500,1000 Rs Note no longer legal tender!!

[Vishwarupa]

Most of the people from whom i buy my daily need goods dont use digital payments, for those supplies i need cash, but you assume that i dont use internet banking, what should i tell those who dont want to use paytem or others digital means reason could be anything. You automatically assume that i am here to fail Modi in your previous post, as i post here but dont use internet banking, whatever i use or dont use its my choice.

I love my country, but that does not mean that, i automatically love my government. your assumption without reading my post, only shows one thing that you assume nothing, but negative. If you go into my initial post of November after note withdrawal, i did said if he want to go for digital eco as per Anil Bokil he should go for it now, we cant have two experiments. Search it and you will find it.


Lets wait for 24 hours then data will come.


Modi has claim the credit that everything was so secret and successful, but you are saying otherwise.



NPAs are not because of bank officials, it has lot of reasons.


Let him first achieve three objective said on 8th Nov first, then we will see others.




what ever you wish to call other, its your choice, can't help it, i am not misleading any one, i can give proof of the same. This is my opinion. you like it or hate it, it does not matter. This cash less economy sounds just like "India Shining campaign 2004" all is well.

It was you who made us to assume things you were not clear about your banking method and were trying to misguide us that you were not using online banking system. I am sure for office use and daily goods you can easily manage with 5k. Now digital banking was and is the only option available during DeMo excercise. If you don't want to use it for whatever reason then it's your lose no one can help it.

I never questioned your love towards India; is you who was negative all along. Modi or government of India has never told that they are following Anil idea it's all guess by media and they made a hero out of Anil Bokil. Again you are contradicting Modi is going all out for digitising the economy but you are not believing it. I told you in my last post that he is giving incentives and encouraging it. Time for you to encourage your daily suppliers about digital economy.

I am waiting for tomorrow so is most of them in India.

It was you who said DeMo was supposed to happen on 18th November; and everybody can guess why he preponed.

NPAs may have lots of reasons but bank officials are also the culprits. Similarly bankers going corrupt will have many reasons.

As you have mentioned that this excercise cannot be done often why should we restrict it to only 3 objectives. Other objectives are also achieved.

You made us call. Comparing shining India campaign with DeMo is illogical.

 

[sayareakd]

It was you who made us to assume things you were not clear about your banking method

Thank you for clearity, at least one thing is for sure, that you are reading what is not posted, you are assuming in your Judgement that other must have mean it, without even having these words. I told you, you need to remove the fog around you, only than you will see things clearly.

were trying to misguide us that you were not using online banking system. I am sure for office use and daily goods you can easily manage with 5k. Now digital banking was and is the only option available during DeMo excercise. If you don't want to use it for whatever reason then it's your lose no one can help it.

Wonder how can i misguide you, if i have not posted about it, it was your misplaced assumption and judgement without reading my post. Again read and understand it, but you need to clear the fog around you first.

I never questioned your love towards India; is you who was negative all along. Modi or government of India has never told that they are following Anil idea it's all guess by media and they made a hero out of Anil Bokil. Again you are contradicting Modi is going all out for digitising the economy but you are not believing it.

I was student of Economics and i love development economics and Indian Economics, done lot of study for both. Both the Anil Bokil and Modi's modified attempt is of great interest to me. Did posted about it, also believe, if he wants to go for digital (as he dont care for others, so he better get it done fast, in the larger good of the country, as we cant afford to fail), than he should go immediately and not go after few years, as its better to have one hit rather than two or three.

I told you in my last post that he is giving incentives and encouraging it. Time for you to encourage your daily suppliers about digital economy.

I found one thing strange that he can't give any money without getting approval of Parliament, for that he needs to bring in money bill for these prices, as the cash is given from Consolidated fund of India and it has not been budgeted prior to 8th Nov. I dont know how he is doing it, hope someone point out this. Please also understand this is not the case National emergency.

It was you who said DeMo was supposed to happen on 18th November; and everybody can guess why he preponed.

I am saying that based on 3rd Nov 2016, RBI's notification for ATM modification. But Modi and company has already patted on there back that it was best kept secret. If they says that secret is out, then they need to explain lot of things, including the BJP and lot others who have changed their 500 and 1000 notes. They are not saying it as it make them look bad.

NPAs may have lots of reasons but bank officials are also the culprits. Similarly bankers going corrupt will have many reasons.

NPA is for lot of reasons, that is why different dept in banks from ARC, to disbursement for check and balances. Not all bankers are bad, few yeah.

As you have mentioned that this excercise cannot be done often why should we restrict it to only 3 objectives. Other objectives are also achieved.

