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Thread: Demonatisation

  1. #1
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    Demonatisation

    The recent decision of Government of India to Demonatise Rs 500 n 1000 currency notes is a historic step which will show deep impacts on our society, economy n polity.
    You are requested to share your views on various dimensions of Demonatisation. Thanks n regards
    History is best when created, better when re-constructed and worst when invented.

  2. #2
    Dr. Sahab, today it is complete one month since the announcement was made (8 Nov. 2016). The intention of doing so was no doubt, good. But the results till now show that at least rural and semi-literate masses are in an angry mood since they have to spend their entire day in queues outside bank-branches and most of the time, have to return empty-handed. If the situation improves at the end of Dec., maybe the mood changes. Some managers of Banks have been arrested for illegal conversion of crores of rupees from 'Black' to 'White'. Let us wait for some more time to come to a final conclusion (of giving opinion).
    तमसो मा ज्योतिर्गमय

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    deependra (December 8th, 2016)

  4. #3
    Quote Originally Posted by dndeswal View Post
    Dr. Sahab, today it is complete one month since the announcement was made (8 Nov. 2016). The intention of doing so was no doubt, good. But the results till now show that at least rural and semi-literate masses are in an angry mood since they have to spend their entire day in queues outside bank-branches and most of the time, have to return empty-handed. If the situation improves at the end of Dec., maybe the mood changes. Some managers of Banks have been arrested for illegal conversion of crores of rupees from 'Black' to 'White'. Let us wait for some more time to come to a final conclusion (of giving opinion).
    On completion of a month of demonetization, if you go by media and various news channels pro-bjp or anti-bjp you will see mixed reactions from the people. Since long queues and uncertainty of getting cash is touching and troubling people at all levels, specifically those who are not much used to to the use of online payments services.
    Intentions are good for sure, a single move which touched almost 125crore indians can't be executed smoothly at all, few months back when jio was launched i saw similar trend of people waiting in long queues.
    Standing in queues is something which is worrisome, but bankers doing fraud and people not getting thier own money after long waiting hours is something troubles common man
    -- Freedom is not worth having if it does not include the freedom to make mistakes.
    -- When you talk, you are only repeating what you already know. But if you listen, you may learn something new.

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    ayushkadyan (January 7th, 2017), vijay (December 10th, 2016)

  6. #4
    Sources black money/wealth:
    Is it not true that several iron ore mines whose leases were expiring and should have been put to auction have been renewed and benefits of lacs of crores been given to these mine owners, the prominent one being Anil Agarwal of Sesa Goa/Sterlite?
    Is it not true the iron ore mine renewed to favour Anil Agarwal of Sterlite alone is worth more than one lac crore?
    Is it not true that the lease for the oil fields like Panna, Mukta, Tapti which too are expiring, and in which industrialist like Reliance and Essar have made billions of dollars, are proposed to be renewed instead of the government resuming them? The benefit to Essar/RIL etc. is worth billions of dollars.
    Is it not true the lease of the land-based oil fields of Cairns Vedanta which produces oil at an operating cost of three dollars is also being proposed to be extended? This benefit would be worth four to five billions to Anil Agarwal's company depending on the duration of extension and the price of crude and gas.
    Is it not true that by these renewal of leases, the government is going to lose billions of dollars?

