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India raises withdrawal limit as rupee anger mounts
51–60 of 119 posts
Re: India raises withdrawal limit as rupee anger mounts
#52Earlier quoted context omitted.
Fair enough :) I meant on television. I guess Fox News. And maybe I'm in the online echo chamber. It's really hard to tell.
Trumps facebook groups, twitter feeds, and the aforementioned subreddits around his campaign are non-stop pumping out Trump love. The Internet is only as much of an echo chamber as you let it be. You can always go look in those alternative forums.
But most of those places are exactly the same kind of echo chambers...just for a different side
Re: India raises withdrawal limit as rupee anger mounts
#53I am amazed the amount of selfishness we exhibit. If I am unable to pick up groceries for the lack of cash, I can surely choose to order it online (using a credit/debt card). A vast majority of Indians cannot. A majority of Indians don't have access to banks either. They will be forced to exchange their now illegal currency with the help of agents who would charge them 50 to 60%. Most of the ATMs are out of cash. The…
I'm really curious as to where you learnt of that 6% statistic. Any links you can provide?
Cash recovery has been less than 6% of the undisclosed income
seized from tax evaders, shows an HT analysis of data from tax
raids from financial year 2012-13 onwards.
Financial year 2015-16 saw the highest black-money detection in
the period, of which 6% was cash.
Re: India raises withdrawal limit as rupee anger mounts
#54My 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…
There is atleast some indication that the Modi government took some steps in the prior years/months to strategically encircle the medium to big hoarders of black money and soothe the impact of the drastic demonetization step on the poor. Having said that any action of this magnitude is bound to have misplanning, unintended consequences and hardship
2013 Under previous government Replace subsidies with direct deposits in bank accounts of poor citizens[1]
2014 Under Modi Massive push to open bank accounts for poor people which seems to have bought banking to many households who never previously had one[2]
2015 Renegotiation of Tax treaties and Information sharing treating with tax heavens[3][4]
Window for hoaders of black money to declare it for a flat penalty[5]
2016 Demonetization
A more detailed step by step account http://indiatoday.intoday.in/story/prime-minister-modi-surgi...
[1] http://www.voanews.com/a/india-replaces-subsidies-for-the-po... [2] http://qz.com/257548/the-response-to-modi-governments-first-... [3]http://swarajyamag.com/economy/campaign-against-black-money-... [4]http://pib.nic.in/newsite/PrintRelease.aspx?relid=146245 [5] http://www.thehindu.com/news/national/10-things-to-know-abou...
Re: India raises withdrawal limit as rupee anger mounts
#55Earlier quoted context omitted.
> A majority of Indians don't have access to banks either. Forget banks, many don't have ID . Ration cards exist, but those are tied to your household so you may not easily be able to get access to your ration card (say if you're in a city with family -- and ration card -- back home). In case of estranged women it's even hader. Without ID they can't exchange larger amounts. It's also hard to create a new bank account…
This is going to be hard to work through for a few. Especially those with lower income who keep most of their life savings in cash. They don't keep their savings in cash because of will, but because they are essentially forced to. I've seen several people (maids and such) struggling forever to open a bank account or even get a LPG connection.
... and whose fault is that ?
Re: India raises withdrawal limit as rupee anger mounts
#56Earlier 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?
> 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.
Human beings as a species are highly partial (was the word you were looking for) and irrational. Aside from the internet, the low population density, rural areas of the US are heavily pro-Trump.
Re: India raises withdrawal limit as rupee anger mounts
#57Earlier quoted context omitted.
A lot more != All, let alone that. A lot more != Everybody-in-the-purchase-chain. Now it was a known fact that 80% of the currency will go out of rotation. Now regardless of whether you have an account, 80% of the money people use to trade is gone! Doesn't help if you have a account either. You don't have money to buy stuff. Your point is if(and that is a big 'if' given 80% is gone!) you have money you could deposit…
Well, I didn't actually say 'lot more == all'. I was just mentioning that PMJDY bank accounts and debit cards would ease things a bit for the people who have them, compared to the days when they had no bank accounts whatsoever (remember, PMJDY bank accounts are specially tailored for people with low income and/or unstructured income). Anyway, you don't need a bank account to exchange demonetized currency notes.
Biggest motivator for those accounts was not the privilege to have a bank account. But direct deposits in case the government wanted to pay the farmers and alike. That was the whole point in linking those to Aadhar too!
Now I'm not saying that this won't be possible. But its just these kind of changes can't be done with a throw of switch. You need to do a lot of incremental work before you can even think of this kind of big risky moves. Roll backs are hard, and in this case impossible(will lead to increase in inflation if done). Nor can you sit down quietly as there is no real way to put money back into circulation.
We all want to change the world. But we have to understand we need to change the world with consensus from people we want the changes to effect. The world is not in a hurry, and everything/everyone has their own priorities. You need to work with all that. Tech idealism is great, but at times something like this comes to remind us we know nothing about the daily complexities of other citizens.
Re: India raises withdrawal limit as rupee anger mounts
#58Earlier 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?
Those Trump supporters exist, I'm sure. I've never met any of them in California, though. I assume the media has the same problem.
You, a single person, not meeting a single Trump supporter may not be surprising. You may tend to meet only like-minded people. But the media is/must be a different animal: they should spend time trying to gauze the social moods from different strata of the society. But in USA, it seems most of the mainstream media is serving to Saudi funded Democrats [1]. So there is no news critical of Clinton, nor Islamic ideology. That's one of the important points what triggered people's support for Trump.
edit: added link
Re: India raises withdrawal limit as rupee anger mounts
#59My 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…
>My understanding is that India's new rules on the high denomination notes was intended to curtail corruption...
How can this curtail corruption?
Re: India raises withdrawal limit as rupee anger mounts
#60Ahh, it's the BBC. I think we have reached a point in journalism where it has now become important to identify who is reporting it as well. At this rate we will need a simple content bias/color code plugin for different sites. As an Indian, I have found that the BBC has been overly pessimistic about India especially on the web. Their story selections, headlines, and the voices listed as sound bites in the stories sup…
>I think we have reached a point in journalism where it has now become important to identify who is reporting it as well.
We were always at that point even if not many people realized it. The difference is with electronic media you're not depending solely on organizations like the BBC for information.