Indians deposit over 12 trillion use in banks in 21 days

Indians deposit 12 trillion + worth of scrapped notes in bank accounts

bloombergquint.com/business/2016/11/28/banks-get-more-than-rs-8-lakh-crore-in-old-currency-deposits

Other urls found in this thread:

zerohedge.com/news/2016-11-08/war-cash-strikes-india-pm-scraps-some-currency-notes-limits-atm-withdrawals-fight-co
zerohedge.com/news/2016-11-24/india-panics-rupee-crashes-record-low-modi-cuts-banknote-exchange-6-weeks-early
youtube.com/watch?v=s3LdNxV0yPM
youtube.com/watch?v=DyV0OfU3-FU
twitter.com/NSFWRedditVideo

Pretty gud

Yup

you mean Poos? Indians are in america

Indians in India

god dammit this fucks just keep breeding

Wut?

Just imagine if Trump did this in America. The debt would be paid off in 3 months.

Amazing.

Why are you posting illegal stuff? MODS

And they can finally get free from their chinese masters

It's like a freedom boner.

Communists BTFO

bump

BTFOing the Commie Chinese?
Oh boi, count us in for the party!

If I understood this situation correctly, the Indian government initiated some kind of economic reset by invalidating the equivalents (in terms of frequency of use) of $20 bills and maybe $50 bills. Except, imagine a society that operates ONLY on cash, no cards.

So by far the most useful bank notes were deemed valueless per se but exchangeable for new $20's and $100's (not exchange values, just for perspective). Except there was a 2 day meantime where the highest denomination of legal money was worth $1.50 (100 Rs).

They say they did it to combat corruption and try to usher in modern paperless banking.

"The idea is that Indians who have stockpiled undeclared income will now be forced to come out of the shadows."

Any poos can correct me if this is wrong.

You are right, once they get everyone into the banking system, they will start to lend money in a retarded high interest, and make the already miserable indian even more poor. Welcome to brazilian level of shit economy economy.

Wait, so did the Indian government just cancel a bunch of paper money?

Let me green text the situation
>India is a 95%+ cash dependent economy
>500 and 1000 denomination are the most used it it easier to transfer large amounts of cash in higher denomination like 100x 1000 notes = 100,000
>Most Indians evade taxes, only 1% Indians paid personal taxes in 2013
>Like gold and property, people stockpile cash to evade taxes aka black money
>PM suddenly announces at 8pm that 500 & 1000 rupee notes will be completely invalid after mid night
>Some people bought gold before midnight at 60 grand per 10 gram (actual rate 30 grand per 10 grams)
>India queues up for the banks, since only way to save your cash at hand is to deposit them in banks
>People starts dumping sacks of 1000 and 500 (millions of dollars) money into rivers, drains, garbage dumps and setting them on fire to avoid paying 200% penalty
>580+ Maoists/Naxal terrorists have surrendered because of being broke now

Business publications are saying it was successful because $30B of the old currency was deposited. Call it what you want but that's $30B in lending leverage injected into a tier 2.5 economy. Obviously the wealthiest will get the ears of the lenders, so I guess it just depends where it's invested. Could still be good.

Since I have written this a poo has responded so feel free to ignore idk

Greater cash inflow into banks reduces the loan interest rates, at least here. India waives of billions of dollars worth of loans off poor people every year.

Yes

>>Some people bought gold before midnight at 60 grand per 10 gram (actual rate 30 grand per 10 grams)

>>People starts dumping sacks of 1000 and 500 (millions of dollars) money into rivers, drains, garbage dumps and setting them on fire to avoid paying 200% penalty

That is astonishing, but this shows you what I have been saying all along, and only gold is money, and a fool saves his wealth in pretend money called "paper money"

Because all paper 'money' can be repudiated by any government in one second, and it instantly becomes worthless. The smart Indian, or citizen of any nation, keeps his wealth in physical gold.

So a $30 billion cash infusion to Indian lenders, tax dodging pigs are getting fucked, and the common Poo seems to have survived the transition decently well, with most of the banks / ATMs catching up to demand?

Sounds pretty based to me. $30 billion in leverage can buy a lot of plumbing infrastructure.

Yeah but doesn't 12 trillion poopees equate to like £3.73?

