First and foremost effect of demonetization is large scale of business of small business entities is almost halted for a week the daily wage earners literally lost all earnings. it is impossible to put black money effect by demonetization alone that too with only 11%note circulation control. The corruption in India is totally a political class patronage and no political party leader can dare eliminate black money as every year budget generate 10%.
Still no body is counting and giving figures as how many amt is struck up in courts and police stations in undertrial cases and what will happen with that money . If a person will win case after 10 years and he will get which currency ,Old or new .If old then where is it provided for
Unfortunate that people without independent mind raise to top positions. They raise because the political system wants to use them. Rajans do not fit. RBI may as well be merged with ministry of finance.
Re: merge rbi with finance ministry
by sameena on Jan 08, 2017 09:32 PM
correct. 1. the PM of india is gujrati. 2. The Chief of BJP is gujrati. 3. the Governor of RBI is Gujrathi. what left. 1. the president of Inda. 2. the chief justice of supreme court. 3. the chief of election commission. eventually they will be gujratis and then India will be acting on the words of Gujjus. great going bjp supporters, you are fooling yourself and the whole nation!
Re: merge rbi with finance ministry
by sameena on Jan 08, 2017 09:32 PM
correct. 1. the PM of india is gujrati. 2. The Chief of BJP is gujrati. 3. the Governor of RBI is Gujrathi. what left. 1. the president of Inda. 2. the chief justice of supreme court. 3. the chief of election commission. eventually they will be gujratis and then India will be acting on the words of Gujjus. great going bjp supporters, you are fooling yourself and the whole nation!
Is James Wilson the right person to investigate and give his comments on this situation ? Is he really want to the change in India or brainwash the people moving to cashless ? is he paid for write against it ?
Re: who is this firangi James Wilson ...to write this article ?
by daniel thorat on Jan 01, 2017 01:48 PM
Immaterial who James Wilson is! He has painstakingly pointed out the disaster and persecution suffered by the nation. Actually, what needs to be done is to ask the judiciary whether or not this 8/11 fatwa has robbed us of our fundamental rights under the Constitution. The judiciary needs to be forthright, candid and bold unless the sole authority on what is right and what is wrong and inviting criminal culpability will lose all credibility. What will need to be done if tomorrow there are similar or worse ordinances taking away other fundamental rights?
SINCE so detailed a study HAS BEEN MADE BY RBI'S CAPACITY TO GET THE desired ADEQUATE AMOUNT OF CURRENCY PRINTED, AND DESPITE THIS THERE IS SOME SEMBLANCE OF NORMALCY GENERATED IT IS TIME THAT SOME CASH BASED BUSINESSES MAY BE PROVIDED SOME SPECIAL ALLOCATION OF CURRENCY AND SOME GREATER ALLOCATIONS BE MADE TO RURAL AREAS TO MAINTAIN SOME NORMALCY, ENCOURAGE EVERY WHERE DIGITAL PAYMENTS. I HAVE BEEN TO MARKETS IN DEHRADUN AND HAVE OBSERVED BRISK BUSINESS GOING ON.PEOPLE WILL WELCOME SUFFERING A LITTLE MORE FOR NEXT SIX MONTHS WITH LESS CASH, MORE ELECTRONIC PAYMENTS IF IT HELPS MATERIALLY REDUCE BLACK MARKETING, HAWALA AND MONEY LAUNDERING AND GREAT TRANSPARENCY. WHAT PURPOSE WILL BE SERVED BY OPPOSITION TO SEE MODI RESIGNING? HE HJAS POSITIVELY REACTED TO ALL GENUINE CONC ERNS OF OPPOSITION DURING THE IMPLEMENTATION OF THE PROGRAMME IF THE OPPOSITION WISHES TO GET RID OF BLACK MONEY RELATED PRACTICES THEY SHOULD JOIN HANDS WITH HIM RATHER LEAVE THE TASK HALF DONE. IT IS TIME TO ENSURE THAT THE MONEY IN INDIA GETS DIRECTED TO MORE USEFUL VALUE CREATING BUSINESSES that ensure more job creation. I AM SURE RBI WILL NEVER LET DOWN iNDIAN PEOPLE AS IT HAS ALWAYS MAINTAIN HIGHEST STANDARDS OF PERFORMANCE.
Re: RBI performance to help remonitization
by daniel thorat on Jan 01, 2017 01:50 PM
You could certainly praise RBI till such time the full impact of the 8/11 is known by the nation.
