500,1000 Rs Note no longer legal tender!!

[F-14B]

Indians have taken a lot of economic risks
It was People like Jamsetji Tata Sir sorbji pokhanwala ,Dewan Bahadur A M Murugappa Chettiar and Lovji Nusserwanjee Wadia that laid the foundation for the indian economy that we see today
So dont put all the glory on Nehru's and MDKCGs head even the indian royalty that you and your ilk so hate also did their bit for the economy as an example the maharaja of travancore Major General H. H. Sree Padmanabhadasa Vanchipala Sir Balarama Varma III Manney Sultan Maharajah Raja Ramaraja Bahadur Shamsher Jang, Maharajah of Travancore, GCSI, GCIE under his gudince established Travancore Rubber Works, Kundara Ceramics, Fertilisers and Chemicals Travancore(FACT), Travancore Titanium Products Ltd, Travancore-Cochin Chemicals, Punalur Paper Mills and the State bank of Travancore its not about self confidence it was the stupidity of our first brown shaib in Chife that took down this destructive path that almost made India take the begger's bolw do you know the same capitalistic socity of big industry that handed the first union cabinet the plan which would latter be called the bombay plan originally titeled

Titled A Brief Memorandum Outlining a Plan of Economic Development for India, the signatories of the Plan were[1]Jehangir Ratanji Dadabhoy Tata, Ghanshyam Das Birla, Ardeshir Dalal, Sri Ram, Kasturbhai Lalbhai, Ardeshir Darabshaw Shroff, Sir Purshottamdas Thakurdas and John Mathai.
The plan envisioned government control for a limited period of time by chaca fucked it up pretty bad and screwed it as usual

Adding to the above

As for mode of getter independence what are you talking about india did not get independence just because of a baldheaded meek mouth racist preching of offering ourselves to be bitch slapped by the British Indian Imperial Police service officers or mowed down like overgrown grass by the military
It is a combined effort if on the political front it was Mr ghandi on the economic front it was people like Sir sorabji and Sir Purshottamdas Thakurdas and the TATA's that led us to economic independence
Do you know that it was Sir Purshottamdas Thakurdas and the then British Indian Finance memberSir Jeremy Raisman
That haggled with the BCCS (British Colonial Civil service members at the new India Office building in Whitehall. To get the hilton young commission report otherwise known as the the 1926 Royal Commission on Indian Currency and Finance, implementation of which gave us the RBI Sir James Braid Taylor, KCIE was also instrumental in giving us monetary independence from the city of London
So you see political independence would have even minus ghandi but it is the people who quietly deliverrd us economic independence we should acknowledge

 

[Mikesingh]

All this hash spewed out by the opposition especially the Congress that the GDP will crash by 2% to 5.1% is a lot of bullshit! Check this out....

GDP grows at 7% in Oct-Dec despite note ban squeeze

The Indian economy is expected to expand at 7.1% this financial year after factoring in the impact of demonetisation, the Central Statistics Office (CSO) said on Tuesday . Although this is slower than the 7.9% growth registered in 2015-16, it gives the Narendra Modi government the firepower to defend its decision to scrap old Rs 500 and Rs 1,000 notes, which, according to critics, has been disastrous for the economy.

Opposition parties had said that demonetisation led to massive job losses as companies cut down on production and overall economic activity was disrupted post November 8, even as the government maintained the impact was temporary. While the RBI and the International Monetary Fund have cut growth estimates for the financial year by up to one percentage point, some agencies had predicted sub-6% rise in the December quarter.Those such as Ambit Capital went to the extent of projecting less than 4% growth during the year.

Most companies reported a drop in demand during the December-quarter, but official estimates suggest that there was no impact as private final consumption expenditure as a proportion of GDP remained flat.

The data did result in some elation in the government.“The third quarter GDP num bers are out and, as you have seen, the numbers completely negate the kind of negative projections and speculations made about the impact of demonetisation,“ economic affairs secretary Shaktikanta Das told reporters.

Economists, however, pointed out that a revision in the rates for October-December 2015 may have helped improve the performance. “The steep downward revision of Q3 FY16 (October-December 2015) has in turn led to higher growth in Q3 FY17 October-December 2016), thus masking the impact of demonetisation in Q3 figures,“ SBI group chief economic adviser Soumya Kanti Ghosh said in a note. “Overall, the GDP numbers seem to suggest we may have just leapfrogged the impact of demonetisation,“ he added.

