500,1000 Rs Note no longer legal tender!!

[sorcerer]

I was just fucking with him man, he seemed like one of those thickheaded persons with zero sense of humor, so i was just annoying him, just trying to have fun at his expense if you may.

Social obligation

 

[indiatester]

These tests are good. But what about heat test. If I try to use press on it then??

Washing machine + Iron wala test is critical. All of us would have made that mistake at one point or other.

 

[Blood+]

Social obligation

"Keep your shit to you only. Your parents should have invested some money in rubbers to prevent birth of a baboon. or did they invest in cocain? Assholes like you are like embodiment of shit. wherever you go, your stink pollute that place. Fucking zombified asswipe with a black hole for a brain." - simply priceless!!

 

[Indx TechStyle]

"Keep your shit to you only. Your parents should have invested some money in rubbers to prevent birth of a baboon. or did they invest in cocain? Assholes like you are like embodiment of shit. wherever you go, your stink pollute that place. Fucking zombified asswipe with a black hole for a brain." - simply priceless!!

He seems to be really in bad mood.
@jackprince cool down man.

 

[sorcerer]

"Keep your shit to you only. Your parents should have invested some money in rubbers to prevent birth of a baboon. or did they invest in cocain? Assholes like you are like embodiment of shit. wherever you go, your stink pollute that place. Fucking zombified asswipe with a black hole for a brain." - simply priceless!!

He( @jackprince ) was sad and he was confused for a moment cuz he thought currency issue would hit a tour planned by his mom to a place of pilgrimage..
and sadly his mom is recovering from a medical condition..and as any son and as a family would ...he just wanted his mom to be happy at that time..
Respect..

Later he did apologized for his confused posts.

 

[Butter Chicken]

Keriwal need to go to mental asylum stat!

 

[Blood+]

He seems to be really in bad mood.

Badder the better!!

@jackprince cool down man.

Don't ya dare!!I need him mad!!

 

[Blood+]

He( @jackprince ) was sad and he was confused for a moment cuz he thought currency issue would hit a tour planned by his mom to a place of pilgrimage..

I know, I was having a pretty bad day myself, that's why I had to do that mischief!!

and sadly his mom is recovering from a medical condition..and as any son and as a family would ...he just wanted his mom to be happy at that time..
Respect..

Oops, didn't know that one, gonna leave that bloke alone.
Later he did apologized for his confused posts.

[/QUOTE]

 

[Bharat Ek Khoj]

Malda has emerged as India’s fake-currency capital. Guess where is Malda ?

 

[alphacentury]

Hearing Globemasters were/are used for transporting money. How true is this?

 

[Navnit Kundu]

Social obligation

RE : I was just fucking with him man

RE : Social obligation

Hing yaak madti anna.

 

[Sakal Gharelu Ustad]

Number of income tax payers in India soar; here’s all you need to know

All taxpayers – gross total income (AY 2013-14)

How does it change what I asserted??????????????????????????

 

[IndianHawk]

Was just trying to annoy the fuck outta that chap for some humor and was that worth the hassle!!Just look at this masterpiece -
"Keep your shit to you only. Your parents should have invested some money in rubbers to prevent birth of a baboon. or did they invest in cocain? Assholes like you are like embodiment of shit. wherever you go, your stink pollute that place. Fucking zombified asswipe with a black hole for a brain."

Ahhh........such passion, such oomph!!I feel almost sexually aroused!!

You sure succeeded on that count

 

[Sakal Gharelu Ustad]

Commodity Hoarding does induce Inflation and it's one of the primary reason of supply side inflationary pressure on economy. Pick any instance of war or political turmoil in any country, you will find inflation ticking up rapidly. So in that case, black money holder as well as formal economic institution would find their net worth eroded which implies that Black money economy cannot act as a cushion for supporting the formal economic institutions rather it will exert more inflationary pressure as these unaccounted money will be harder to control by any measure taken by Govt or RBI.

Now coming on your assertion related to the virtues of black money in Indian economy, there were many analysis carried out by eminent economists around the globe. Links of some are provided here:
http://swaminomics.org/black-money-saves-financial-sector/
http://www.thehindubusinessline.com...e-is-not-a-crisis-in-india/article1622521.ece

Putting all of them together, you may conclude that black money helps us in following ways:
1. In case of collapse of major financial institutions and lending banks, informal lending could be done by black money or in other words liquidity will remain available.
2. Agriculture and rural economy may remain immune due to any economic shock as most of their transactions are unaccounted and not within the tax net.
3. Real Estate prices may not collapse as in the case of 2008 sub prime crisis. Same is the case with gold value; the price of gold may be able to sustain itself on the black money provided the supporting capital is huge.
4. Decrease in operating cost of business due to tax evasion; this may or may not reflect in retail prices but we have to assume that in most of the cases it reduces the retail prices.
5. In case of EMP attack, Black money/Hidden money could save the economy.
There can be many more reasons that you may add but IMO these are the major ones.

Now if you scrutinize the above points you will find significant limitations of black money;
Scrutiny 1: In case of any economic shock or collapse, the credibility of not only the banks & institutions, the value of your currency also sinks as a legal tender of the country. So informal lending will also suffer terribly in that case as well except we start lending and bartering in terms of gold. Even with gold, cost of lending will remain prohibitory high due to high risk involved. So black money or no black money, you are going to sink in both ways when RBI or Big banks go down.