I told you three objectives were not posted by me, this was told by Modi on 8th Nov on National broadcast to people of India and same also find mention in RBI website as main reason for this experiment.

You made us call. Comparing shining India campaign with DeMo is illogical.

Nothing is illogical, Lets wait for few hours.

 

[sayareakd]

https://www.rbi.org.in/SCRIPTS/NotificationUser.aspx?Id=10807&Mode=0

RBI/2016-17/204
DCM (Plg) No. 2142/10.27.00/2016-17

December 30, 2016

The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/
Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks
District central Cooperative Banks

Dear Sir,

Cash withdrawal from ATMs – Enhancement of daily limits

Please refer to our circular DCM (Plg) No. 1424/10.27.00/2016-17 dated November 25, 2016 on “Withdrawal of cash from bank deposit account - Relaxation”.

2. On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing ₹ 2500/- to ₹ 4500/- per day per card. There is no change in weekly withdrawal limits.Such disbursals should predominantly be in the denomination of ₹ 500.

3. The relaxation of withdrawal limits as enabled by our circular DCM (Plg) No. 1437/10.27.00/2016-17 dated November 28, 2016 remains unchanged.

4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

 

[cannonfodder]

This is bitter pill but I guess something like this had to be done.

Most tax evaders believe that they will get away. Most small fishes will fear the system seeing raids and start tax compliance going forward.

 

[angeldude13]

That's another mess which has to be tackled.
Alcohol is not just perilous to one's health but also to the community as a whole.
Yes, drinking alcohol is a personal choice but the choice should be an informed one. I'm not sure that those who start drinking at the age of 16 and 18 really know its consequences.

Heard of the new fad, 'smoking alcohol'???
Gosh!!!

I don't know how govt plans to curb the use of alcohol but it should be done at the earliest or we would become what China had become just before the opium wars- a country of addicts.
This doesn't come from a teetotaler.

Sorry for the off topic.

Offtopic- What the hell???
Which party?Sangh or Bajrang dal?

 

[Levina]

Offtopic- What the hell???
Which party?Sangh or Bajrang dal?

Party???
Jumeirah beach party,
Dubai,
UAE.





I'm so sorry.

 

[Project Dharma]

That's another mess which has to be tackled.
Alcohol is not just perilous to one's health but also to the community as a whole.
Yes, drinking alcohol is a personal choice but the choice should be an informed one. I'm not sure that those who start drinking at the age of 16 and 18 really know its consequences.

Heard of the new fad, 'smoking alcohol'???
Gosh!!!

I don't know how govt plans to curb the use of alcohol but it should be done at the earliest or we would become what China had become just before the opium wars- a country of addicts.
This doesn't come from a teetotaler.

Sorry for the off topic.

Dislike button needed. They're going to have to pry my drink away from my cold dead hands, miss.

 

[Akshay_Fenix]

BHIM unified Payment Interface App. Try it.

https://play.google.com/store/apps/details?id=in.org.npci.upiapp

 

[ezsasa]

Need to be verified...

High Value loans totalling 50000 Crs repaid in cash during these 50 day period

 

[tharun]

There is a news that 4 lakh crores is deposited in 1.14 lakh accounts...that's an average of 3.5 crore per account.
can anyone verify it...?

 

[cannonfodder]

Toi-let link: http://timesofindia.indiatimes.com/...uspect-estimates-i-t/articleshow/56245953.cms

http://www.indiatimes.com/news/indi...-black-money-after-demonetisation-268432.html

There is a news that 4 lakh crores is deposited in 1.14 lakh accounts...that's an average of 3.5 crore per account.
can anyone verify it...?

 

[Khagesh]

You want to know if i use internet banking or not, but you dont want to comment on three things which was used as excuse for note withdrawal.

that is the Beam in a Sanghi eye which must never get acknowledged.

Only way to do it is to point out the mote in your eye.

Would help the cause even further if a few nara-e-takbir are given out - "Hindu Khatre mein hai" or "Sanghi is India and India is Sanghi".


But even you are not being fair in your assessment. Because the failure is not just on those 3 counts that they admitted. The failure is also on the counts they did not admit to for obvious reasons.

Here mull this:

Amount not expected to be banked per AG’s statement in SC = Rs. 5 lac crores (about 73 billion USD @ 1:68)

Multiplier in India currently stands just under 6 times

INR value after multiplier = Rs. 30 lac crore

USD value after multiplier = 440 billion USD


Now no Sanghi ever questioned Modi as to why he needs that much money all in one shot. Kiska aur kis kis ka bhala karne chale they Modi saab?

