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India's fight against Black Money

 
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PAL@YWG
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Joined: 22 Dec 2006
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Location: YWG, Canada

PostPosted: Fri Nov 18, 2016 5:06 am    Post subject: India's fight against Black Money Reply with quote

I think it's an important issue that needs a discussion here with inputs from our India-based AI-netters.

I fully support what Mr. Modi has done. It may be the boldest step taken by any PM (to be clear I am not at all a Modi or his party's fan) in last few decades. Execution phase may not be going as planned but for a country like India an operation of this size can't go without some hiccups.

My question is why opposition parties crying foul? Is that (stand) resonating with common mass? And Mamata Bannerjee? well I give up on her...
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iah87
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Joined: 17 Apr 2007
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PostPosted: Tue Nov 29, 2016 7:56 pm    Post subject: Reply with quote

I also agree that it needed to be done, especially to eliminate the fake currency (more than the black money).

But the Modi administration is constantly changing the rules. Now suddenly, it was announced that effective Nov 25, the banks will no longer exchange 500 and 1000, instead one can only deposit, originally the date was till Dec 30. You cannot change the dates at will, it is confusing and may alienate key constituents in the rural areas.

Stick to the original dates and extend if possible.
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sabya99
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Joined: 19 Dec 2011
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PostPosted: Sat Dec 03, 2016 5:28 am    Post subject: Reply with quote

I cannot live in a society where credit or debit cards are not so widely accepted.
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The_Goat
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Joined: 03 Mar 2007
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PostPosted: Sat Dec 03, 2016 1:42 pm    Post subject: Reply with quote

If I am correct, the 500 and 1000 rupee notes were scrapped overnight so that black money hoarders, who had a lot of these notes, were forced to bring them out and into the system. That much is clear.

But why introduce the 2000 rupee note now? So that the people with black money can go back to hoarding their illegal loot in a higher denomination?

I read somewhere that if the Modi government was serious about eliminating black money, it would have introduced a 200 rupee note instead.
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Jaysit
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PostPosted: Fri Jan 27, 2017 3:39 am    Post subject: Reply with quote

Well, Mr. Modi's attempts have backfired terribly.

The economy is in free fall, poor and middle class people haven't been paid in weeks, India's growth rate has taken a beating, and China is laughing its head off. Meanwhile, the rich couldn't care less because most of their money is squirreled away in real estate holdings both in India and the Gulf, gold, jewelry, and what not.

Oh, and my elderly Mom who stood in line at a Bank for 3 hours to change her money slipped on a smear of phlegm, rolled down a flight of steps and broke her shoulder.

So, she suspended her interior design work, laid off 10 of her contract workers until further notice, and now we have even more misery.
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The_Goat
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PostPosted: Fri Jan 27, 2017 4:34 pm    Post subject: Reply with quote

Jaysit wrote:
Well, Mr. Modi's attempts have backfired terribly.

The economy is in free fall, poor and middle class people haven't been paid in weeks, India's growth rate has taken a beating, and China is laughing its head off. Meanwhile, the rich couldn't care less because most of their money is squirreled away in real estate holdings both in India and the Gulf, gold, jewelry, and what not.

Oh, and my elderly Mom who stood in line at a Bank for 3 hours to change her money slipped on a smear of phlegm, rolled down a flight of steps and broke her shoulder.

So, she suspended her interior design work, laid off 10 of her contract workers until further notice, and now we have even more misery.


Sorry to hear about your mom. I hope she recovers quickly.

Yes it has all been quite messy. Thankfully, the manager at the branch my dad banks with created a seperate queue for senior citizens. So my elderly dad didn't have problems changing his money.

The nice part is that the prices of essential commodities seems to have come down in certain places. The traders are selling things cheap as nobody has the money to pay.

I hope it all leads to something better, as Mr Modi has promised.
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