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India declares 500/= and 1000/= currency notes void
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AlphDoti
#11 Posted : Thursday, November 10, 2016 11:13:53 AM
Rank: Elder

Joined: 6/20/2008
Posts: 6,275
Location: Kenya
Cornelius Vanderbilt wrote:
KulaRaha wrote:
chemirocha wrote:
Treating the symptom and ignoring the disease. Businesses with high volume transactions are the ones who will be hurt the most.

Must businesses only take payment in cash?

so you want businesses to start doing barter trade ?

@Cornelius please!!! Yaani even in this time and age, even MPESA does not come to your mind? Brother, let me tell you paper money is going away... soon you won't need to carry money around. Digital money is coming...
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KulaRaha
#12 Posted : Thursday, November 10, 2016 11:33:22 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Most big corruption proceeds in Kenya are in cash form. Guys are paid with briefcases or envelopes.

rtgs etc can only work with banks that collude with the corrupt. Banks are getting spooked now that CBK has given the go ahead to investigate a bank for NYS/Health funds.

Small corruption is at Mpesa level.

Start pressurising cash transactions further and watch the corrupt squirm.
Business opportunities are like buses,there's always another one coming
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Chaka
#13 Posted : Thursday, November 10, 2016 1:27:43 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
So the guys having those denominations under the mattress will change hem with no questions asked or what?
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maka
#14 Posted : Thursday, November 10, 2016 1:34:51 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
AlphDoti wrote:
Cornelius Vanderbilt wrote:
KulaRaha wrote:
chemirocha wrote:
Treating the symptom and ignoring the disease. Businesses with high volume transactions are the ones who will be hurt the most.

Must businesses only take payment in cash?

so you want businesses to start doing barter trade ?

@Cornelius please!!! Yaani even in this time and age, even MPESA does not come to your mind? Brother, let me tell you paper money is going away... soon you won't need to carry money around. Digital money is coming...


I have noticed I can easily survive with 0 paper money...
possunt quia posse videntur
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KulaRaha
#15 Posted : Thursday, November 10, 2016 1:39:34 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Chaka wrote:
So the guys having those denominations under the mattress will change hem with no questions asked or what?

No. There are limits to much you can change before questions are asked about the source of funds.
Business opportunities are like buses,there's always another one coming
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penkon
#16 Posted : Thursday, November 10, 2016 2:22:26 PM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
Chaka wrote:
So the guys having those denominations under the mattress will change hem with no questions asked or what?


that's modi catch then introduce a 2000 note
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chemirocha
#17 Posted : Thursday, November 10, 2016 8:20:00 PM
Rank: Member

Joined: 1/30/2016
Posts: 332
Location: Rift Valley
KulaRaha wrote:
Chaka wrote:
So the guys having those denominations under the mattress will change hem with no questions asked or what?

No. There are limits to much you can change before questions are asked about the source of funds.


From the news reports, you have to produce kitambulisho to exchange the banned notes. Moot point because Indians park their dirty money in gold and land.
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Angelica _ann
#18 Posted : Thursday, November 10, 2016 8:46:32 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
How will this move eradicate corruption???
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Swenani
#19 Posted : Thursday, November 10, 2016 9:07:25 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Angelica _ann wrote:
How will this move eradicate corruption???


pia mimi nauliseko
If Obiero did it, Who Am I?
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WWW
  | | Edit by user: Thursday, November 10, 2016 9:33 PM | Reason: Not specified
marko
#20 Posted : Thursday, November 10, 2016 11:00:05 PM
Rank: Member

Joined: 1/7/2007
Posts: 838
chemirocha wrote:
KulaRaha wrote:
Chaka wrote:
So the guys having those denominations under the mattress will change hem with no questions asked or what?

No. There are limits to much you can change before questions are asked about the source of funds.


From the news reports, you have to produce kitambulisho to exchange the banned notes. Moot point because Indians park their dirty money in gold and land.

Which land? In India?
WHO DARES WINS
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