Not correcting your hilarious bants, I just think this is interesting

>580+ Maoists/Naxal terrorists have surrendered because of being broke now
Top kek

Somewhere close to 141 billion pounds

Let me give you a bit of example of why this step is working with an example
>Be a tax avoiding businessmen
>Does way profitable business off the books but shows loss on the book
>Does most of the business in cash and bank transactions are recorded.
>Needs large amounts of cash to do large amount of business.
>Can't use gold as certify 24k gold can only be bought legally
>And most people can't tell whether they are getting 18k gold for 24k, especially when its illegal

As I said 12 trillion us$ have already been deposited in the banks, this have shortcomings as the banks don't have enough cash (people need cash for daily expenses) and the queues are never ending. But people are still happy, the opposition tried to oppose this by calling an all India strike but no one showed up.

Its 18,000,000,000,000 which equals to 12 trillion us$

they didn't use it as tiolet paper after shitting in the street?

Nah, we use LEAFs mate.

We don't have $12 trillion user, hold your horses

What is the Indian rupee : flushing toilet exchange rate these days?

18 x 0.015 = 0.27 tril USD

>apparently a super power
>can't into basic math

>>People starts dumping sacks of 1000 and 500 (millions of dollars) money into rivers, drains, garbage dumps and setting them on fire to avoid paying 200% penalty

Any photos of this? If this happened I would recommend you go grab all you can, and who knows maybe a couple weeks later they ease up and let you "convert" it all to the new bills.

>fiat currency is useless
>so let's buy a type of fucking metal that has no real intrinsic value besides it's rarity (i humbly await to watch you eat your hat once we get into asteroid mining or bring alchemy back current year style) and some unique properties of it that you need a functioning first world economy to utilize

let me just copy paste the definition of currency for you user


1.
something that is used as a medium of exchange; money.


here's the definition of "medium of exchange"

>anything generally accepted as representing a standard of value and exchangeable for goods or services.

fiat money is a way of streamlining trade agreements, if you want to protect your wealth you don't switch over to another medium of exchange, you just get assets

did you drop out of finance 101 or something?

Ignore him he's thinking it's $12 trillion, I gave you the right answer anyway so don't be a fag.

Ever heard of Gold standard goy?

the gold standard was important because everybody treated it as having value, back in ye olden times (before paper notes and whatnot) silver+copper coins were used for day to day transfers while nations held large gold reserves for high level transfers (think hundreds of billions in todays terms).

again, it's a commonly accepted method of utilizing currency. that doesn't change the fact that if you want to have real security in your wealth most of it should be in assets with only a small amount in cash.

If I had dropped out of econ 101 that would still make me more educated than you.

Definition of money--

A unit of account and medium of exchange which fulfills the following requirements--

1-Portable
2-Durable
3 Divisible
4 Fungible

And which serves as a "long term store of value, over time"

Paper money fails miserably, which is why quotes should go around it, as in paper "money" See India news current year for illumination if you want to be redpilled.

By your false non-definition of the term 'money' a chuck-e cheese pizza token is money.

Those large scale dumpings are lies spread by media. There were very few incidents and why should they throw out when the govt is offering to let him go clean if he pays 50% of the unaccounted money he has. No questions asked about source of income.

About those coins

Imagine having 1 million stashed in your house, The government suddenly says it won't have any value from tomorrow, the wise thing to do would be to buy gold with that stashed up black money and convert it into new currency once the dust has settled.
Do I need to spoon feed you everything? No wonder Chinks are taking your country.

>while nations held large gold reserves for high level transfers

Interesting term you use, "held"

VERY DANGEROUS SHIT

A PRECEDENT FOR BANNING CASH, ALBEIT TEMPORARILY, IN A NOT INSIGNIFICANT SIZED ECONOMY

THE IMF HAS A WORKING PAPER ON THIS, IDEALLY THEY WANT ALL CASH GONE

THEN NEGATIVE INTEREST RATES TO FORCE PEOPLE TO SPEND THEIR DIGITAL MONEY, OR PAY FEES TO HOLD IT IN A SAVINGS ACCOUNT

Sorry it was my fault, added one zero as a typo

Here

>implying that someone selling gold will accept money that is going to be worthless in 30 days

Pajeet, are you just pretending to be retarded or do you actually think what you're saying is correct?

>>implying that someone selling gold will accept money that is going to be worthless in 30 days
Money became worthless after the midnight of 8th Novermber, people bought gold with that in double rate before midnight

Only Public sector services can accept those denomination for 50 days

>implying that someone selling gold will accept money that is going to be worthless in 30 days


They did and they will, because they can show accounts for sale while currency conversion. And the Corrupt anxious to convert that money into gold will create demand for gold.
I'm not pretending to be retarded, I just realized you are retarded.