When ever any one sitting in his/her comfort zone is asked to change, behave/act differently, a resistant is bound to happen. But one must realize the long term benefits and some short term gains. This is what is expected when India goes to partial cashless economy Atleast urban class in metros can lead the way Shopkeepers, vendors, veg/fruit/meat/fish sellers should try to change to digital transactions. We do not need same amount of cash, as 30% of cash deposited in banks was never in circulation. If urban citizens adopt to digital cashless transactions, it will pave the way for the RBI to provide more cash to rural areas specially lower denominations of currency. To make a change successful , it requires mass support not criticism, Leaders should provide more innovative ideas to make life comfortable for common man instead of repeatedly cursing the move.
Re: Cashless India is a non-starter
by Josesp Jayabalan on Dec 30, 2016 06:33 PM
In a country where no politician had ever bore responsibility for his misdeeds and no beuracrat was asked to give an explanation, how are the citizens to be assured that cashless transaction will be safe and that it will not be misused through cyber crime thus driving the poor innocent citizen to part with all his bank savings in the end? Will the PM give back the money looted by cyber crime? No. We have seen his empty promises. 15 lakh in each account in just hundred days. Now sychopant ministers defend no such promise was made. 50 days for demonitisation woos to end was the assurance. Now they say no such promise was given. So all the poor citizens cash are prone to be plundered by cyber loot.
Re: Re: Cashless India is a non-starter
by hinduhindus on Jan 01, 2017 11:47 AM
In a country where people think radically and oppose with radical mindset is a practice. Question to you is will you ask Congress for Taxpayers money looted in 2G, Coal scams?
Re: Re: Re: Cashless India is a non-starter
by jo on Jan 02, 2017 08:22 PM
There was no real scam in 2G, because the auction held afterwards yielded about Rs.6000 crores only. So where is the imaginary figure of Rs.1,76,000 crores stated to be lost - imagination of one man, who has been rewarded for it after retirement!
The so called pundits are relaying on simple arithmatic and putting tall fiures with calculations which anybody can make out. FIRSTLY IT HAS TO BE ACCEPTED THAT THERE IS A SHORTAGE OF CURRENCY, THERE IS NO DOUBT ABOUT IT. The preperation of Government & RBI might not have been full as desired but what about the following facts. 1) Was all the money which go demonitized with 500 & 1000 ruopees notes really in circulation? The table of deposits above indicate that almost 40-45% got depositied in first 10 days of the D day and @ 75% within 20 days. A fair indication that the mony not in actual circulation/ stashed with the sharks got deposited faster and first.2)The unfortunate things of bank staff getting involved and helping the sharks to suck out the released new notes from circulation instead of people getting it cannot be ignored.3) The general tendency of people to have the cash( in excess) again back not necessarily as astshoing of black money but due to habit has added to the problem.4) A simple logic needs to be applied, when we start cleaning of our house at the festive season generally we tend to clear mny items either by discarding/ selling as seconds or simply giving it to the needy without any consideration. If similar wisdom is applied that what amount of cash was deposited wheather that was need when last used such amount be seen then bare minimun cash is to be held in and balance be with bank to earn interest which can be drawn when needed.
A custoer has adequate funds in his savings bank accounts: IN CASE if a cheque for Rs.25000 or above is tendered for cash payment - Whether this cheque could be returned by the banker - if returned on what reason - whether the reason stated would stand in the court of law under Sec 138 of Negotiable Instrument Act. Could anybody enlighten with specific reason
Re: JUST FOR DIS-SEMINATION of Country's Law
by Ajay Prasad on Jan 01, 2017 03:46 PM
cheque will not be returned. It will not be accepted in the first place by the teller in the bank. If you argue, people standing behind will throw you out,
Re: JUST FOR DIS-SEMINATION of Country's Law
by skandan sivaramakrishnan on Jan 01, 2017 12:46 PM
The bank has to honour the cheque and cannot deny payment to the payee. You have a right to sue the bank in case the cheque is returned.
I have sufficient money in my bank account. IN CASE if I tender a cheque for Rs.25000 or above across the counter, what could be action of the banker - In case of return as to what reason the banker could state in the Return Memo. Based on the reason for returning, under section 138 Negotiable Act who will be liable. If filed a suit agst the bank what could be the judgement of the Court - Could any one in this blog reply with proper explanations.