Scrutiny 2: This is partly true. In normal circumstances a self sustaining village economy will not face any major issues but in order to grow and cater its growing population it needs to expand its economic foot print. To do so it needs capital investment for buying tools and fertilizers. As you know informal lending cost is almost double than the formal lending cost( e.g. "2 Takka" or "3 Takka" amounting to 24%-36% annual interest rate) so the benefit of informal lending offsets its benefit. The point is curbing informal lending in black and promoting easy and affordable institutional lending does greater good for rural economy as the cost is low and there may be chances in the event of drought/flood, govt or banks may waive them off completely.

Scrutiny 3: Real Estate prices supported by Black money is always a bane not only for common man but for the whole economy. Unavailability of affordable housing/ manipulation of real estate prices without any underlying basis increases the rental cost leading cost-side inflation push. Low tax revenue from real estate sale leads to low investment in area development and ultimately a big sum of hard earned money goes into pocket of builder-politician nexus to serve their greed and further their economic interests.

Scrutiny 4: It is evident that majority of benefit of tax evasion is passed to scrupulous businessmen and for bribing govt. officials which is contrary to the principle of distribution of profit to the consumer to encourage more buying. Lack of capital investment makes most of our domestically produced goods noncompetitive globally.

Scrutiny 5: EMP attack at its best can target a few server location or satellites. A secured Banking system follows redundant and diverse protective systems with banking data being distributed at various nodes. Moreover, we have many private banks with their own distributed servers so targeting them simultaneously can only break down our economy. But even in that case, what is the guarantee that black money hoarders will come to our rescue. Of course, those hoarding ill-willed cash can't be expected to show good intention while nation is in trouble.

Sorry for the Long post... Please suggest more scenarios in which black money could be beneficial.

Your scrutiny is valid, but we were comparing what is worse situation.

1) Big shock can hit the economy, but if there is informal network of lenders (that too will get hit) it will do better.

2) Village economy cant increase its economic footprint. The farm sizes are small and so there won't be any mechanization (lending or no lending, unless farm sizes grow). So this scenario is strawman.

3) Real estate is one part of total consumption basket. The inflation India counts does not even take into account real estate prices. Black money cuts both ways in case of real estate. People invested their money for some time, got higher returns, got out of real estate and used it to invest elsewhere with higher returns. Real estate bubbles can be fuelled even without black money (example- US recession 2008).

Also, it is very bad economics to think black money pushes up prices. Black money, just like white money goes where people think there are higher returns. I know many with white money who buy multiple houses and push up the demand and prices of real estate. So, money chases high investment, black or white is immaterial.

4) Our firms are not competitive due to excessive regulations. Excess labor regulation has forced our companies to automate. So India is competitive only in highly automative sectors- oil refining, automobile etc. While BD does well in garment manufacturing.

I get passed benefits every time I do not get a bill. Just go around shopping!!

5) This was separate discussion about utility of cash in the economy. Not really related to black money.

 

[Indx TechStyle]

How does it change what I asserted??????????????????????????

I intended to tell that number of tax payers is now much bigger than you said.
Here's what you said.

Income tax payers are less than 1% of total population. These are the white income guys and can hardly afford long cars. So, all the long cars you see belong to the remaining 99% which include a lot of businesses with black money!

I'm asserting that undocumented/black share has not as much impact on White Economy that it could be able to make the GDP Decline. Come across common in India, people even are themselves gathering info and willing to pay tax if any. So, economy won't be declined but budget FY17-18 must be 10-15% bigger.
This quarter will be slow, will look ahead at annual output.

 

[alphacentury]

Dude comes back from Japan. Holds rallies. Goes to meeting at 10 pm. Again holding rallies today. Dafuq is he eating?

 

[Sakal Gharelu Ustad]

I intended to tell that number of tax payers is now much bigger than you said.
Here's what you said.

I'm asserting that undocumented/black share has not as much impact on White Economy that it could be able to make the GDP Decline. Come across common in India, people even are themselves gathering info and willing to pay tax if any. So, economy won't be declined but budget FY17-18 must be 10-15% bigger.
This quarter will be slow, will look ahead at annual output.

So 5 crore were assessed, out of which roughly 2.5 crore were below threshold and paid nothing. So, you are left with 2.5 crore payees. Ok that is 2% of total population. Galti maaf kar do!!

 

[Sakal Gharelu Ustad]

Dude comes back from Japan. Holds rallies. Goes to meeting at 10 pm. Again holding rallies today. Dafuq is he eating?

He is definitely over worked and needs a vacation!!

 

[hit&run]

Malda has emerged as India’s fake-currency capital. Guess where is Malda ?

TMC mafia lead by Mamota B allows their favorite gangs to operate in Malda Bengal with impunity. From bomb making to currency printing all goes without check. No wonder Didi and his brother Kejriwal are most vicious to attack Modi.

 

[DingDong]

Seems like normalcy has returned faster than it was estimated.

Today wasn't a bank holiday here at my place (Patna). ATM and Bank queues have come down to normal levels. Nobody is complaining, this government move enjoys overwhelming public support.

Metropolitan cities will have to cope with the situation for a while because of large number of migrant population living in those places.