Obviously promises were made and IOUs distributed around which is why the politicians who till yesterday were opposing Modi are today supporting him. Which is also why a lot of import orders were given for weapons. Everybody except LCA Tejas got their own IOU in their hands.

The unplanned thing was that the whole of India also joined in the list of people who seek something in return for the sacrifices they have made, for the Sanghi izzat-o-gairat.

Unfortunately now, that figure of 440 billion USD finally got wound down to 1/5th of the amount. And that too only if the money multiplier is allowed to come into operations. Money multiplier would grind to halt e.g. if Modi instead of putting the surplus in the Indian banking system for economic growth, ends up simply carving out the money for his weapons imports spree.

I can now say all this because by now Modi and his team has already decided what to do and the final version of today’s bhashan is already in place mounted onto the teleprompter.

This is called creative destruction, in its truest form. Saare ke saare ab ek dusre ki gardan par hain. Just enjoy the joy ride.

 

[sayareakd]

Income tax dept, dont have the manpower to go through all the data. Even if IT is withdrawn, it will take them 5-6 years to go through all the data and issue notices, then go through long replies in each case. Its going to be complicated exercise for IT guys.

Once assessing office issues order, it will be challenged before CIT, than ITAT, HC and SC.

I see 5-10 years of litigation.......thanks Modi......

 

[Nicky G]

that is the Beam in a Sanghi eye which must never get acknowledged.

Only way to do it is to point out the mote in your eye.

Would help the cause even further if a few nara-e-takbir are given out - "Hindu Khatre mein hai" or "Sanghi is India and India is Sanghi".


But even you are not being fair in your assessment. Because the failure is not just on those 3 counts that they admitted. The failure is also on the counts they did not admit to for obvious reasons.

Here mull this:

Amount not expected to be banked per AG’s statement in SC = Rs. 5 lac crores (about 73 billion USD @ 1:68)

Multiplier in India currently stands just under 6 times

INR value after multiplier = Rs. 30 lac crore

USD value after multiplier = 440 billion USD


Now no Sanghi ever questioned Modi as to why he needs that much money all in one shot. Kiska aur kis kis ka bhala karne chale they Modi saab?

Obviously promises were made and IOUs distributed around which is why the politicians who till yesterday were opposing Modi are today supporting him. Which is also why a lot of import orders were given for weapons. Everybody except LCA Tejas got their own IOU in their hands.

The unplanned thing was that the whole of India also joined in the list of people who seek something in return for the sacrifices they have made, for the Sanghi izzat-o-gairat.

Unfortunately now, that figure of 440 billion USD finally got wound down to 1/5th of the amount. And that too only if the money multiplier is allowed to come into operations. Money multiplier would grind to halt e.g. if Modi instead of putting the surplus in the Indian banking system for economic growth, ends up simply carving out the money for his weapons imports spree.

I can now say all this because by now Modi and his team has already decided what to do and the final version of today’s bhashan is already in place mounted onto the teleprompter.

This is called creative destruction, in its truest form. Saare ke saare ab ek dusre ki gardan par hain. Just enjoy the joy ride.

You are obsessed with Sanghis to the point of delusion. Chill and wait for the next hits.

I have, frankly tried hard to ignore your posts but you keep repeating this term Sanghi over and over. Do you froth from your mouth as you type these posts? You are not a commie are you?

Income tax dept, dont have the manpower to go through all the data. Even if IT is withdrawn, it will take them 5-6 years to go through all the data and issue notices, then go through long replies in each case. Its going to be complicated exercise for IT guys.

Once assessing office issues order, it will be challenged before CIT, than ITAT, HC and SC.

I see 5-10 years of litigation.......thanks Modi......

We end up spending crores on litigating terrorists when we catch them. So is your argument we should let them go or execute them?

There is this thing called technology, it helps things move along. It will still take a lot of time, sure. That's hardly an argument to let things go.

By the way, which village do you live in where people don't take digital payments. Even the guy I get vegetables from accepts Paytm nowadays.

As I said, most people who live in cities but want cash are looking to simply avoid taxes. Such people must be caught and penalized.

 

[sayareakd]

We end up spending crores on litigating terrorists when we catch them. So is your argument we should let them go or execute them?

I didnt said don't prosecute them, did i mention that ? all i am saying that IT dept is under power and this will go on for years............. you need to be practical. I am not complaining, infact i thank Modi. Lawyers and CA are settled for years now.

There is this thing called technology, it helps things move along. It will still take a lot of time, sure. That's hardly an argument to let things go.

yeah it does, but it does not change the fact that you have to physically need to check and cross check each disclosure of income, Bank statement, replies and again recheck, before passing order.

