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Modi's 'masterstroke' cash ban
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Bikky Khosla | 15 Nov, 2016
What a week it was. First, Prime Minister Narendra Modi took the whole nation by surprise on Tuesday night by announcing that Rs. 500 and Rs.1000 would cease to be legal tender with effect from midnight. Then, within a span of a few hours Donald Trump stunned the world by defeating his heavily favored rival Hillary Clinton to win the US presidency. Market reaction to this double whammy was swift and the Sensex sank over a whopping 1,600 points as it opened on Wednesday morning, but again in a surprise turn the index staged a smart comeback to close 338 points down. The last week was full of surprises, and the 'Modi masterstroke' was undoubtedly the most stunning one for us.
There's no iota of doubt that the demonetization move is one of the boldest decision in the financial history of independent India. The reasons are obvious. First, it is rightly touted as a daring assault on the country's black economy, which is exponentially expanding and crippling us from inside. The high denomination notes of Rs 500 and Rs 1,000 accounted for 86 percent of all currency notes and replacing these with new ones would certainly help curb the menace significantly. Second, the move is likely to take care of the mammoth problem of fake currencies in circulation. Terror organizations and hawala dealers will be hit hard by the decision.
Some people are raising doubt, however. One point is that majority of black money is lying in form of gold, real estate or foreign currency. Second, the introduction of not just Rs 500 but also Rs 2,000 notes may take us back to the old cycle after a gap. Also, black money hoarders are using some innovative methods to dispose of their unaccounted cash. These concerns do not appear trivial, but I think the move is still a welcome one. It will at least bring an end to fake paper money already in circulation. Also, it is difficult to believe that the step -- even if fails to weed out black money completely -- will play no significant role in cleaning up the country's black economy.
Modi's demonetization move, I think, is a great reform, and although it has continued to cause a great deal of inconvenience to the public as well as the trading community for a longer period than initially expected, the Indian economy would benefit in a great way in the long run. It will likely boost our deposit base and savings, bring down interest rates, increase tax collection, improve business environment, cut down corruption, push financial inclusion and improve India's position on transparency. But at the same time I think steps must be taken to reduce public inconvenience and also ensure that negative impacts of the well-intentioned move do not linger indefinitely beyond short-term.
I invite your opinions.
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Derecognize Rs. 1000 and 500 notes
K.G.Ajay Kumar | Thu Nov 24 10:00:21 2016
Sir, Our bellowed PM Modiji's decision to derecognize Rs. 1000 and 500 notes is perhaps the most significant move ever taken to curtail the parallel economy. His intentions were plain. He sought to stop the transaction of black money with the aim of giving the economy a veritable leg-up. He knew if the move was a success, people would be compelled to use only legitimate transaction networks, which would automatically make the government's tax kitty bigger. Intact for few days we may feel little difficult but the decision taken by the govt is good for common man in long run. My heartiest congratulations to the government of India for the bold decision.
African Proverb: Mosquito sucking blood from testicles get softest slap
Rajiv | Sat Nov 19 12:01:46 2016
All moves to end Black money are welcome and MUST BE SUPPORTED IN LETTER & SPIRIT BY WHOLE NATION. Definitely it has immediate impact on Terrorism & Naxals and Govt. should IMMEDIATE plans to flush them out and put whole machinery for prevention of jan-dhan a/c in Naxal area ...... At the same time ..... the country is paying the price of Multiparty democracy (in its present form) ...... Not only expenditures in elections, but also the huge expenses on day today operations of political parties are "the Mother of all evils" ..... We are born after 1947 and have not seen the double burden-pain-atrocities of Lagan / taxes by Raja/ Jamindar and Indian Emperors (later on replaced by British) ....... However the present system is costing nation much more than those INHUMEN TAXES & SUFFERINGS ..... A rough estimate puts cumulative expenses of all of the political parties and MAZE of front organizations / NGO as equivalent to Formal Government expenses ..... UNTIL EACH AND EVERY PAISA OF POLITICAL PARTIES' RECEIPTS & DONATIONS (BOTH IN CASH & KIND) IS ACCOUNTED - PUBLISHED ON NET - AND AUDITED & VERIFIED BY BOTH CAG & CITIZEN-COMMITTEES, EVERY MOVE TO KILL PARALLEL ECONOMY (like demonetization) may end-up in other black-hole ...... All talks of electoral reforms; Practical limitations on state funding to parties; discussion to curb black money in elections etc. may end-up being just a lip-talk / act of political mileage .. .. .. We should extend all support to GOVT.
Demonetization of old 500/1000 note.
