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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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India declares 500/= and 1000/= currency notes void
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