CSO's advance estimates showed GDP grew 7% during October-December, compared to 7.4% in previous quarter.

http://epaperbeta.timesofindia.com/...-grows-at-7-in-Oct-Dec-despite-01032017018022

That's a lot of mud in the opposition's eyes especially Manmoham Singh who trashed Modi’s demonetization move and mouthed the Congress' line stressing in Parliament that the GDP will fall by at least 2% and that it was "organised loot and legalized plunder”. That from an economist........but turned politician. He most likely knew that demonetization was a good idea but had to tow the line of the mafia family for political brownie points.

 

[Nicky G]

A good short summary of the story behind GDP figures. Basically, only finance, real estate and professional services were hurt by demonitization.

Was the demonetisation scare an old wives’ tale?

 

[Hemu Vikram Aditya]

Batao kaun bola:
1) Obama
2) Trump
3) Arvind Pangariya Bhawati waghera waghera
4) Modi

MODI JI.....................................

 

[Hemu Vikram Aditya]

WHY IS THIS THREAD STILL GOING ON

 

[raja696]

Hey where is the BIGGG ELEPHANT(congress,Aap mouthpiece) which said DEMONITISATION is a failure...

Lol bjp swept almost UP.

@ sukish i really miss ur long demonitisation articles... pls throw couple of them (fresh) rofl

 

[Indx TechStyle]

If UP was a WhatsApp Group!

 

[Khagesh]

http://www.thehindu.com/opinion/editorial/gold-shines/article18469041.ece

India’s gold imports witnessed a huge jump in April, increasing threefold to $3.85 billion from $1.23 billion in April 2016. In March, the jump driven by jewellery demand was even higher as gold imports stood at $4.17 billion, compared to $974 million a year earlier.........

....the demonetisation of high-value currency notes last November coincided with India’s gold demand dropping to a seven-year low of 675 tonnes during 2016, according to the World Gold Council. Earlier, as part of his efforts to push Indians to decrease their gold purchases, Mr. Modi had introduced the gold monetisation scheme that aimed to reduce gold imports by using deposits to increase domestic supply. But, as of early 2017, the amount of gold that had been deposited under the scheme was less than 1% of overall gold demand in 2016.

 

[Mikesingh]

WHY IS THIS THREAD STILL GOING ON

Because there's nothing better to do!!

 

[Khagesh]

In the construction industry I work, the employer I work with is somewhat unique case. The employer does not sub-contract in a true sense and most functions in the project delivery are manned by hired staff. So the employer has may be 3000 people on rolls. None got a hike. I tease most BJP voters in here, about how they were very appreciative in the initial days, of the 'fact' that the big dhanna seth was suffering by Notebandi. In FY 16-17 the highest point of monthly cash inflows after demonetisation, was lower than, the lowest monthly cash inflow prior to demonetisation. This is the third time in last 9+ years I did not get a raise - first was in the 2008 when they actually reduced 15% after a full year then in 2015 when the UPA could not manage the economy (that year only a few dept. did not get the hike) and now again in 2017 when Modi ji too could not (this year nobody got nothing). My employer has usually tried to make up for the lost hikes in the following years, so I don't usually complain but a lot of our staff is just sub-20K-30K category migrants living in urban rented accommodations and with children. Internally the senior managers do feel somewhat embarrassed but they obviously cannot do much. The whole industry is now set up for a bust in the next downturn. Sensing this perhaps the govt. is now desperately trying to pump up the low cost housing bubble. Coincidently my employer already had a few small projects in the low cost housing category and unless done in a substantially different manner - different regulatory framework, different financing models, different margins outlook - there is no hope for this new balloon. Internally there is talk of a second vertical that can handle the low cost business. The promoter is politically well linked to all sides including Sanghis and is still supportive of the current dispensation (he got a fait accompli, what else can he do). He has had to heave off a substantial business opportunity, due to this scenario, that was supposed to have pulled him out of substantial debt. Nearly everybody is walking around dazed at the way things have turned out for them. I am laughing but it is dark humour only - something, people in my position can perhaps indulge in.

What happened in other industries can be better recounted by others.