T.K.Banerjee | Sat Nov 19 07:43:46 2016
Long Live Our Beloved and Hon'ble Prime minister. It's the right step to stop the cancer in our country. No pain no gain is the proverb always tru, but it's the less pain and more gain in the near future. Fake notes, hoarding black marketing, inflation, trade gap, .. all are will be reduced soon. Banks are vitaminised more, more funds available means the rate cut is inevitable, availability of funds will be more liquid. Common people and daily earners, have no problems.. there are some caos in the market initially, but gradually it comes to normalise. Some politicians are seeing thick black clouds for their survival in the next term, money laundering will come down, Terrorists will not have the fund, so the military personnel will get some relief.. they have done a lot for our country, I salute them all the time round. Many more economical positive aspects are there. In the social economic front, I can see more job opportunity, free flow of cash in the market in the near future.... etc. So it's a bold step.. many developed countries welcomed this move , because they are looking for their market with India. So I must salute to our Prime Minister, Finance minister and all are concerned. Thanks
Masterstoke
samir shah | Fri Nov 18 16:18:09 2016
Threatening to public via media and so many announcements are confusing public.
No limit to deposit cash
Prabir Mukherjee | Fri Nov 18 14:57:30 2016
Fake currencies are well identified by the bankers. So there should be no limit to deposit cash in any account. May be it can have low interest rate say 6% PA. Although It may be someone's black money kept in basement or wardrobe . But if the currency is pure then the deposition of these money in bank can improve the cash for the country to roll . It can be used to pre-payment of our foreign loans. It can be used in making infrastructure. Developing research and development in all sectors including Medical and IT sectors. In totality I believe if Govt allow people to submit all of his money black or white in his bank account then it can be rolled and the dump of money will be used for the country. Else it will become a piece of paper and which will reduce people purchasing power and will effect the economy. How ever the Govt can earn more money in terms of interest then income tax. If some one submit his black money he has to give one time 30%, In this fear very few one will come forward in the scheme where as now if Govt take this money with out any income tax and without any enquiry the People will come forward and deposit the money in bank. Thus bank can lend this money to business loans and get 10-15% loan per year so with in 3-4 years bank/Govt can earn the income tax amount without any hurdle and the people will also come forward. This scheme can be live for next six months.
The next step to remove corruption
Kishor Chandra Panda | Thu Nov 17 10:49:10 2016
After that our Govt. should take a bold step against the land mafia and also gold horders. Much black money is in form of land and also gold.
Next target religious trust
Mr. Ajiir | Thu Nov 17 08:16:09 2016
DEAR Prime minister,please bring all the religious trusts under the ambit of income tax laws. Because they are the most corrupt entities in the country. In the name of charity and God they are doing business.
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Re: Next target religious trust
Prabir Mukherjee | Fri Nov 18 15:07:10 2016
Not only religious trust people are making money with different types of NGOs. Those also should come under tracking.
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Black money
Panth | Thu Nov 17 07:15:53 2016
Lot of black money sticks in swish banks. Real estate feeds lot of construction labor in India. Why one sector should suffer and why not politicians having money stored in dollars elsewhere? It is not the economy freeze, what the country needs. It is economy liberalization to invest and do fair business.
Modi's 'masterstroke' cash ban
manisha | Thu Nov 17 05:20:04 2016
It's definitely a welcome step. As said in the article, steps to be taken to minimize public inconvenience and income tax slabs should be reformed.
Yes, is agree
NITIN CHOUHAN | Thu Nov 17 00:56:46 2016
Well explained.
Am sure govt is aware that lof of that money is being converted to new cash / gold / dollar etc. This may not be big surprise to pm or fm. Cleansing is gonna happen in stages. This is just the beginning.
! Jai Hind !
it waste full expense created by govt.it is not benifit in future..
haresh | Wed Nov 16 17:19:27 2016
it is horible move with thinking that what happen after this action. now tax payer is finding defficulty to change the note standing long wait in quere is it no use demonorise because our conutry is very large population they have kept money in house, for for urgent need , ,
and no knowlage of law they is no black or white money it is all same. it is excuse to govt.say duplicate,coruption .black money. for harry action to demolorise the notes. it is govt. duty to other wise with out demorlisted the notes we request roll back the move .it is waste full expense to print larger notes it is not afforble like our country. is facing more problem other then coruptons kept promise it on note. we are dependent on others, i stongly feel to roll back the discion because we are all like dog tail it will never straight if we straight tail after ward it will bend. as us in long run not benifit at all
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Re: it waste full expense created by govt.it is not benifit in future..
Anonymus | Sun Nov 20 11:06:59 2016
Confidence without competence fails to produce results
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Modi masterstroke cash ban
Subhash | Wed Nov 16 14:45:36 2016
Welcome is the stroke of trying to clear blackmoney.
