India politics thread

Varun

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Also, the attitude that this doesn't solve 100% of the problems is weird to say the least. Atleast it's a start, something we haven't had till now. Hopefully, we see more and more steps in the future.
 

Moby

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Also, the attitude that this doesn't solve 100% of the problems is weird to say the least. Atleast it's a start, something we haven't had till now. Hopefully, we see more and more steps in the future.
It clearly stems from an agenda. e.g. Arvind Kejriwal.
 

The Man Himself

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So instead of stashing money, this time around they will buy stuff. Banning of notes should be combined with many many other steps maybe to actually make people get scared.
Repeating this can't be done too often. Costs are involved. People will be massively pissed off. Govts are in power based on small % of vote share. A few % flip in other direction will be devastating.
If they are buying stuff, that can be tracked and steps will be taken in that direction if there is unusual activity.
NDA's vote share is close to 39% which is good enough in India with 100s of regional parties. If the attitude is everything has to be done based on how voters will react, even with steps are right, then country deserves the corruption which Congress Govt brought. I am anyway not saying that Govt will do it every year. It is all about the fear factor and hence the cost of carrying black money. Let's say BJP/NDA comes in power again in 2019 and one fine day in 2020 does it again. Are people willing to take that risk to stack up cash again in same way over next 4 years?

Also, the attitude that this doesn't solve 100% of the problems is weird to say the least. Atleast it's a start, something we haven't had till now. Hopefully, we see more and more steps in the future.
Exactly. People in our country first moan about corruption and all that is wrong and when steps are taken to eradicate that or change the system, try to downplay it saying nothing will happen. Why to blame the corrupt politicians then? You have given them approval, knowingly or unknowingly, to create the corrupt system.
 

RedDevil@84

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That's fine. If they buy through valid means the money comes into the system instead of sitting in someone's car trunk.

Which is why they invest in gold and real estate.
I doubt it would be valid means. But yes, it is good if it comes into the system somehow.
Btw, I don't think the move is bad. But apart from counterfeit market, I dont think it will have too much of an impact in the corruption or black market.

My friends all got only 2000Rs notes from bank. Poor guys now don't know who will give change for that.
 

RedDevil@84

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If they are buying stuff, that can be tracked and steps will be taken in that direction if there is unusual activity.
NDA's vote share is close to 39% which is good enough in India with 100s of regional parties. If the attitude is everything has to be done based on how voters will react, even with steps are right, then country deserves the corruption which Congress Govt brought. I am anyway not saying that Govt will do it every year. It is all about the fear factor and hence the cost of carrying black money. Let's say BJP/NDA comes in power again in 2019 and one fine day in 2020 does it again. Are people willing to take that risk to stack up cash again in same way over next 4 years?


Exactly. People in our country first moan about corruption and all that is wrong and when steps are taken to eradicate that or change the system, try to downplay it saying nothing will happen. Why to blame the corrupt politicians then? You have given them approval, knowingly or unknowingly, to create the corrupt system.
Again. I am not really criticising the move. I am somehow not so convinced about the impact it will have on black money.

Talking about corruption, traffic policemen were massively pissed off that everyone they caught said they have only 500Rs or 1000Rs notes and only a few 10s :D
 

RedDevil@84

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People still don't give change for Rs. 500. In UK if you show a tenner to a bus driver you'll have a long moan about that. That's got nothing to do with any of this.
True. But if I bought vegetables for 250Rs and gave the shopkeeper a 2000rs note, he still has to pay me 1750 only in 100s and 50s.
Not sure why banks are not stacked up with enough new 500s. They seem well stocked with 2000s.

Anyways, I am expecting at least a week before things return somewhat to normalcy. No pain no gain I guess.

The folks in bank are having a tough time. My cousin was working for straight 20 hrs or something and then had to go back to bank again early morning.
 

x42bn6

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How much you have?

Alternatively, seek help of employer's India office.
Where are you? If you are in a metropolitan city than I would be surprised if the cashier cannot speak english
I'm in Pune.

I've seen the queues at banks because of this and they're really long, and I leave the office at 7pm so that's not feasible. The 72 hours thing also expires at midnight today.

Also, like I mentioned earlier, I don't have the receipt from the exchange.

I think I might just suck it up and use my credit card. My employer is paying for most of this trip anyway.
 

Varun

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People I know are getting it. The first time I heard of something called 'headache allowance'. :D
:lol:

I'll try and find out if the guys at branches are getting paid more, will be pleasantly surprised if so.
 

kps88

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People still don't give change for Rs. 500. In UK if you show a tenner to a bus driver you'll have a long moan about that. That's got nothing to do with any of this.
Na, lack of change is a serious issue right now. Few shops and both chemists (who are supposed to accept old notes) in my area have already said they are out of change. My business is facing similar problems. They should have ensured banks had enough 100s to hand out and not just bundles of 2000s. Yesterday, I went to two banks. The first announced they were out of money and the second's "system was down". I can go cashless for a while and have the luxury of several banks and ATMs in my area. Can't imagine how much worse a headache this must be for people in rural areas.

