to recover from the economic slow down caused by the demonetisation, and 1 year is an underestimate. Even if everything go smooth from now, it will take at least 6 months for the currencies to be freely available as it was prior to November 8. And by that time, a lot of small and medium businesses which are already struggling, might be forced to close. A lot of farmers and the agriculture itself, might face a similar fate.

And there is another big advantage of banks having more money. Banks could write off more loans, but this will only help the corporates :smirk:.

And if you are looking at the plastic money angle, i had mentioned my view on it before. The concept of cashless economy and plastic currency are all good to hear and will make life easier for those who are ready for that change. But we should think about it from an Indian perspective. And the fact is that, in India, there still have a good percentage of population, say around 30%, who doesn't hold a simple savings account. More than 30% of Indian population are illiterate. Many are not even aware of these changes and demonetisation. And forget about internet facilities, many villages are yet to have continuous power supply. Many families don't have a computer or internet in their home. Only 300 million people in India uses a smartphone out of the 1300 million population. And most importantly, the fundamental of Indian economy is still agriculture and 70% of money transactions in India are made by cash payments.

Yes, you can talk big and dream for a cashless economy. But looking at the above stats, you can understand that India is not ready for a big change like cashless economy.

And another concern about cashless economy is that, the people and the economy are going to be 100% dependent on the banking systems. Before November 8, even if the banking systems fails or collapses, Indian economy won't collapse like what happened in Greece, because Indian economy prior to November 8 was not fully dependent on banking systems. But a complete dependence on banking system will make Indian economy more vulnerable to external factors and international financial situation. So, in my point of view, a balance between cashless and cash economy is the best option for a country like India as long as it is dependent on it's agriculture and the illiterate workforce.

I am not against e-payments and plastic currency concepts. But i think India is not ready for that big change and it will take years to implement such a system here. The government should make sure the availability of power and internet all over India at cheap cost before implementing this concept.
 
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It already happened in India in 1946 and 1978. Didn't Gorbachev do it in Soviet Union too?

What happened in India in 1946 and 1978 was something very different from the initial plan to the execution. And yes, i forgot about Gorbachev. But the fact is that the Russian and Nigerian demonetisaion attempts was massive failures.
 
Moral high ground is worth shit imo. Every govt claims the same. I can't think of any govt which claimed otherwise.

As to the problems, I really believe it's overblown in urban/semi-urban areas.

Yeah mate it's all overblown, everyone is standing in lines just to get some Vitamin D
 
Yeah mate it's all overblown, everyone is standing in lines just to get some Vitamin D

People have been facing issues. That's a fact. This queuing up thing has been over blown. That's a fact. I rather believe my friends and family members than some shitty media house who is out to create news than to report it or some on the internet who no matter what are against the PM and question his agendas and keep quoting janta ka reporter, catch news and ndtv articles to prove corruption.
 
People have been facing issues. That's a fact. This queuing up thing has been over blown. That's a fact. I rather believe my friends and family members than some shitty media house who is out to create news than to report it or some on the internet who no matter what are against the PM and question his agendas and keep quoting janta ka reporter, catch news and ndtv articles to prove corruption.

How has it been overblown, for 25 days now people have had to stand in queues to deposit or withdraw their own fecking money. There are all kinds of restrictions on the amount of money you can take out and basically spend. Overblown is a bullshit word to throw around for a completely unnecessary situation created by the government. Are these outlets you mentioned creating fake lines to malign the government?
 
When did chest beating become a scale to measure anything? Stripping it down, Modi govt is doing a far better job of selling their governance to public...much more than any previous govt ever did. Is that a fault?

No, that's not their fault. But their governance is all noise and less good work. They are masters at manipulating things. Just take the recent example of demonetisation, if this was proposed and implemented exactly in the same way by a congress government, country will be facing riots now. Because BJP is far more capable than Congress in sending their message, whether good or bad, to the nation or to their party workers. And if Congress was in power now, the aim of BJP who are sitting in the opposition will be to topple the government by raising the negatives of demonetisation. And i am sure they will be much much more successful in that compared to what Congress is doing now.