By the way, which village do you live in where people don't take digital payments. Even the guy I get vegetables from accepts Paytm nowadays.

Village i live in is called New Delhi, even owner of this website lives in same village. Lot of reasons for not going digital, When i asked, lot of them said, we are waiting for Jan and after as they dont want Income tax problems, other are illiterate.
My chemist takes Cheques and RTGS.
yeah few guys who paid in Paytm, stopped after initial days. Momo vender takes Paytem and restaurant i order food takes through card (he did said his business has increased).
Auto driver, who was not using mobile, when asked why he does not shift to digital payment and how he will survive now, he said he dont use mobile, nor understand digital money, he said, only 2.5 years of this only, he will some how manage that.

As I said, most people who live in cities but want cash are looking to simply avoid taxes. Such people must be caught and penalized.

My Halyai, who become crorepati, selling samosa and cachoris, dont want digital payment.

 

[Nicky G]

I didnt said don't prosecute them, did i mention that ? all i am saying that IT dept is under power and this will go on for years............. you need to be practical. I am not complaining, infact i thank Modi. Lawyers and CA are settled for years now.

I'm sure more will be hired to make up for the shortfall.

Lawyers and CA who don't get caught with BM / helping settle BM you mean.

yeah it does, but it does not change the fact that you have to physically need to check and cross check each disclosure of income, Bank statement, replies and again recheck, before passing order.

Sure as I said merely requirement for more man power is no reason to not pursue criminals.

Village i live in is called New Delhi, even owner of this website lives in same village. Lot of reasons for not going digital, When i asked, lot of them said, we are waiting for Jan and after as they dont want Income tax problems, other are illiterate.
My chemist takes Cheques and RTGS.
yeah few guys who paid in Paytm, stopped after initial days. Momo vender takes Paytem and restaurant i order food takes through card (he did said his business has increased).
Auto driver, who was not using mobile, when asked why he does not shift to digital payment and how he will survive now, he said he dont use mobile, nor understand digital money, he said, only 2.5 years of this only, he will some how manage that.

So why not avoid cash? Surely, New Delhi is not lacking in infrastructure or options for digital payments.

What IT problems do they want to avoid? Filing IT returns?

Why did they stop Paytm, do not wish KYC as is required beyond 20K I believe.

I din't understand the 2.5 years part? Is he banking on Modi losing and things going back to pre-demonitization? Or will he still use old notes? I hope you have informed him that its illegal. So he is essentially lazy and doesn't wish to learn.

My Halyai, who become crorepati, selling samosa and cachoris, dont want digital payment.

So report him to the authorities. Surely you are aware he is not paying taxes due to him.

Basically all people you listed who don't wish to go digital in a place such as New Delhi are either corrupt or lazy. Neither good reasons, I hope we can agree.

 

[DingDong]

India's Demonetization 50 Days In - Not Perfect But Moving In The Right Direction

That is, the offshore money is beginning to move from tax evasion to tax avoidance which is indeed an advance in people obeying the law.

One way of thinking about all of the above is that I'm saying that demonetization is the side show, the public play if you like, while the important things about black money are going on elsewhere. And that is one way to read it if you wish. However, I regard it the other way around. I think it's much more important that everyone thinks the game is roughly fair than I do worry about a few scofflaws not paying taxes. Thus it might well be the benami laws, or the Swiss banks, which are more important in raising tax revenues. But to me it is the creation of the confidence which leads to that chai wallah investing in the chapati stand which is what will grow the economy and thus the demonetization, precisely as that piece of public theatre, which is the most important part of the entire campaign.

 

[Khagesh]

Mitron,

Kya UPI ki trader popularity bhad rahi hai ya nahi?

Kya Digital Wallet jyada safe hain?

Kya Digital Wallet jyada mahange hain?

Kya logon ne consumption shuru kari ya nahi?

 

[OneGrimPilgrim]

That's another mess which has to be tackled.
Alcohol is not just perilous to one's health but also to the community as a whole.
Yes, drinking alcohol is a personal choice but the choice should be an informed one. I'm not sure that those who start drinking at the age of 16 and 18 really know its consequences.

Heard of the new fad, 'smoking alcohol'???
Gosh!!!

I don't know how govt plans to curb the use of alcohol but it should be done at the earliest or we would become what China had become just before the opium wars- a country of addicts.
This doesn't come from a teetotaler.

Sorry for the off topic.

(OT again)

depends on to what extent the 'behaviour' of your gray and rest cells has been affected.

 

[sayareakd]

................................................................................