As expected, such a drastic step has lead to a lot of collateral damage.
 

Moby

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Is it? Didn't ask my cousin that point. But the way all the bank staff were moaning, they didn't seem to be getting anything
Seems like not everyone is getting compensated, going by your and Varun's posts. That's pretty sad.
 

RedDevil@84

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Btw.. Is the cash exchange limit 4000 per day per person
or
4000 per person till further notice
 

The Man Himself

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I'm in Pune.

I've seen the queues at banks because of this and they're really long, and I leave the office at 7pm so that's not feasible. The 72 hours thing also expires at midnight today.

Also, like I mentioned earlier, I don't have the receipt from the exchange.

I think I might just suck it up and use my credit card. My employer is paying for most of this trip anyway.
I live in Pune :)

If your employer is paying for it then no need to bother anyway I guess.
 

RedDevil@84

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Did anyone get hold of new 500Rs note?? I see selfies of 2000Rs notes only on FB :)
 

RedDevil@84

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500 note is not out yet.
Excellent. So both me and the shopkeeper will have 2000Rs notes over the weekend and Monday is a bank holiday. This will be fun.
The lines in front of ATMs to pull out 100Rs notes will be too long.
 

Moby

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Excellent. So both me and the shopkeeper will have 2000Rs notes over the weekend and Monday is a bank holiday. This will be fun.
The lines in front of ATMs to pull out 100Rs notes will be too long.
This is why you should have stocked a few Rs. 100 bundles as soon as the speech came out. :wenger:
 

The Man Himself

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Btw.. Is the cash exchange limit 4000 per day per person
or
4000 per person till further notice
Till today I was under impression it is one time only. During discussion with a colleague today morning, found out that it is per day. If googled, there are some mentions of it being per day but RBI notification doesn't say it explicitly. Thinking about it though, for cash exchange up to 4K, you only need ID proof and filling some form. So, there is nothing to track if you exchange it daily. Even if you exchange 4K daily for next 50 days till deadline, it is just 2 Lakh rupees. Peanuts for IT. Anyway, till a deposit of 2.5L, Income Tax dept are not going to bother is the news. Brother-in-law of a friend of mine who is in IT was telling him that they won't bother about people depositing till 10-20L rupees total as well. They obviously don't have the resources to go after everyone. Amount above that will be where they will get interested.

Also, if it is 4K per day, all the discussion we had on poor people having savings at home and no bank account struggling becomes irrelevant. Just that they may need 2-3 trips to bank for exchange.
 

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Let's not act on corruption and black money because there'll be like 2-3 weeks of pain in getting change back - oh and bankers will have to work a little longer too.
Phulease!
 

RedDevil@84

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Till today I was under impression it is one time only. During discussion with a colleague today morning, found out that it is per day. If googled, there are some mentions of it being per day but RBI notification doesn't say it explicitly. Thinking about it though, for cash exchange up to 4K, you only need ID proof and filling some form. So, there is nothing to track if you exchange it daily. Even if you exchange 4K daily for next 50 days till deadline, it is just 2 Lakh rupees. Peanuts for IT. Anyway, till a deposit of 2.5L, Income Tax dept are not going to bother is the news. Brother-in-law of a friend of mine who is in IT was telling him that they won't bother about people depositing till 10-20L rupees total as well. They obviously don't have the resources to go after everyone. Amount above that will be where they will get interested.

Also, if it is 4K per day, all the discussion we had on poor people having savings at home and no bank account struggling becomes irrelevant. Just that they may need 2-3 trips to bank for exchange.
The form you sign has a declaration "I have not taken more than 4K per day" or something of that sort. So hope it is per day.
 

RedDevil@84

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Let's not act on corruption and black money because there'll be like 2-3 weeks of pain in getting change back - oh and bankers will have to work a little longer too.
Phulease!
Very funny. Do you also believe black money and corruption officially ended on midnight of Nov 8 2016??
 

The Man Himself

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This is why you should have stocked a few Rs. 100 bundles as soon as the speech came out. :wenger:
As soon as the address ended, I went out to ATM, thinking of doing 4-5 transactions of 400 each to stack up for emergency in next 2-3 days. There were already 4-5 people there and this ATM is just next door so I was there within 5 min of end of address. By the time I went in, there were 15-20 behind me in queue. To avoid making those in queue angry, I did just one transaction of 400 :D

For people like us though (excepts for those of you buying weed and stuff), we can easily go days with cashless transactions. At any given time, I have less than 4k in wallet and no cash at home. With at least 10 ATMs in radius of 1 Km and almost every daily need possible to cover with card transaction, cash is hardly needed.