But have doubts. How much effective would it be ? Would this stroke clear or eradicate the causes of its generation ??? This will come back again unless the systems are simplified, powers of burocrates babus are taken away, strict enforcement of laws is done. Procedures policies should not have any discretionary powers with anyone. Enforcement officers must be penalised financially with removal from job. They shud have fear of liss of job.
But we all know we will not see such days ahead.
One Modi cannot clean the deeprooted corruption in POWER. It is like blood in our body. Whole country will paralyse . Nothing will move without paperweight or hissedari. For any government work the first thing which come to our mind is how much cost n who will get it done.
Modiji does not have guts to BELL the burocrate officer inspector CAT. Ultimately these cats are the policy procedure makers and they are the enforcement ppl. He cannot make procedure of Auto clearence of file in time bound period. Officers will never let have such systems.
Any way we should be optimistic. ð ( uske alawa hamare bas me kya hai ? Hope against hopes)
Modi's "Master stroke cash ban"
Acharya-Bangalore | Wed Nov 16 12:53:42 2016
I welcome the boldest decision by our honarable priminister Modi ji in hitting the dihonest section of our nation. However, introduction of Rs. 2,000 notes on the contrary in my openion might prove to be a wepon again in piling up black money attempt once more by the illegal wealthy miscrents of socity defeating the very objective of this critical iniciative. Hence suggest terminating generation of any further Rs.2,000 notes & with draw even the the notes already issued. Secondly,it is gathered that illegal money of demonetized 500&1000 notes are being attempted to be deposited in to poor peoples accounts to the extent their savings could be legally acceptable. Thus my appeal to the finance ministry is to quickly derive some meanse to curtail /arrest such transations.
demonitisatiom
dilip patel | Wed Nov 16 11:49:50 2016
Modi move on black money takes a lot of courage bcos people feom all backgrounds will be hit . the black marketeers and criminals financially and the poor thru inconvenience and hardship. but corruption cancer is the enemy that can only be checked thru pain and hardship and just like the chemotherapy drug that affects all cells this move will effect the population as a whole but we have a choice to make just like the cancer patient - attack the cancer or let it overtake the body in this case India
500 & 1000 Notes Ban
Ramesh A | Wed Nov 16 11:22:28 2016
It is a great and bold move by present Govt. We appreciate this move and it has to be keenly monitored by Govt. Thank u
Modi's demonetization move
R. Vijayakumar | Wed Nov 16 10:57:41 2016
No doubt, It is a great reform. Black money need to be unearthed from Indian soil. so that:-
-Poor Can buy 10 cents of land to make a small house of his own.
-Living cost can bring down.
- Material cost of all commodities can come down.
-Traitor Politicians will stop bullying the public.
- A system should work and Run India, Not bribe or Political Goons run India.
A sensible person cannot blame the move by Shri Modi as nonsense, despite of the inconveniences caused by the surprise decision. It is like a major surgery to remove a cancerous tumor, which ultimately give some pain initially, but will be cured the decease in due course.
I trust this move will find result at the end,which will benefit the all citizens of our great country.
Jai Hind!
Modi's 'masterstroke' cash ban
Sufiyan | Wed Nov 16 10:44:27 2016
it is not a master stroke, it is complete blunder, suppose if u have 100 rs cash . and out of that u have shown 10 rs cash to income tax so that is ur white, and balalnce will be black,now u can deposit only 10 cash in ur a/c and balance if u canot find a way then u will burnt or throw in river, so how will government get benefit, in this only the individual will become poor, and due to this his spending will be down so demand less and economy will come down, and there would be un employment also, in this senerio government will not benefited, for terrorist activity, they get funds thru organized banking channel and they get from outside india, and they get in USD, that USD is convereted via organize channel and then they get INR, so suppose there yearly budget is 100 rs. so they dont keep 100 rs in cash in INR, they get in installment and that to in USD, so to my opinion it will not affect terrorist either, for fake notes, it is less then 0.5%(as per news) and every countries has some fake notes, so to destory that small amount u cannot penalize whole country,u must work out some other ways for that, just imagine billions-trillions hours of work and talented hours are waste just in standing in line and getting note exchanged,plus all people are suffering mentally and physically just forthis, and at the end of day nothing is recovered,to my opinion as a bussiness men, this is a complete blunder,
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Re: Modi's 'masterstroke' cash ban
Nirmal | Fri Nov 18 06:16:36 2016
If the Notes are burnt or discarded, then That is a profit for RBI.
