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Have you done much business in India lately?
It is a 'cash' economy built on corruption. India MUST act to bring benefit to their country, for India to tackle this problem... they NEED "demonetis(z)ation".
from the article...(BBC)
There is no limit to the amount of old notes that people can deposit in bank accounts until the end of December
Mr Modi says he is simply delivering on his pre-election promise to tackle corruption and tax evasion.
1) Be glad you are in U.S. of America (as bad as that seems to many)
2) Consider what the REST of the world deals with daily (usually worse than USA)
3) Participate in how YOU can improve the overall economy / success of your chosen nation (preferably legally contribute...)
4) Encourage other businesses, groups, and individuals to do the same.
5) Each day is a STEP, make it a forward step.
6) Do THIS so USA will not need such drastic remedies as Demonetization.
I don't think the real agenda here is tackling corruption. The real agenda is the global elite want a one world, cashless currency where they can track everything we all do. It's all about centralizing power and control. Of course, there have to be some kind of short term benefits to get people to go along....but beware the long term game of the elite is complete centralization of power in every aspect of our lives.
Last edited by toosie; 11-19-2016 at 07:40 AM..
Reason: Edited quoted material
No surprise to me. I lived through-trying to count-5 or so money reforms, with period of no money, coupons instead. When we were moving to the USA, with NO warning, in 19993, they reformed money again, limiting exchange to 10 000 rubles and anything above that was to have proof of origin required. Simply 9pm national news made announcement. And I had 120 000 in my fanny pack. In Kazan, someone dumped 2 000 000 rubles into trash can, but that was not the fun part. Fun part was - every single bank note had hole punched in it, what makes it invalid. That was A LOT of notes to punch a hole through with hand punch.
1. Low level corruption / bribes paid to small officials / policemen to avoid tickets / push paperwork etc. These can easily be paid in Rs. 100 bills and hence will continue as before.
2. Higher level corruption. This occurs when a house is brought for half decalred money and half under the table. Large bribes to top officials to get major favors ( like sale of 3G network). Professionals claiming to get only Rs. 250 for services when in fact they get Rs. 25,00. These will be curtailed under the new rule.
It's a really bold move that carries a lot of political risk. Hopefully, ordinary folks will get through it alright and the cash crunch/disruption doesn't last too long.
It is not a burden on 'legal' tax paying citizens.
Oh yes it is. Nothing like having to walk two hours to the bank and stand in line for another four hours...when you are supposed to be at work!!!! This is what a lot of people in India have gone through, I gather.
It is not a burden on 'legal' tax paying citizens.
Over half of Indians don't have a bank account. There's about 300 million Indians without the necessary ID too open up a bank account in the first place. There's been at least been 34 deaths attributed to the process of demoneterization. Whether this has been a success or a failure - and I'm not seeing much indication of the former: it attacks the symptoms of India's corruption problem - it's certainly been a burden on 'legal' tax paying citizens*.
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* Only 1% or so of Indians are eligible to pay income tax. So take that to mean law-abiding citizens more generally.
Over half of Indians don't have a bank account. There's about 300 million Indians without the necessary ID too open up a bank account in the first place. There's been at least been 34 deaths attributed to the process of demoneterization. Whether this has been a success or a failure - and I'm not seeing much indication of the former: it attacks the symptoms of India's corruption problem - it's certainly been a burden on 'legal' tax paying citizens*.
---
* Only 1% or so of Indians are eligible to pay income tax. So take that to mean law-abiding citizens more generally.
Do you need an account to exchange bills for new ones?
Do you need an account to exchange bills for new ones?
Starting from November 10, 2016, members of public/corporates, business firms, societies, trusts, etc., holding these notes can tender them at any office of the Reserve Bank or any bank branch and obtain value thereof by credit into their respective bank accounts.
For their immediate cash needs, these notes of value up to ₹ 4,000 per person can be exchanged for cash over the counter of these bank branches.
Public are advised to present a valid proof of identity for availing this exchange facility.
It seems implicit here that Indians - which have IDs and recall hundreds of millions don't - can transfer the old notes at a desk and don't require a bank account.
Over half of India’s population doesn’t have any sort of bank account at the moment and about 300 million don’t have basic ID such as Aadhaar either and hence, cannot access the banking system at all.
This is the original source article I was using. Read in conjunction with that government source it seems as if one just needs ID. Though read on its own I at least found it unclear.
So I might have been wrong. Though there's still hundreds of millions without access to cash.
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