    1. Is it not a fact that despite the tall promises made during elections on recovery of huge amounts of black-money stashed abroad, the government was unwilling to act against sundry tiny countries which were responsible for laundering most of the black money into India?
    2. Is it not a fact that while these tiny offshore tax haven countries which have played havoc with the India's black money by providing a legal shield for laundering money, it was the larger countries like Germany and France which provided information on tax evaders?
    3. Is it not a fact that the information that the government had on foreign black money was from the German government which paid Heinrich Keiber $7.9 million to obtain information on money stashed in LGT Bank of Liechtenstein and the French government which paid for information on HSBC Bank in Switzerland to whistle-blower Hervé Falciani and both governments shared the information with the Indian government for free?
    4. Is it not a fact that the Government of India (GOI) refused to pay the same informer Hervé Falciani when he offered more information on Indian entities than the 1,600 entities provided by French government?
    5. Is it not a fact that under the Black Money UFIA Act only 644 disclosures were made and that these were from entities whose names were on the various lists but to whom notice was not given under Section 71 for accounts held in other banks?
    6. Is it not true that the scheme in effect was a bailout for these persons and others involved in stock market scams and who were already under the scanner by the SIT so that they would pay lesser taxes and not have their names revealed and leave their reputation intact?
    7. Is it not true that 95% of the black wealth is neither held as deposits in foreign bank accounts or in Indian currency but is converted into wealth in assets all over the world, or invested in India either through the stock market (P-notes, FDI FPI etc.), real estate or gold and bullion or other assets?
    8. Is it not true that large holders of black money have laundered their money through small and insignificant countries like Mauritius, Cyprus and Singapore after sending it abroad through havala and bringing it back through faceless and anonymous front companies into India as 'Foreign Investments?'
    9. Is it not true that all this black money laundered through the tax havens by round tripping method has become legitimate white money and is no more considered black money by the government/RBI/SEBI?
    10. Is it not true that apart of black money brought in as FDI, large amounts of this anonymous black money is invested in the Stock Market through Participatory Notes (P-Notes) whose true ownership has not been allowed to be declared by the government/RBI/SEBI?

  7. #5
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    Thanks Friends for your nice inputs
    History is best when created, better when re-constructed and worst when invented.

  8. #6
    Quote Originally Posted by DrRajpalSingh View Post
    Thanks Friends for your nice inputs
    Quote Originally Posted by DrRajpalSingh View Post
    The recent decision of Government of India to Demonatise Rs 500 n 1000 currency notes is a historic step which will show deep impacts on our society, economy n polity.
    You are requested to share your views on various dimensions of Demonatisation. Thanks n regards
    To all,

    everyone commented and stated calculative thoughts, however, I could feel the essence in same change. The end result of this implication in monetary terms was a handsome expenditure of INR 940,000,000.00 (simple is to call 94 Crore without counting single zero). Trouble to population was taken as support of nation as we people feel Modi any God. Damn ****! If I recall past political moves then it was questioned earlier by Baba Ramdev ji and no one paid heed. If it was a correct action of change taken by Modi ji then why not when Baba Ramdev Ji agreed during his meet arranged many times out of which one was in Claridges.

    Also, if 1000 rupee note has to disappear, then what purpose is this 2000 rupee note going to serve to nation where we all stands. Isn't it he is just collecting ideas like scrap picker from small but great personalities and then taking the action with supreme command. All nasty acts. And you people justify yourself to find him to be our only leader. He did not even wear clothes purchased from his government paid salary but have 1000,000.00 (10 lakhs) of gentleman suit to flaunt in speech.

    Great goings! ... I do remember that gift exchanges on Diwali eve by corporates has been restricted so as to control extra flow of money somewhere around 1999 and 2001 and it is still under control. But strange to catch suit worth INR 10.00 Lakhs with news flashing very importantly. Anyways, thankful to media this time as I hardly watch/read news.

    Now, I should change my mind that it is the need of the people and that is why we have a Politician who runs his philosophy on the grounds of religion. Surprisingly, inaugration of Metro Railways at Escorts Mujesar was such a big opportunity for him that he did not want to lose it from his hand and he himself travelled to a local town. He seems to be all free. It is the same feeling, that I have to be operated at AIIMS, New Delhi and the Director comes to do the task making it a bully show for rest.

    If I keep on adding the content, then for sure you all might call me anti BJP. This is another play what politicians define for themselve.

    Not happy to say more but true that I do not find this person worth till now. Its better to stand with Mr. Kejriwal and get slapped by auto wala in crowd. "Cowards only copy what others has to do"-Modi ji is one of them.

    Political talk comes to an end for me here!

    Regards to all,

    Neelam

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