The author should have specified the source of his data as regard status of cash transactions in the US, Germany and Japan. As far as I could dig out online, cash transactions were just about 40% of total transactions in 2012 and dropping. https://www.fastcoexist.com/3056736/what-happens-when-we-become-a-cashless-society
If all this requirements are fulfilled then we will never be cashless. The writer compares us to well developed countries and still say that they to have large cash volumes need to visit these countries first.
of themselves with the demonetization, Modi & Co have now come out with more petty schemes with fancy hindi and sanskrit names to fool the easy-to-fool voters of Uttar Pradesh !
It was evident right from the beginning that there was nothing on the mind of Modi other than the election in UP when he seized and announced the idea of demonetization (that was whispered into his ears by Shaktikanda Das, the economic affairs secretary).
The komaaaaali was just too dumb in terms of economics to appreciate the many dangers of jumping into the demonetization drive without having a clear idea of how it must be handled, dangers that many others among his economic advisory team would have doubtless warned him of.
The UP election was of paramount importance to the komaaaali and he was willing to throw anything that he could get at it. After the drubbings in Delhi and Bihar and after the no gain for all the pain (and immense expense incurred) taken in Kerala, the komaaaaali was desperate to secure a win to do justice to his carefully constructed image and reputation of being a political juggernaut.
But, for all the deafening chest thumping about it by the komaaaali, this grand exercise of demonetization has been fast turning out to be a damp squib !
The many giveaways of failure have now become more glaring. Some of them are :
• After regularly coming out with information about the quantum of currency in 500 and 1000 rupee notes that has been deposited back in the banks s
Re: After making mighty fools
by piri on Jan 08, 2017 12:15 PM
November 8th, the RBI suddenly stopped revealing it since December 10th !
(As on 10th December, the RBI had announced that 12.44 lakh crores in 500 and 1000 rupee notes had returned out of the Rs. 15.4 lakh crores that have been printed in total by the RBI. This obviously put the komaaaali in a spot since he and other BJP leaders had repeatedly brayed out loud and long in public on and after November 8th that at least Rs 3 to 5 lakh crores would not return to the banks as it is black money. The komaaaali realized with a sinking heart that if Rs 12.44 lakh crores out of Rs 15.4 lakh crores had returned by 10th December, the remaining 20 days available to the public to return old notes would see a great part of the remaining Rs 3 lakh crores also get deposited in the banks, thus defeating the very purpose of the demonetization).
• There is no data given out so far on how much money has been caught or detected as “black money”.
• There is no clarity on what led to this decision – black money, fake Indian currency, corruption, and so on. Clearly, going digital and cashless and then less cash were added much later as reasons.
• No information on how much old money has been caught while it was being laundered. The IT department figure of Rs 4100 crores of unaccounted income caught in more than a month of raids is exactly about 1 % of the total amount promised by the komaaaaali govt.
Re: Re: After making mighty fools
by piri on Jan 08, 2017 12:17 PM
• No information on how much new money has been detected being hoarded after laundering the old money.
Above all, almost every RTI application filed in the finance ministry has been either rejected or ignored.
The RTI act states that information (other than defence related matters) must be revealed to seekers if decisions on the concerned matters have already been taken.
All in all, the komaaaaalis paranoia about winning the UP assembly election has led him to jump into the deep end of the pool without ever having attempted to swim before in his life !
never ever trust for any news & articles on rediff.you will see all anti national, anti Modi news. rediff supports antinational parties like congress , whatever may be the reason. so be aware of rediff. better go for twiter , facebook for social interactions with people, but never come on rediff.
Time to stop following rediff as far as I am concerned. One because of over dumping of misleading articles such as this and second because of this moderator where even normal comments are being deleted thereby showing utter disrespect
Re: Rediff beware
by a a on Jan 08, 2017 12:11 PM
never ever trust for any news & articles on rediff.you will see all anti national, anti Modi news. rediff supports antinational parties like congress , whatever may be the reason. so be aware of rediff.
I used to subscribe to Business Standard, and sometimes read this Dutta fellow. But after this type of totally wrong "figures" this fellow has thrown up, I now realize he is an opinionated, leftist, communist. Like most of the fellows in BS that has a Keralite Communist as its editor and is published out of Communist Naxalite Bengal, they all write senseless, baseless stuff, and never quote where they pick the figures from. Shame on them. Bye bye BS - I am stopping your subscription. No need to read your commie propaganda. No need to read your anti-poor, porki, devoid-of-facts propaganda.
Author dutta should have some sense of shame. He should write the authentic source of the "figures" he has thrown around in this BS write-up. Otherwise it is totally BS stuff.
Instead, I shall go with the decision of Note Ban, Cashless Transaction, Restriction on withdrawal from Bank, for the betterment of poor as decision has been taken by lay man not Economist and they are more than Economist . Now no Ram Mandir, No Kashi, No Mathura but only betterment for Poor and Poor only.