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Re: Modi's 'masterstroke' cash ban
Nirmal | Fri Nov 18 06:22:22 2016
Suppose there is a country with 100 people and every person has Rs 100. So the total amount of currency in circulation in the country is Rs 10,000 (100X100). Now, suppose the government prints another 10, 000 and starts using this money to get different developmental works done. So now the total currency in circulation in the country is Rs 20,000. When this happens the value of the Rs 100 that you hold decreases by half and it is worth Rs 50 now. So anything for which you used to pay Rs 100 before, you will now have to pay Rs 200. This is how price rise happens. You might have noticed in your real life that, something that used to cost Rs 10, about 20 years back, now costs Rs 150. Almost 15 times more, because the government have been printing additional currency into the country for the past 20 years. This is how the economy works in simple words. So, now if people are burning currency, the value of Rupee in your pocket is worth more than it used to be before...
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Demonetization
Judi.P.A | Wed Nov 16 10:20:56 2016
Result of a well diplomatic decision realise by public after a long period, whereas we want every thing like electric switch.
Demonetization by PM
Ex Capt Narendra Singh Parihar | Wed Nov 16 10:13:39 2016
As a retired army soldier, I welcome this step of PM and thanks him for his great and bold decision. As I live in rural village in UP, and want to bring in knowledge that there is no any problems to any villagers, they all are very happy .They get their vegetable without money by his neighbour farming, cow milk for tea and no problems for Roti -sabji. For any honest person of india, there is no problems. Problems is for terrorists, nextalites, anti national elements, mafia, and dishonest men. All villagers, army, defense persons, retired soldiers, all indian ladies are with modi ji. Regards
Modi's 'masterstroke' cash ban
Bhatia Jagdish | Wed Nov 16 08:53:07 2016
I really liked this.
STRICT CHECK IMPLEMENTATION
ANIL KUMAR SAINI | Wed Nov 16 08:47:32 2016
Its true this move of Mr. Modi has made dumped amount futile. But our good people of India has started dumping this amount in Gold and raised the Gold prices to 68K per 10 gms in a day. There should be check on every move of people who sold the Gold and who procured it to make the Modi move fruitful. Gold dumped by people is of no use either to them or to Country.Strict steps to be taken to generate possibility of making cashless transcations. No body should be issued any cash, so that neither any one could ask for bribe and neither there would be any possibility of bribing when you don't have cash facility. our country can then only become corruption free, which is the root cause of every evil in society. please think over and it is practically possible. Thanks
Demonetisation
Sudesh Seth | Wed Nov 16 07:54:41 2016
It may be good, but at this time all economic activities are stopped.The business is stand still. I think demonetisation and black money declaration should have come together. Then entire money would have been declared. There is still time govt should bring another such scheme so that people suffering are reduced. In fact business men money is not entirely black, because it is very hard earned money.
It is not a corrupt money. officers and politician have black money.Give another chance for conversion to business men.
WELCOME to Modi's Masterstroke.
Paresh Laxmi ben Natvarlal Kantharia | Wed Nov 16 07:48:31 2016
Heartly WELCOME to Mdiji's move.
Modi's 'masterstroke' cash ban.
Fred Fernandes | Wed Nov 16 07:44:19 2016
It's a good move. Next is to ban all cash donations to political parties. Also let these parties be subject to the RTI act. Why are public entities not under this act, unless they have something to hide?
Mody's Master Stroke Cash Ban
A.V. Chandran | Wed Nov 16 07:30:25 2016
It is an excellent step if it is done without misuse of oath of office and common people having no black money is not disturbed whereas in this case befitting arrangement for exchange process stands failed with direct repercussions to the great mass of the great Nation. What action taken to bring Indians deposited to Swiss bank having macro figures to the extent of Rs.185 lakh crores as disclosed by Wickyleaks earlier? It could have been done on war footing to help the Great Nation for various projects like rationing to poor people with essential commodities! About this reform Stock Exchange process is benefited and Big Corpora tors are benefited! Am I right? Again I am telling you the reform is excellent whereas its implementation stands failed to a great extent hence it could be reviewed towards smooth exchange of currency notes up to December 2016!
Nation first
Dr. Bhim Singh Dahiya | Wed Nov 16 07:26:37 2016
For the future generations and the mother land we should be prepared to face more cramps which are short lived.We should also lern to liv with less money.Let our culture of live and let live should be back over the consumerism/materialistic world.We should also learn to lead a clean and simple life where honesty and cleanliness are the two pillars.The politicians who speak against it needs to be side lined.
Its time for change--CHANGE IS A MUST BUT CHAGE IS PAINFUL
MOU FIN. MINSTRY OTHER COUNTRIES INDIA
B.M MODI RSS | Wed Nov 16 07:23:18 2016
Request Swiss bank and all countries' finance departments, ministries where Indians invest. MoUs should be signed to have control and monitor illegal money outside India /curb terrorist activities.
Cash ban Master stroke.