But here is what happened to the jobless class:
http://timesofindia.indiatimes.com/...ary-hike-to-modi-das/articleshow/58483499.cms
According to the memorandum sent to the CM and PM , the move was initiated after the state revised the minimum daily MGNREGA wage by Rupee 1 in comparison to last year. The daily minimum wage was Rs 167 in 2016.

Last year, hundreds of MNREGA workers from Manika sent a letter and Rs 5 to the Prime Minister after the Centre revised the pay scale and Jharkhand received a hike of Rs 5. The letter read, "We feel that you need the extra five rupees more than we do, since your government has so many expenses".

 

[hit&run]

Because there's nothing better to do!!

Its call Clutching at Straws. .....................

 

[sayareakd]

Any idea how many old notes recovered in this exercise?
GOI or RBI is super silent in this regards.

Plus what happen to BM & BM in properties?

 

[ezsasa]

Any idea how many old notes recovered in this exercise?
GOI or RBI is super silent in this regards.

Plus what happen to BM & BM in properties?

Indian army on the job........................

 

[Vishwarupa]

Any idea how many old notes recovered in this exercise?
GOI or RBI is super silent in this regards.

Plus what happen to BM & BM in properties?

Data will be out on 30th June 2017. So need to wait for the information.

 

[sayareakd]

Data will be out on 30th June 2017. So need to wait for the information.

Btw what is taking them so long?

Supposed to be computerised.......

 

[ezsasa]

Btw what is taking them so long?

Supposed to be computerised.......

all the notes have to be recounted manually, irrespective for the numbers given by the banks.
Out of the notes received, fake ones have to be separated bundle by bundle.

If IAF has transported 604 tonnes of new notes during demonetisation, we have to assume old notes are atleast 1000 tonnes or more.

all this will take time...

 

[Vishwarupa]

PM Narendra Modi's demonetisation move gave economy Rs 5 lakh crore advantage


India's economy has received a Rs 5 lakh crore advantage thanks to PM Narendra Modi's decision to scrap the old Rs 500 and Rs 1,000 notes, an assessment report has found.


Thanks to demonetisation the Indian economy is running with Rs 5 lakh crores less than the amount of cash that would have been present in the economy had demonetisation not happened.

This is one of the key findings of a high level internal report on the benefits of demonetisation which has been prepared by top government officials.

Mail Today has exclusively been able to access this report which has been prepared as part of the internal assessments carried out to mark the third anniversary of the Modi government.


Here's a low down of some of the major advantages that demonetisation has delivered to the economy:

1. At the time of demonetisation, currency worth Rs 17.77 crores was in circulation in the economy. Out of this, Rs 15.44 lakh crores was in high denomination notes, which were phased out. Rs 2.33 lakh crores was in small denomination notes with a value of Rs 100 or less. The government's internal calculation is that if currency in circulation had continued to be printed at the same rate as before demonetisation, then by May 2017, currency in circulation would have been of the value of Rs 19.25 lakh crores. According to RBI figures,at the end of April this year, the total amount of currency in circulation was Rs 14.2 lakh crores.
2. The demonetisation advantages report of the Modi government says that with Rs 14.2 lakh crores of currency the economy is able to meet all its transactional requirements. This means that the economy now has roughly Rs 5 lakh crores of cash lesser than the amount it would have had if demonetisation had not happened. This essentially means that the amount of cash stashed away by citizens has come down. This is advantageous to the economy since the hoarding of cash delivers no value to the country's economic growth.
3. One of the most important benefits of demonetisation has been the sharp increase in the country's tax base. The government's estimate is that thanks to demonetisation, India's net personal income tax revenue could double over the next couple of years. Some of the dividends are already visible. The number of people who have filed self assessment forms for the financial year 2016-17 grew by 23.8 per cent. The government's calculation is that out of this 23.8 per cent, at least 10 per cent growth is thanks to demonetisation. Senior officials in the administration say that demonetisation has sent a message that those who evade tax are engaging in a form of financial terrorism and that the law is now going to come after them.
4. 91 lakh new assesses joined the tax base in FY 2016-17. In years gone by, the increase in the number of assesses has usually been in the range of 20-25 lakh. The government's belief is that a strong message has gone out that there's no point any longer in hiding income. Last year, just 24 lakh individuals declared a net income of more than Rs 10 lakh. Out of this meager number, 65% were those who drew fixed salaries.
5. Before demonetisation roughly 1 lakh new pan cards were issued every day. Now the number of new PAN cards issued every day averages between 2-3 lakhs.
6. One of the big advantages of demonetisation has been the move to a more formal digital economy. In FY 2016-17, there were a total of 300 crore digital transactions. If the rate seen in the first few weeks of FY 2017-18 continues, then the government estimates that this year there will be more than 2500 crore digital transactions.
7. The usage of mobile wallets like PayTM, SBI Buddy, FreeCharge is already worth more than Rs 200 crore per day. In the five months since its launch, 2 crore people have downloaded the BHIM app. The BHIM and UPI payment gateways are already averaging a daily transactional value of Rs 140 crore per day.
8. Debit card usage figures have gone up significantly post demonetisation. In 2015-16, the total number of debit card transactions was 117 crores, which had an aggregate transactional value of Rs 1.58 crores. In 2016-17, the number of transactions went up significantly, mostly after demonetisation. In the year gone by there were 240 crore debit card transactions with a total value of Rs 3.3 lakh crore.
9. Demonetisation has helped bring a significant amount of additional money into the formal banking system, which is apparent from the increased number of bank deposits. The government's estimate is that the total amount of savings in the banking system has gone up by Rs 4.5 lakh crore from the pre-demonetisation baseline figure.
10. Demonetisation has also helped ensure that the advance of a RBI rate cut is actually passed on to the consumer. Between January 2015 and October 2016, the RBI reduced interest rates by 175 basis points. However, on an average banks passed on only about 50 basis point rate cut to the consumer. After demonetisation, though, banks have already reduced the Marginal Cost of Fund Based Lending Rates (MCLR) by around 100 basis points and the government expects that the reduction will continue in the coming months.
11. The advantage of reduced interest rates is felt most notably by the medium and small scale industries. The government's calculation is that thousands of SMEs will cross the threshold of viability thanks to the reduction in interest rates spurred by demonetisation.
12. Demonetisation is also giving a boost to reviving the housing sector which has been in the doldrums for the last few years. Interest rate for individual borrowers is already done to 8.2 per cent. Before demonetisation, interest rates hovered at around 9.3 per cent.
13. The number of active contributors under the Employee Provident Fund (EPF) scheme has gone up from 3.7 crores before demonetisation to 4.5 crores by March 2017. This means that more companies have now started paying EPF to their employees.
14. As a result of demonetisation the total amount outstanding with DisComs has substantially come down. DisComs were allowed to accept high denomination notes in the days after Demonetisation. DisComs collected more than Rs 25,000 crore during the Demonetisation period, which is Rs 4,500 crore more than what was collected in the same period of 2015.
15. In the same way the total amount outstanding with urban local bodies under the heads of Property Tax, Professional Tax has come down in a significant way. In November 2015, India's major urban local bodies collected Rs 1000 crores, while in November 2016, urban local bodies collected Rs 3,500 crores, which is an increase of a whopping 245 per cent.
16. Before demonetisation, cashless payment at toll plazas of National Highways Authority of India was roughly 3 per cent of total NHAI toll collections. Cashless transactions have now gone up to 15 per cent of the total toll collected by NHAI.
17. Cashless payment at petrol/diesel outlets before demonetisation was roughly Rs 4,500 crore. After demonetisation, this figure has jumped to Rs 12,000 crore. In percentage terms, cashless payments at petrol pumps has gone by from 9 per cent to more than 20 per cent.
18. Before demonetisation, roughly 50 per cent of all bookings done with the Indian Railways were done online through the IRCTC website. Post demonetisation, 68 per cent of the total railway tickets have been booked online.

http://indiatoday.intoday.in/story/...ome-tax-revenue-digital-economy/1/962380.html

 

[Khagesh]

Teen Sal pura ho gaya. Badhai ho badhi.

 

[indiatester]

Teen Sal pura ho gaya. Badhai ho badhi.

Abhi bas 2 saal baaki hai... good luck

 

[Khagesh]

Abhi bas 2 saal baaki hai... good luck

2 sal sey jyada dum nahi bacha.

Poot ke paanv palne mein dikte jaate hain. I am also waiting for a further 5 years. Badhai ho badhai.