So...

So, India has removed all of the high value rupee notes which constitute 86% of the countries currency in circulation value. The stated aim for this is to reduce currency hoarding and tax evasion. However the 350m people in India who don't have a bank account now need to exchange their high value notes for lower value notes, waiting in queues for hours or getting ripped off at money changes. Was this a good move for Modi? Discuss...

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swarajyamag.com/economy/for-your-help-demonetisation-faqs
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the mad men...

My view - shit is going to get worse, riots and over 10,000 people will die in violence and revenge killings until Modi backs down. He is a nutter...

Things are staring to get better, ATM have started functioning in a phased manner
You can also exchange money at post office if you don't have bank a/c,
And also any friend or relative can exchange the cash if they have written declaration.
All this fear mongering is from people with unaccounted black money.

>Posts picture of shit on toilet paper
>India

Pick one

So has this actually hepled against the currency hoarding matter in any way? Seems a bit far-fetched to me...

How are you meant to get shit done when the biggest note available is worth $20? Is it all electronic funds or cheques or what?

What is the popular view of Modi after this?

Funny North Korea did the same thing.

>The won was revalued in November 2009 for the first time in 50 years. North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings.

For btc holders, it's great ;)

Precious metal holders too - I saw some figure of gold trading at $2600 an ounce.

Isn't this just an invitation for thugs to target people near banks who are likely carrying their life savings in cash?

Yeah mate - crime will skyrocket. Our hindu friend from before can confirm but I think they are limiting daily exchange to like 20,000 rupees or something small. But people will try to trade more on the black market and get screwed / robbed.

ATM's have already been calibrated to dispense smaller denomination and also the new 500RS note has stared from today, Also most Indian have some money saved as gold and silver coins. Their are still issues as most people from rural India still don't know about the rule or have to travel long distance and have to wait long hours . Modi still has the middle class support as this move has caused alot of of loss to black money hoarders, mostly politician and rich builders

This link has a good explanation

swarajyamag.com/economy/for-your-help-demonetisation-faqs

Things are still a bit hectic, But hopefully in the next 10 days things will start to become somewhat normal

You had the option of depositing all your unaccounted black money, no question asked by paying a flat 40% one time tax, till sep 30
So government did give people a chance.

>You had the option of depositing all your unaccounted black money, no question asked by paying a flat 40% one time tax, till sep 30

So accumulating money outside of a bank account is grounds for heavy taxation now?

>So accumulating money outside of a bank account is grounds for heavy taxation now?
Not really, just that now you need proof of income, where did the money come from, if it's by legal means then you have nothing to worry, you can just deposit the money in the bank and replace it with the new notes. only 2% on Indian population pays tax, so this
move is only a problem if you dont pay tax return and are not able to show the source of income.

>Introduce a new 2000 rupee banknote and make no longer valid all 1000 rs. notes at the same time

Wew lad

>Demonetisation

Is this some designated, fecal indian word? What does it mean?

Rare

Hey, Hedgehog bro. Haven't seen you in a while.

> Demonetisation
It means removing currency from circulation. It hampers small trades and mom and pop stores because they're used to cash.

It was a very good idea. I think the numbers were something like 1.6% of people in india actually paying income tax because of hording and only using cash. It was something that had to be done, and as a "surprise", regardless of whether it sucks for some people or not.


They're introducing new bills to replace the discontinued bills with similar denominations.

>reduce currency hoarding
Thats just retarded.
Currency hoarding is not a problem unless you are running a deflationary monetary policy for some inane reason.

the designated street next to the banks are gonna be bussy

Except when only 2% of your population is paying taxes because of a cash-based society and the hording of said cash.

They should remove designated shitting streets.

I don't understand. Why not store money in banks?

Are they still in the fucking 30's?

>a 40% tax

Fucking why?

> Why not store money in banks?
To avoid paying taxes

> Fucking why?
Because they avoided to pay taxes and hoarded all the cash.

Isn't it their right to hoard money if they want to? Why shouldn't they be allowed to do what they want with their money?

Why wouldn't you fine the employers for not writing checks that take income tax into account?

>Why not store money in banks?

Third world country with massive tax evasion and without the security net we have making bank placements secure.

People in the west really can't grasp what societies without basic governmental trust are like.

Ever had that crazy uncle that keeps a stash of gold and doesn't trust credit card transfers? That's every single day in most third world countries. Imagine not trusting your own currency and being very excited to get paid in a foreign currency because you trust it to hold value.

It's all valueless paper money anyway since nobody has a gold, silver or uranium standard anymore.
Might as well burn it now for heat with all the good it'll do them in a few years.
Actually it would decrease inflation.

Well, normally almost all corporate level employers pay their employees. It is the small business and corrupt officials who do transactions in cash and don't pay taxes.

> Ever had that crazy uncle that keeps a stash of gold and doesn't trust credit card transfers? That's every single day in most third world countries

Almost accurate but things are changing now.

The step was mainly taken to tackle the people of government who makes money from fraud and bribe and store millions in their house, also Pakistan generates fake Indian currency and circulate it in India to ruin our economy, but the demonetization has now destabilized it completely.

>Ever had that crazy uncle that keeps a stash of gold and doesn't trust credit card transfers?
Yes, we call them smart motherfuckers.
You'll have to call them "my Lord" when our economy of bubbles over bubbles over fucking bubbles finally explodes.

I disagree. Smart motherfuckers would trade it in for precious metals.

Protests?In NK? The madmen.

Fair enought. Still smarter than trusting a bank.

It can't be that good can it? I have about 30k looking to invest what's yours advice

I heard on TV that somebody had their wallet stolen, but when the thief realised it only contained those notes, he went back to the victim, gave him his wallet back and slapped his face kek

This just makes me want to exchange all my stashed hundreds into 20s and 10s. This is the kind of thing that leaves a whole generation paranoid.

Stock market is artificially high, so I would steer clear of that. If property is too expensive in Canada, I would recommend that you purchase things that will last. Actual wood tables/dressers/book cases/entertainment centers. Get kitchen appliances/cookware/knives that will last forever, so you will never need to pay for a replacement. Also, buy bic lighters. Should the worst ever come to you, those things will skyrocket in value (even more than zippos - they hold fuel longer).

After all of that, diversify in education and precious metals. Precious metals will never make you rich, just hedge against inflation.

>poos getting jewed by the jewscript

Oh, and I almost forgot. You want a long-lasting food supply. Not really in case of a "happening" (although it can dual-serve as that purpose), but more in case of you being cut off from heat/power for a few days. Up in Canada, it can happen. It's happened to me in Kansas a few years ago.

Who are you to question anyone about rights?

The biggest note available before was $15. So I don't see your point here.
The corrupt politicians and crooked black money hoarders are the real ones that are mad with this, since Modi surprised counter jewed them midnight.

No, the heavy tax is if you cannot prove you got it (((legally))).