Abdulaziz | Wed Nov 16 07:12:27 2016
Dear sir,any move for curbing black money is welcome Difficulties faced by common man can be taken as sacrifice as our freedom fighter have sacrificed much more.Common man sees what benefit he is going to get.any policy should bring relief in shot term or long term benefit to "Sab" common man.I am not a expert but but report of economic times May 17 2016 is on "Liberalised remittance Scheme"alarming where 30000 crores are sent abroad.300% percent higher then normal.because of RBI policy change in last years.It may not affect me direcly but as a citizen I am concerned between what is said and what is practiced.
Demoniterization
Dr Rakesh Sharma | Wed Nov 16 07:01:48 2016
Excellent move honorable Modiji. Only you could have done it .Use our large team of caders for facilitating the poor standing in que. Distribute small part of this collection declared now in the accounts of all citizens .This will make you win heart of poor people and a part of promise will also seem fulfilled .you will then definitely win election.By this gesture they will feel there money looted has been partly returned., especially to service class taxpayers and poor.
Appreciate Modi decision...but !!
Raj Reddy | Wed Nov 16 06:43:55 2016
Truly appreciate Modiji decision but there were even bigger things which needed attention before demonetisation. They are:
1) Modiji promised in 100 days he will bring black money in foreign banks. ( not done)
2) Bank NPAs. Rs.13Lakh corers in high risk. How to recover them? Can government handover few viable projects and finish them if any real genuine projects struck due to cash crunch so that already invested money will not go in drain.
3)what about high disclosures of Rs.262 Lakh crores agriculture income from some individuals in this country?
If the above concerns are addressed and then demonetisation had come into effect it would have benefited a lot.
Now the question is how the new money is going to be used by banks? is it the same way to gift for corporates? or make schemes which reaches the lazy people who do not want to work? If it is really spent on poor and rural development no compliants.
Please modiji enough of trouble seen and cooperation has been extended by common man. It is now the turn of big corporates, black money people in swiss banks,dummy high value agricultural income people to take the trouble. If you are dedicated i am sure they cannot also be spared... that's why i fully appreciate modiji but...!!! many more to address not troubling common man any more.
DEMONITIZATION
D.MURALI | Wed Nov 16 06:42:23 2016
GREAT DECISION TAKEN BY A SIMPLE TEAMASTER
Appreciate Modi decision...but !!
Raj Reddy | Wed Nov 16 06:41:06 2016
Truly appreciate Modiji decision but there were even bigger things which needed attention before demonetisation. They are:
1) Modiji promised in 100 days he will bring black money in foreign banks. ( not done)
2) Bank NPAs. Rs.13Lakh corers in high risk. How to recover them? Can government handover few viable projects and finish them if any real genuine projects struck due to cash crunch so that already invested money will not go in drain.
3)what about high disclosures of Rs.262 Lakh crores agriculture income from some individuals in this country?
If the above concerns are addressed and then demonetisation had come into effect it would have benefited a lot.
Now the question is how the new money is going to be used by banks? is it the same way to gift for corporates? or make schemes which reaches the lazy people who do not want to work? If it is really spent on poor and rural development no compliants.
Please modiji enough of trouble seen and cooperation has been extended by common man. It is now the turn of big corporates, black money people in swiss banks,dummy high value agricultural income people to take the trouble. If you are dedicated i am sure they cannot also be spared... that's why i fully appreciate modiji but...!!! many more to address not troubling common man any more.
Demonetization
Tapansur | Wed Nov 16 06:32:22 2016
If one is not labeled as "anti-national,or"disrespect 2 the martyr's",let me confirm, the idea is very good,but just like if a person does excellent exercise in the gym to build the best UPPER part of the body, without any attention to the lower half, the whole exercise could be disastrous.This move I feel though good, may lead to teratogenic & humongous challenges for the future,every politician & economist would be scratching their head for a remedy in times to come?
Public inconvenience - reg
Srinivasa Rao K | Wed Nov 16 06:19:26 2016
Govt have to release and circulate the Rs.500 denomination immediately
Mobile banking should operate in the rural areas, where is the banking facility are not available.
Good article
SALMA FATIMA | Wed Nov 16 06:04:47 2016
To ensure positive impacts of demonetization , the government must reduce bank transaction charges (or remove them completely). This is a small step, but people will definitely move towards online transactions or use debit/credit cards. This way transparency of transactions can be improved.
DEMONATIZATION
SHIRISH BHANDARKAR | Wed Nov 16 05:41:24 2016
It is excellent move and must be appreciated at all cost, irrespective of hard ship faced by general masses. This should be taken to end to gain long term gains to all Indians.
stop of fake withdrawals
srsharma | Wed Nov 16 05:32:43 2016
Fake deposits & withdrawal must be stop by taking actions as to identify fake persons.it is very most important to revoke fake transactions.