>By your false non-definition of the term 'money' a chuck-e cheese pizza token is money.
by your own definition it is as well, but that's completely beside my point. i'm saying that relying on gold as a backup for your wealth if paper money becomes unusable is fucking retarded and you're better off just getting assets in the first place, not a brick of gold that nobody will actually want if SHTF.

see above. and no, if you have 1 million cash either you have a lot more in assets, you have a backup plan in case that exact thing happens (for when you're waiting around to turn it into assets in some form), or you're a fuckwit who deserves to starve in the gutter.

no reading comprehension, i was talking strictly in the era before paper notes. that doesn't mean it's not also taking place nowadays. stop pretending i'm saying shit i'm actually not.

I see a lot of leftist shitposter here talking about 'avoiding taxes'. It's your patriotic duty to avoid paying taxes. Do you think (any) government is going to do ANYTHING good with YOUR money. Or just use it to buy more poo votes with free gimmie dats?

>zerohedge.com/news/2016-11-08/war-cash-strikes-india-pm-scraps-some-currency-notes-limits-atm-withdrawals-fight-co

>zerohedge.com/news/2016-11-24/india-panics-rupee-crashes-record-low-modi-cuts-banknote-exchange-6-weeks-early

>By your false non-definition of the term 'money' a chuck-e cheese pizza token is money.
A Chuck-e-Cheese pizza token is money in Chuck-e-cheese outlets because they have been issued as a valid method of payment by Chuck-e-cheese.
You are just contradicting your whole point.

you sound like an idiot. STOP.

> if you have 1 million cash either you have a lot more in assets
Wut? that's not necessarily true, someone can have black money in cash, land, gold or just in cash.

I'm not talking about the large scale corrupt anyway, I'm talking about small time frauds like this one
>Buy a house
>House worth 1 million
>You have to pay 10% stamp duty on purchace of that particular property
>Make a deal with the seller
>Make a purchase for just 5,00,000
>Pay stamp duty of 50,000
>Pay the seller rest of 5,00,000 behind govt.'s back to evade duty
>You now have 50,000 unaccounted money
>Your seller has 5,00,000 unaccounted money

In such case it's easier to convert it into gold and back.


Goddamit Chinks can' take over your cuntry fast enough.

I admitted my mistake here, cunt ->

>you sound like an idiot
its bhakt logic

A good warning, because there is so much fake Chinese gold and silver crap out there.

They ran to gold, but a little late, and they had to pay double the price, is that it? Still worth it, because losing half your money, is better than losing all of it.

The smart man already had gold, not trusting in any stupid paper currency waiting for the corrupt Indian government to repudiate it, which they just did.

>i'm saying that relying on gold as a backup for your wealth if paper money becomes unusable is fucking retarded and you're better off just getting assets in the first place, not a brick of gold that nobody will actually want if SHTF.

Yep. The smartest richest men in the world, from Jesus on down to the Queen of England and the entire United States Federal government (all three above examples own gold)

Jesus, Queen of England, Soros, all fucking retards. Only you are smart user.

(Ironically, Australia mines tons of gold, and the Australian government is renowned worldwide for their quality gold and silver coins)

youtube.com/watch?v=s3LdNxV0yPM

That military that gives you the balls to post that garbage? The dhs that helps? Those cost money.

>It's your patriotic duty to avoid paying taxes

...

NOT ENOUGH POO JOKES WTF Sup Forums

Kek

Yes you're right that gold and silver are money. Most paper currency in the world today is fiat currency and a fiat currency has a 100% track record throughout the history for failure.

Funniest thing is Canada recently sold all of their gold.

youtube.com/watch?v=DyV0OfU3-FU

This was funny, if too obscure for must of the people here. Just wanted to let you know I enjoyed the joke Ind-user.

never going back to that shit hole country!
i lost hundreds of dollars, the train lines were fucked and the internet was fucked on top of that, i only just managed to make my flight.

The military that has not defended the united states HOMELAND once since 1812? The military that murdered over 500k (former) Americans for not wanting to be part of the United States any longer?

OH and the DHS which cost money.... The DHS is much more likely to murder American citizens than to actually stop a foreign terrorist.

Yes, I should be more appreciative of the boot on my neck that I am forced to pay for. Enjoy your slavery. Make sure to stroke the shaft and work the balls a little. The bankers will enjoy the extra effort.

Good, never should've come here in the first place

Oh wow. 12 trillion can buy so many white servants.

I was about to say 12 Trillion dollars is an awful lot.

KEK

BAD TIMING FOR A VACAY STRAYA

NOBODY GOES TO POOISTAN UNLESS THEY'RE FILTHY YOGA HIPPIES ANYWAY