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India declares 500/= and 1000/= currency notes void
Rank: Elder Joined: 7/26/2007 Posts: 6,514
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The real question to ask here is: why is India, such a tech savvy nation, so hung up on cash rather than non-cash like the rest of the world? http://www.businessdaily...tem-0-11befpr/index.htmlBusiness opportunities are like buses,there's always another one coming
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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[quote=KulaRaha]The real question to ask here is: why is India, such a tech savvy nation, so hung up on cash rather than non-cash like the rest of the world? http://www.businessdaily...em-0-11befpr/index.html[/quote] part answer most Indians in Kenya have safes in their houses keeping hard cash and precious metals...
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Rank: Veteran Joined: 9/19/2011 Posts: 1,694
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Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption
“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I am thinking that those having huge amounts of dirty cash in those two denominations(under the mattress?) will not present some of it for a swap since they will have to explain the source?So, this will probably reset corruption rather that eradicate it?
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I think the logic is once you take away value, the holder of cash is required to bank the paper into an account with proof of source. If source is legit, value is credited to bank account. If source is not, tax is paid. This is expected to discourage exchange of cash for favours. Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 9/19/2011 Posts: 1,694
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KulaRaha wrote:Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I think the logic is once you take away value, the holder of cash is required to bank the paper into an account with proof of source. If source is legit, value is credited to bank account. If source is not, tax is paid. This is expected to discourage exchange of cash for favours. If thats the case then this will be a good study, here in Kenya the equivalent then would be to have everyone explain the source of their wealth which will never happen.
“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Kratos wrote:KulaRaha wrote:Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I think the logic is once you take away value, the holder of cash is required to bank the paper into an account with proof of source. If source is legit, value is credited to bank account. If source is not, tax is paid. This is expected to discourage exchange of cash for favours. If thats the case then this will be a good study, here in Kenya the equivalent then would be to have everyone explain the source of their wealth which will never happen. And the new notes will replace all this worthless paper since most of the cash won't get banked due to questionable sources. I suspect the amount of cash in circulation will drop as replacement needed will be less.  Business opportunities are like buses,there's always another one coming
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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KulaRaha wrote:Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I think the logic is once you take away value, the holder of cash is required to bank the paper into an account with proof of source. If source is legit, value is credited to bank account. If source is not, tax is paid. This is expected to discourage exchange of cash for favours. also new 'shape' 1000 note is being introduced
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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penkon wrote:KulaRaha wrote:Kratos wrote:Still waiting on an answer on how demonetization of the previous 500 and 1000 rupee notes and introducing new 500 and 2000 rupee bank notes fights corruption I think the logic is once you take away value, the holder of cash is required to bank the paper into an account with proof of source. If source is legit, value is credited to bank account. If source is not, tax is paid. This is expected to discourage exchange of cash for favours. also new 'shape' 1000 note is being introduced No, new shape is 2000 and 500. 1000 is being being scrapped totally. Most bribes are paid in 1000 notes so value will disappear, it will become paper.  Business opportunities are like buses,there's always another one coming
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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So how does this stop the migration of corruption/black money or whatever from Rs 1000 to Rs 2000 and the new Rs 500?
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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washiku wrote:So how does this stop the migration of corruption/black money or whatever from Rs 1000 to Rs 2000 and the new Rs 500? Boss, its good to read the thread before posting.  How will black money migrate to new money? Who will change old cash for new cash? Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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KulaRaha wrote:washiku wrote:So how does this stop the migration of corruption/black money or whatever from Rs 1000 to Rs 2000 and the new Rs 500? Boss, its good to read the thread before posting. How will black money migrate to new money? Who will change old cash for new cash? Kusoma ni bure. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 9/11/2015 Posts: 1,024
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Rank: Elder Joined: 10/4/2006 Posts: 13,823 Location: Nairobi
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Cash is great! keeps your spending off the grid! and before you ask..  or the statement  the answer  that is the reason cash will always be King! All Mushrooms are edible! Some Mushroom are only edible ONCE!
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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KulaRaha wrote:washiku wrote:So how does this stop the migration of corruption/black money or whatever from Rs 1000 to Rs 2000 and the new Rs 500? Boss, its good to read the thread before posting. How will black money migrate to new money? Who will change old cash for new cash? I read, and re-read. You have only explained how the old money wont get back to the system. But how the new Rs 2000 wont be used in the same dirty ways sielewi.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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washiku wrote:
I read, and re-read. You have only explained how the old money wont get back to the system. But how the new Rs 2000 wont be used in the same dirty ways sielewi.
At post # 24 I stated that this will reset corruption,i.e corruption will start on a clean slate which in my view is better than doing nothing since some of the old corruption cash will have become worthless..
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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Chaka wrote:washiku wrote:
I read, and re-read. You have only explained how the old money wont get back to the system. But how the new Rs 2000 wont be used in the same dirty ways sielewi.
At post # 24 I stated that this will reset corruption,i.e corruption will start on a clean slate which in my view is better than doing nothing since some of the old corruption cash will have become worthless.. That can be the only explanation then...Restarting the game all over again.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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washiku wrote:Chaka wrote:washiku wrote:
I read, and re-read. You have only explained how the old money wont get back to the system. But how the new Rs 2000 wont be used in the same dirty ways sielewi.
At post # 24 I stated that this will reset corruption,i.e corruption will start on a clean slate which in my view is better than doing nothing since some of the old corruption cash will have become worthless.. That can be the only explanation then...Restarting the game all over again. For e,g once in several years,the Nairobi county gov.(kanjo)shuts down marigiti/burma markets to flush out rats/rodents..once that is done,its back to biz as usual..
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Rank: Elder Joined: 7/1/2011 Posts: 8,804 Location: Nairobi
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@tycho would think @Washiku is from Mars or is it Gliese?
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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tycho wrote:@tycho would think @Washiku is from Mars or is it Gliese? Ndigithia
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India declares 500/= and 1000/= currency notes void
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