Specially fake withdrawalsmust be identify by govt officials/police to immediate stop fake withdrawals.Identify for double payments withdrawals,we mark ink sign on hand like voter identity mark.
Modi's 'masterstroke' cash ban
Jayati Ray | Wed Nov 16 05:25:47 2016
I am proud of our bold PM and his decisions, but I am concerned that new high denomination notes are introduced, which will lead to corruption & blackmoney getting created again. It would be better if there were only currency upto Rs.100/- and online/Cheque transactions are incentivized. There should be no transaction fee on credit/debit card payments.
Also, in the coming budget the FM should reduce tax-slabs to reward the honest citizens for supporting the Govt in vast numbers and encouraging them to declare their correct incomes henceforth and pay taxes to remain clean.
This is also a form of Swatch Bharat and steps should be taken that we dont again get dirty.
Demonetization
Dinesh Kapur | Wed Nov 16 05:05:33 2016
Hardship to the general public and temporary loss of business will hurt a little and for a while. While Govt. is trying to improve the currency availability, we as a Nation, should bear little discomfort for our future happiness.
Cash ban 500 ,1000 in india
Shashank rastogi | Wed Nov 16 05:04:24 2016
It is ultra right decision of Indian economy where right tax payers have got there right in economy . One type of goods having multiple rates in the same region so having tough competition in every field .in the prime time business down because agents of every field removed.they flow in the new aspect and getting success all approx will make better powerful India.everybody try to open our brands,factory gov is able to get threw with money & infrastructure. This decision can give better infrastructure of our country
Swiss Black Money
Nandakishore | Wed Nov 16 04:59:36 2016
My support is also for mr.modi govt who tried different for the first time after long time in politics. But he has answer for the one question frequently going viral in social media regarding swiss black money, he has to make some other magic to shut the opposers of modi ji
Sajith Kumar | Wed Nov 16 04:59:08 2016
The decision can two positive as well as negative impact, if the white money is being held for long periods in the banks and causing less transactions in the market. It will directly spoil the economy of the country if not necessary step not taken. Common public is still wandering to get their things done, and not even able to make their purchase or shopping and another cash transaction due to this issue. If shops and other establishment could operate plastic money system effectively including a street seller, or vendor, this be reduced to some extent. And in near future transactions can become more transparent and liable for tax system under the rules and regulations, if hard cash system is less than 10 percent without any inconvenience to public who makes proper transactions and under strict regulation, I would definitely will support this system for entire growth of country.
Modi's 'masterstroke' cash ban
XYZ | Wed Nov 16 04:49:20 2016
Completely agree..
Modis Master STROKE Cash ban
DHARMENDRA SINGH KUSHWAHA | Wed Nov 16 04:48:43 2016
IT IS GREAT DECEISION .THIS WILL CONTROL THE TERRORSIM & FINISHED THE FAKE CURRENCY OF MARKET.
Is Demonetisation a long term solution against Black money?
S J Kamath | Wed Nov 16 04:44:19 2016
Modiji's masterstroke is welcome change but already people have started new means to find Loop holes. The surge in new bank accounts in the rural areas is one of them. The old useless notes which can be deposited in banks is most convenient way for disposing them and getting it back after31st Dec.Finance Ministry should find out a good solution to prevent this leak.
56 inch ka seena...
Dollar Chande | Wed Nov 16 04:40:37 2016
It is indeed a masterstroke and a very bold move. It is very courageous and on the other hand a calculated step. One which would have taken lot of brainstorming. Agree that it is causing hindrance in the initial stages, but if we see the American example, it sure feels very optimistic. Keep rocking Modiji, the country (level headed citizens) are with u...
Cut down curruption
Idris Malvasi | Wed Nov 16 04:39:39 2016
In your letter your i am agreed with all your point except it will cut down corruption. Can you please elaborate.
Demonetization
Rizwan Ullah | Wed Nov 16 04:36:56 2016
Good plan implemented in worst possible manner, resulted in total chaos & distress in entire nation. Actual holders of black money have already converted their black into white and r mocking this stupid plan , common people r suffering and entire nation has been queued up.
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Re: Demonetization
Anonymus | Sun Nov 20 11:14:54 2016
Confidence without competence fails to produce results.
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master stroke by PM modi.
anurag | Wed Nov 16 04:35:57 2016
It is really a good step. When a new over bridge is getting ready in the city , traffic problem come . then also we manage our route . This is a new step to build the nation. we should support this move.
