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India declares 500/= and 1000/= currency notes void
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KulaRaha
#1 Posted : Thursday, November 10, 2016 8:44:40 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Its a bold move to stop corruption, terrorism funding, evasion of taxes etc.

Imagine if we did this here...for 1000/= notes. Our GoK pals like Kabura and co would be in trouble, real estate prices would drop, taxes would go up.

http://economictimes.ind...articleshow/55315932.cms
Business opportunities are like buses,there's always another one coming
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penkon
#2 Posted : Thursday, November 10, 2016 9:37:03 AM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
KulaRaha wrote:
Its a bold move to stop corruption, terrorism funding, evasion of taxes etc.

Imagine if we did this here...for 1000/= notes. Our GoK pals like Kabura and co would be in trouble, real estate prices would drop, taxes would go up.

http://economictimes.ind...rticleshow/55315932.cms



we can only imagine
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  | | Edit by moderator: Thursday, November 10, 2016 10:49 AM | Reason: url spacing
chemirocha
#3 Posted : Thursday, November 10, 2016 10:07:57 AM
Rank: Member

Joined: 1/30/2016
Posts: 332
Location: Rift Valley
Treating the symptom and ignoring the disease. Businesses with high volume transactions are the ones who will be hurt the most.
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KulaRaha
#4 Posted : Thursday, November 10, 2016 10:12:28 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
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?
Business opportunities are like buses,there's always another one coming
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Cornelius Vanderbilt
#5 Posted : Thursday, November 10, 2016 10:17:48 AM
Rank: Member

Joined: 8/15/2015
Posts: 817
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 ?
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alma1
#6 Posted : Thursday, November 10, 2016 10:17:49 AM
Rank: Elder

Joined: 9/19/2015
Posts: 2,871
Location: hapo
Wow. Stealth attack at midnight.

It's going to hurt everyone in the short run. I'll be looking at this as a case study. If it works, it should be adopted everywhere.

In Kenya it will never happen. By the time he would have been announcing it, it would have been leaked to the tenderprenuers who would have got tenders to change the money. lol

Now that's a brave brave soul.
Thieves are not good people. Tumeelewana?
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penkon
#7 Posted : Thursday, November 10, 2016 10:24:47 AM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
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?


why trade in cash(ALM)Kaburaish,the banking industry is digitizing noting that even here in Kenya most banking systems are coded by india firms
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Kratos
#8 Posted : Thursday, November 10, 2016 10:26:16 AM
Rank: Veteran

Joined: 9/19/2011
Posts: 1,694
Kabura and co were paid using cashless transactions, no?

They have faced out Rs 1000 and 500 and introduced a new Rs 500 and 2000 . How does that tackle corruption? This has more to do with black money rather than 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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KulaRaha
#9 Posted : Thursday, November 10, 2016 10:45:04 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Black money = proceeds of corruption
Business opportunities are like buses,there's always another one coming
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kayhara
#10 Posted : Thursday, November 10, 2016 10:57:31 AM
Rank: Veteran

Joined: 5/5/2011
Posts: 1,059
[quote=KulaRaha]Its a bold move to stop corruption, terrorism funding, evasion of taxes etc.

Imagine if we did this here...for 1000/= notes. Our GoK pals like Kabura and co would be in trouble, real estate prices would drop, taxes would go up.

http://economictimes.ind...rticleshow/55315932.cms[/quote]
problem with kenya is that corruption is now digital on IFMIS, kabuta would have sent the money electronically without ever handling eg buy bitcoins and send to the guys behind her.
To Each His Own
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