I am worried that with so many ATM and Banking transactions are taking place everyday, there may be some cyber crime, card identity theft, hacking or some other kind of criminal activity can take place..I hope and pray our banking infrastructure and system is fully protected..I pray everything goes smoothly and successfully as planned by PM
one of the so called Sultans of Delhi during the Sultanate period, was advised by some of his *economic advisers* that he should go in for some revolutionary reform to address the disproportionate demand for copper coins among his subjects and the resultant accumulation of the less in demand gold coins in the royal treasury.
As most commoners were poor (owing to the same age old afflictions like feudalism, human bondage and gross exploitation), the high value marked for gold coins against silver coins and a much higher value marked for them against copper coins were proving to be highly disruptive for the mint as it had to order for more and more gold and silver from southern principalities, mint those coins to retain proportion of coinage but had to find more and more space to store them as they could not find circulation.
Very few subjects could afford even a single gold coin. And few could afford many silver coins.
Tughlaq, the medieval age Narendra Modi (truly big flattery for the latter indeed - he is now seen as the lord emperor of the Indian empire), acted fast. He declared, one fine morning, that he is levelling the values of all coins - copper, silver and gold !
Henceforth, 1 copper coin would be equal in value to 1 silver coin and 1 gold coin !!!
The people, bred in the knowledge passed on through the generations that gold is always a highly valued commodity and that its value cannot be diminished by any sovereign, however stupxid he might be,
Re: Muhammad bin Tughlaq,
by piri on Nov 14, 2016 11:38 PM
responded as any man with basic common sense would have known.
They simply brought all their copper coins to the royal treasury and exchanged them for gold coins !!!
Within a short period, the royal treasury was emptied of its huge hoard of gold coins and was filled with an equal number of humble copper coins !!
Sensing late (of course, under the advice of a different set of *economic advisers*) that the next Sultan or Muhammad himself might have troubles such as retaining the large standing army or the large retinue of palace workers if he were to keep paying them in copper coins, the Sultan announced - as suddenly as he had announced the levelling of values - that he is restoring the former higher standing of gold and silver coins !
I suggest the following to reduce hoarding black money. Government to motivate the public to use credit /debit cards for all the transaction including jewellery. Jewellery shops do not accept cards and charge 2% extra as card charges. Government should enforce jewellery shop owners not to charge extra for using cards. Whenever the prices of petrol diesel are increased, the card users should be barred from the price increase. Certain percent of amount should be considered for income tax rebate for the card users. In fact the government should motivate everyone to become honest by announcing motivational discount for using credit /debit cards. Paying pension to Member of Parliament is illegitimate and most of them do not deserve. Most of the politicians are corrupt except a few. 90% of black money is them and with their relatives. Why to pay them pension? Motivation for corruption?
Re: Black money
by Jagatjyoti De on Nov 14, 2016 08:59 PM
Before asking jewellery shops not to charge premium government should stop taking premium in the name of convenience fee for buying Railway tickets in net.
Modini is to find a way how to deal with this unemployment. Big issue for his govt. and incumbency factor for next election, people are more keen with their employment and needs more. No one can suffer for a long time for the bread and needs if hit by govt. People are happy for the corrupt money which govt. servants and politicians have in lockers, no sympathy with them. Whether they become miserable or die.
The step is a commendable one but the execution has gone awry, i.e., the entire chaos was created due to poor execution of the decision. The entire economy is affected due to shortage of funds. Business men have lost business as people do not turn up for buying; that affected employment and people have become unemployed (though it is a temporary phenomena); taxi / auto would be affected as for want of money (in the market); all these affect the common man, which in turn would affect the economy.
The step is a laudable one but what should have been done is ensuring adequate supply of cash (in lower denomination like 100 / 50) while withdrawing higher denomination ones (by making available 100 / 50 denomination notes against the withdrawn 1000 rupee notes) That would have off-set the current crisis.
Re: Commendable Step
by ASHOK UPADHYAYA on Nov 14, 2016 01:13 PM
In India Cash market is considerably bigger than cheque card market.. Sooner or letter it will ease out Now small traders, petrol pumps have started accepting payment by cards...Unless n until you are forced you will not change your habits...