Modi's 'masterstroke' cash ban
JITENDRA V JAPEE | Wed Nov 16 04:33:12 2016
Excellent bold step taken by our beloved PM Narendra Modiji we expect good results favouring National ECONOMICAL GROWTH OF SUCCESS OF THE COUNTRY
modi masterstroke
nilesh malasiya | Wed Nov 16 04:29:45 2016
i fully agree with your debate,
STRICT CHECK IMPLEMENTATION
ANIL KUMAR SAINI | Wed Nov 16 04:15:40 2016
Its true this move of Mr. Modi has made dumped amount futile. But our good people of India has started dumping this amount in Gold and raised the Gold prices to 68K per 10 gms in a day. There should be check on every move of people who sold the Gold and who procured it to make the Modi move fruitful. Gold dumped by people is of no use either to them or to Country.Strict steps to be taken to generate possibility of making cashless transcations. No body should be issued any cash, so that neither any one could ask for bribe and neither there would be any possibility of bribing when you don't have cash facility. our country can then only become corruption free, which is the root cause of every evil in society. please think over and it is practically possible. Thanks
Demonetisation
Harjit | Wed Nov 16 04:10:35 2016
If the step has to be effective in th long run, it must immediately be supported by;
(a) Electoral reforms & bringing all Political parties under the ambit of Right to Information act.
(b) Removal of Governmental umbrella shielding babus from inquiry & prosecution.
(c) Removal of all immunities and subsidies on travel, communication, tax relief, toll relief etc enjoyed by different sections of society specially the elected representatives who have repeatedly hiked their own salaries and pensions with utter disregard to unemployment and minimum wage rate.
Excellent
Vijay Gupta | Wed Nov 16 03:56:56 2016
Excellent move by PM Modi.
Demonetization - action against black monyes
T N Srinivasan | Wed Nov 16 03:21:44 2016
Bikky's article strikes excellent chord. RK Laxman's cartoon, when Morarji Desai demonetized Rs1000 showed Black-Tiger's tail entrapped leaving big cat free (by making Rs1000 non legal). The govt needs to install a POWERFUL "CLEAN TEAM" under PM to eradicate this public evil.Something similar to Mr Deterte's style may yield result. Corruption is very similar to Drug trade. High level innovation and high power plays are deployed. When a problem is tough the solution also has to be tougher!!
Completely agree with your points
Ajay Kumar | Wed Nov 16 03:15:47 2016
I completely agree with you that it is a good move by Modi, but public inconvenience should come to an end, and there should be some easier method for cash transactions in bank.
Benefits of demonetizing
Brian | Wed Nov 16 02:12:33 2016
Of all the benefits you mentioned, only one will succeed. The Government will increase it's tax collection. Common man will pay by sacrificing his already meager lifestyle to shore up Government coffers. Going towards a cashless economy will have the same effect, only multiple times. More money in the hands of politicians, means more spending. Let's not kid ourselves, when politicians get more money to spend they will turn into saints. But let's pretend that's what we believe anyway.
Avoid Middlemen to meet IAS / Secretary to curb Black money
Praveen | Wed Nov 16 02:09:33 2016
Most of the INNOVATIVE Project Proposals need to be presented to the Government through IAS. Many don't meet, if the proposals are not routed through their suggested Middlemen. Thus, the first source of Corruption / Black money. Thereafter, the Bank Managers insist to route the funding proposal through middlemen, which is source of Black money and thus in Contract award etc. Unless, we control and change these SOURCES of Black money generation for Political funding, cost of doing business, no access of finance for the First Generation Entrepreneurs, tax evasion scheme to develop solar or wind projects, I don't think, this circulation through large currency note will remain and fake currency keep floating. Abolish Rs. 2000 denomination with immediate effect and continue small currency and promote cashless transactions with good Internet connectivity, POS machines, Paytm etc
Masterstroke on Black Money
U C Deori | Wed Nov 16 01:42:29 2016
The move was good but not properly planned about the immediate aftereffect for the poors and the common man. Modi says it was a secrete planning of 10 months but does not seems to be . If it is correct than our county's think tank must be an empty tank. The emergency situation created is due to the mistake by the Govt. could have been well avoided. It is a shame on our planners and intelligence. Changing notes is a temporary measures to reduce corruption. Should think of a permanent solution. It has already started the first step to corruption with the new notes. Yes lots of money has come back to the Govt. does not know how this extra money collected is going to be used. Further in the name of Swachh Bharat and Krishi Kalyan cess are collected everyday which is a huge income. Don't see any significant improvement. I think, the attitude change is a must without which nothing is going to change. Govt. must focus on this. Back market must be closed but not by harassing common man. Must device a system to remove this black word from our Govt. system and the economy.
Demonetization
Anil | Wed Nov 16 01:39:12 2016
I believe the hue and cry by the opposition for a common man is not well taken because they can see the common man suffer for 70 years. Because they can not ask for their pain they are taking the shelter under a common man,to whom they did not allowed to prosper.
