India raises withdrawal limit as rupee anger mounts
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Re: India raises withdrawal limit as rupee anger mounts
#2My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the following : https://www.quora.com/Why-does-BBC-publish-more-negative-new...
"It is true that channels like BBC and CNN have long tradition of editorializing many issues of third world countries. So when any major development happens in countries like India, Pakistan or China, they go on with their usual views on the subject rather than looking at it through fresh lenses."
Re: India raises withdrawal limit as rupee anger mounts
#3My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
That might be true, but your Indian colleagues are probably well off with much of their transactions happening in plastic/electronic anyways, so this will have very little effect on their day to day lives. Since much of the Indian economy is cash based, there is a lot of frustration in the working class and there is a serious cash (as in bank notes) crunch.
Re: India raises withdrawal limit as rupee anger mounts
#4My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
Totally agree with you. I have read couple of BBC articles, they show same negativity
Re: India raises withdrawal limit as rupee anger mounts
#5My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
That might be true, but your Indian colleagues are probably well off with much of their transactions happening in plastic/electronic anyways, so this will have very little effect on their day to day lives. Since much of the Indian economy is cash based, there is a lot of frustration in the working class and there is a serious cash (as in bank notes) crunch.
I do accept this fact. Is there better option? I am quite sure this decision was taken after discussing with lot of people who might have done PhDs in Economics and serving for Govt.
Re: India raises withdrawal limit as rupee anger mounts
#6My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
Isn't this what's happening even in the US though? Look at the 2016 US election and how it was reported. Hardly impartial or rational. I mean where are the people cheering for Trump and their view points?
Re: India raises withdrawal limit as rupee anger mounts
#7My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
Isn't this what's happening even in the US though? Look at the 2016 US election and how it was reported. Hardly impartial or rational. I mean where are the people cheering for Trump and their view points?
Spot on. We need new media with more diverse viewpoints and more viewers for this new content. Why does every airport always have CNN on by default?
Re: India raises withdrawal limit as rupee anger mounts
#8My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
Isn't this what's happening even in the US though? Look at the 2016 US election and how it was reported. Hardly impartial or rational. I mean where are the people cheering for Trump and their view points?
> Hardly impartial or rational. I mean where are the people cheering for Trump and their view points?
In other highly impartial and irrational places, like breitbart, the_donald and other conservative media sources.
Re: India raises withdrawal limit as rupee anger mounts
#9Earlier quoted context omitted.
Isn't this what's happening even in the US though? Look at the 2016 US election and how it was reported. Hardly impartial or rational. I mean where are the people cheering for Trump and their view points?
Spot on. We need new media with more diverse viewpoints and more viewers for this new content. Why does every airport always have CNN on by default?
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Re: India raises withdrawal limit as rupee anger mounts
#10My understanding is that India's new rules on the high denomination notes was intended to curtail corruption. This was a major topic of discussion in my workplace as we have many Indian developers. Most of them were very proud that this action was taken. So it was a surprise to me to read the significantly negative tone in the BBC article. As a check, I googled "accuracy of BBC articles on India" and encountered the…
I come from a lower-middle-class family in Kolkata, and I can say from experience that a lot of older people (my parents!) are over the moon with the whole thing. My mother, in particular, has suddenly turned into some sort of Modi fangirl, saying stuff like, "See what he's doing for the country!" (and variations on that). At some level, it's just the fact that anyone who replaces years of (perceived?) inaction with something striking -- however naive, or well-intentioned-albeit-disastrous-in-the-long-run -- will elicit this kind of reaction.
I imagine for people like my parents, the cost of going to a bank and getting all their suddenly-demonetised banknotes exchanged (which we anyway had very little of) isn't too much. And when some restaurant, say, or a drugstore, is unwilling to accept one of the new 2000-rupee notes, we have credit/debit cards to fall back on. The fact that that people may not have Aadhaar[1] cards or voter ID cards stored safely somewhere, that not everyone has bank accounts which hold >99% (excuse the arbitrary figure) of the money they have, that not everyone has the ability to spend what might possibly be the better part of a day walking to $DEITY knows where the nearest bank is (probably to be turned away because they're out of cash or because the line is a kilometre too long) -- that the very act of going to a bank may not be as trivial or no-brainer-like to everyone as it is to oneself! -- is something we have to work very hard to even imagine. And the cash they have stored is, in many cases, all they have. (Remember what I said about not having a bank account?)
Cash, for us, is what we use for bags of chips and ice-cream and sheets of graph paper and ... bus fare, I guess? Cash, to someone living from day to day, is everything.
edit: yay downvotes, I can tick that off my list