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Zero Rupee Note

en.wikipedia.org

141–150 of 241 posts

Re: Zero Rupee Note

#141
post #105

That reminds me of when my university kept sending me a $0 bill every month after I graduated. They kept sending them, so eventually I wrote a $0 check and sent it back in the business-reply envelope. I guess they were happy I had paid my bill because they finally stopped sending them.

Worked with a guy that was fed up with the phone company, so he kept like a $0.11 balance due in his account, knowing that sending him the letters asking for him to pay the bill would cost the phone company more than the total was worth.

Re: Zero Rupee Note

#142
post #118

Earlier quoted context omitted.

Only if you want to see the worst in people. The bribe accepting police is also, in many cases, not doing this out of malice. Police financing in India is pretty fucked up, and I find it surprising how we have a functioning society with such underfinanced and overworked police, even in the well to do urban areas. Anyways if you are the police in that situation, it makes much more sense to let the "activist" sort of g…

>>Police financing in India is pretty fucked up, and I find it surprising how we have a functioning society with such underfinanced and overworked police, even in the well to do urban areas. Sorry sir, but this is plain wrong. Only two months back I was stopped by the police for 'fast driving', this is around a corner while I was turning at may be 10 kmph, in fact he just waved his hand in front of me. Irony be damne…

I think the problem is the most potent mechanism against corruption is the pension. No sane public servant, no matter how morally bankrupt, will take a small bribe that risks a large pension. Unfortunately, pensions are extremely expensive.

Re: Zero Rupee Note

#143
post #132
post #128

Earlier quoted context omitted.

Would a bank even accept it? Genuinely curious if it's even possible to register a null transaction like that.

Zero is not null!

Arguably it could be nullified if the payment isn't legal due to being for zero value. Under UCC §3-104, a check is only a negotiable instrument if it's an unconditional order.

UCC §3-103 defines an order as "a written instruction to pay money signed by the person giving the instruction."

So, to answer the original question - I don't think a zero-amount check is legally a check because it's not a written instruction to pay any money.

http://www.ckfraud.org/UCC_provisions.html

Re: Zero Rupee Note

#144
post #118

Earlier quoted context omitted.

>>Police financing in India is pretty fucked up, and I find it surprising how we have a functioning society with such underfinanced and overworked police, even in the well to do urban areas. Sorry sir, but this is plain wrong. Only two months back I was stopped by the police for 'fast driving', this is around a corner while I was turning at may be 10 kmph, in fact he just waved his hand in front of me. Irony be damne…

What are lacs and crores?

1 lac = 100,000; 1 crore = 10,000,000

Re: Zero Rupee Note

#146
post #105

That reminds me of when my university kept sending me a $0 bill every month after I graduated. They kept sending them, so eventually I wrote a $0 check and sent it back in the business-reply envelope. I guess they were happy I had paid my bill because they finally stopped sending them.

I once read a similar apocryphal narrative. Someone, kept receiving 0$ credit card bills and the company sent repeated reminders with warnings. The person called, sent letters to discuss the situation but to no avail. The person finally gave up and wrote a 0$ check and they stopped sending letters. However, it led to a computer systems crash as the credit card company software encountered a "Divide by Zero" error due…

I'm having a hard me thinking of a case where you'd want to divide by an amount of money. What am I missing?

Re: Zero Rupee Note

#147
post #130

Earlier quoted context omitted.

>>Up until around 1990, the governments agenda was perpetual poverty as they made it impossible for people to start businesses, by imposing significant red tape, and requiring regulatory approval for almost every little thing. (look up "License Raj"). The more things change, the more they remain same. You can't exactly fix these things with laws. You need to have cultural change at some point in time. I remember a co…

> India is all about reselling things we don't make Boy, you are a downer! Things are not the best, but they're not all bad either. Here are some important things India makes: 1. Movies - it has the largest (by number of productions) film industry in the world, and third largest by revenue (admittedly the latter is expected and it's third by a fair distance) 2. Satellite launch services - Antrix corporation, run by t…

Correct. You just proved what the CTO said, We are experts at replicating X at scale, once some one originally produces X. We didn't invent the video camera, or modern studio tech, or internal combustion engine, even rocket tech, electricity, electronics, medicinal sciences, metallurgy or anything for that matter. Heck we didn't even invent the ball point pen.

We replicate and resell things, we kind of have to, because there are so many people in India and every wants X. Apply this to cement, movies, motorcycles, medicines, pens, pencils, call center employees, human robots, trench and ditch diggers, even baby diapers. We live in a country where the government rolls out schemes for daily labor occupation, to keep them busy by helping them dig with shovels. You can even boast of largest human shovel operators in the world. Heck we are experts are producing more human beings, than any country on earth. You might want to add that to our list of accolades, then take your right hand and pat yourself on your back.

Keep producing more humans like this, eventually we will be largest producers and consumers of everything, diabetes patients to pick pocketers and then we can claim what we always claim, we are the best of the best, put all criticism to rest, join hands and sing Mera Bharat Mahan.

None of this fixes anything because you end up creating more mouths and more hands to change. More deeper human chains to act as middle men. Numbers keep increasing of course, but situation doesn't change much on the ground.

Re: Zero Rupee Note

#148
post #86

Could negative currency be useful? For instance a fungible, negotiable debt instrument, registered on a blockchain so it can't be unilaterally destroyed. Put contractual language on it to the effect that "Registering acceptance of this note obligates you to pay $X to the U.S. treasury by date Y." Bob buys an apple from Alice but doesn't have the cash, so instead accepts/registers a -$1 note from Alice, who now has le…

How would this be better than credit cards?

Re: Zero Rupee Note

#149

Earlier quoted context omitted.

Only if you want to see the worst in people. The bribe accepting police is also, in many cases, not doing this out of malice. Police financing in India is pretty fucked up, and I find it surprising how we have a functioning society with such underfinanced and overworked police, even in the well to do urban areas. Anyways if you are the police in that situation, it makes much more sense to let the "activist" sort of g…

> I find it surprising how we have a functioning society with such underfinanced and overworked police, even in the well to do urban areas. At the risk of being downvoted, I feel compelled to offer a foreigner's perspective here. As a foreigner who has lived in Bangalore, Mysore, Hyderabad, and Mumbai for 2 to 6 months many times, I have to agree with the other commenter that I did not find a functioning society. Thi…

I was intrigued by your Eunuch comment, did some more digging, very interesting.

http://thingsasian.com/story/eunuchs-indias-third-gender

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