Exchanging notes
K Gopalakrishnan Nair | Wed Nov 16 01:20:58 2016
If I were a PM in the seat of PM I would have asked local government officials to convene meets at booth level polling stations to collect details of banned notes with them their source first on 9th November and they would have been directed to go to specific bank branch on specific date to exchange or deposit money . A certificate would have been given to present before the concerned bank. ,,K Gopalakrishnan Nair Krishna, Kurup Mandiram, PIN 688536, Vayalar
Modi's 'Master Stroke'
Vasant M. Bhate | Wed Nov 16 01:11:16 2016
Very well written. Gives a balanced view on the demonetization scheme. A must read story!
Modi's 'masterstroke' cash ban
N Muralidhar | Wed Nov 16 01:09:32 2016
No one has had an exposure to such a situation as this, in terms of scale & cross-section of a society. To therefore expect the hurdles to vanish in a short span of time would be unintelligent. If 86% of the national currency is declared invalid overnight, the task of replenishing the adequate component of the same is itself monumental, considering the 'surprise' necessary to go with it. Add to this the need to equitably and securely ( correct identities of transactors included ) reach the new currencies across the second largest population amidst system inefficiencies, manipulations of the those intended to be affected, exploitation of loopholes by some others, attempts to derail the exercise by some of those in positions of power - you have the perfect mix of scare and entertainment that will require a long while to taper off. Everyone of us must play our responsible, helpful role to make this effort a success. If anyone could pull this off successfully, only our PM Mr Modi can. Lastly, to expect the evils will die once and for all is not only naive but rank stupid. I don't expect our political class at large to change in character and hence, given a leader of our PM Mr Modi's stature at the helm of national affairs, seeing a repeat of such, but varied, 'masterstrokes' in the future cannot be ruled out. I only hope the erring elements in the Indian society behave well for a long time to keep the society strong, healthy and largely happy.
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Re: Modi's 'masterstroke' cash ban
friend | Sun Nov 20 11:18:31 2016
Support your observation
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War against black money and curruption
Mohan V Iyer | Wed Nov 16 00:31:08 2016
Bold action. now or newer.
New demonitization decision
Abuamer | Wed Nov 16 00:13:09 2016
Decision of demonitization did not do any inconvenience to black money holders when compared to non black money holders I.e a conman man which will badly effect on coming elections and as well on Modi's dream of continuing as PM. Economy ans FDI will be effected badly and there will be cash crunch in the market where many businesses runs only on cash transactions So future is not bright for most of Indians but it is bright for all black money holders as they will find new ways to hoard their black money so I think it is a move in haste which will bring more harm than good.
Indian Currency
Chan Chee Chi | Tue Nov 15 23:59:58 2016
It is not new at all. Malaysia introduced similar action way back in 1997 and pegged the Ringgit to USD3.80 abd banned RM500 and RM1,000 to stop the outflow of the currency. Since then huge sum of money return to Malaysia. Banning the Rupees 500 and 1,000 will not completely or eradicate corruption or any illegal monetary transfer of funds. For huge funds say several hundred thousands, gold bars, shares certificates could be bought for recipients as gratification. All these are transacted secretly. Overall, nobody can stop corruption. Who does not want money? Would suggest that we look at Singapore. How is that corruption is hardly heard. Look at their civil service salary structure. Look at the salary structure in the private sector. Can the government do the same? Where Donald Trump is concerned, act only after he is in office for 3 months. You cannot passed judgement before he take office. We need to see his action plan/s before we take appropriate steps.
Pkumar | Tue Nov 15 22:41:49 2016
All fine as a surgical strike on black money but rather than being a one strike wonder, needs to be quickly followed up by full scale financial sector reforms. Just a thought..Why not lock in shady inflows into Jan Dhan accounts into fixed deposit for three year lock in.Let the middlemen and sources face the music.At least these monies can be deemed as part of the 15 Lakh promised. Cheers..
Taxation
Deepak A. Aggarwal | Tue Nov 15 20:33:04 2016
Income Tax rates must be revised(Brought Down) simultaneously with this process. Then people will surely support this move for a longer period.
Demonetization
Harishkumar Teivedi | Tue Nov 15 19:08:59 2016
This is good for common people and this is crying to Govt.'s Bribe officers, Gamblers , and anti actives persons with our large no.s of political persons.
Modi's 'masterstroke' cash ban
suresh Kumar | Tue Nov 15 15:51:11 2016
The experts view is that this will reduce the GDP by over 1.5%. Black money will be back again only this time people will save in gold , silver and diamonds. Poor people will suffer hugely because unemployment will go up.
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