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Old December 31st, 2016, 08:08 PM   #1
Unity_Asia
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Demonetization Progress

Since demonetization is such a big economic issue these days, I think a separate thread has been due for some time.
Please post your stories (if you are in India, of course). Has the availability of cash eased from 50 days ago? What effects have you noticed on your local economy? Any new trends (PayTM for example)?
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Old January 3rd, 2017, 11:48 AM   #2
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DEMON progress

I see no responses to this yet. Long reply bear with me.
I was following the other threads on this closely.
I will put forward my personal experience in India.
I am a PIO not interested in party politics with perennial mistrust of politicians.
I was in India on holiday/business from the first week of Dec to the last week.
Landed in Hyderabad with very few valid notes less than a thousand rupees.
Got by with one functioning debit card which I always used for many years.
Always used services with debit card provision so no problem there. Used Ola and ola money for transport.
All ATMs in Hyd airport and on the way to hotel were empty . So no chance of cash. All services billed to hotel on the card. all shopping with card.

Reached Bank at first opportunity. The manager gave me 24000.00 in any denomination I desired from my account and also offered more from one of the bank employees account if I needed!!
I deposited my old notes worth 40000 in my account.
Went to see my auditor on business and was offered cash if I needed to get by during my stay which I declined.
Needed to go to registrar office on a small job. The agent took card for stamps but commission for all concerned in cash only but will take old notes and that was on 22 Dec 16!!!
On return returned all cash left over except some new 500 notes for novelty to the hotel and was seen with incredulity.
Points to ponder.
No need for cash except some small shops /veggies/Autos
Nothing in the mindset is changing and everyone is waiting for the storm to pass over before normalcy of yester years!
Modi Ji has proved that everyone is in it unless proved otherwise whether they like it or not and seem powerless to change.
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Old January 5th, 2017, 04:45 PM   #3
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No discussion on DeMo because GOI is damage control mode. Looks like their thought process is to give sops to farmers, pregnant women and senior citizens so bad memories will fade away.

It appears banks got 97% to 100+% of estimated currency in circulation. Not only black turned into pink, now high quality fake currency was also exchanged.
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Old January 7th, 2017, 04:13 AM   #4
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Quote:
Originally Posted by amaravati View Post
No discussion on DeMo because GOI is damage control mode. Looks like their thought process is to give sops to farmers, pregnant women and senior citizens so bad memories will fade away.

It appears banks got 97% to 100+% of estimated currency in circulation. Not only black turned into pink, now high quality fake currency was also exchanged.
So what's the problem if all the money comes back? Did the govt say tehy did Demonetization just to get temporary gains from unreturned money ior was it the media imbeciles that created this narrative?

Do you care about media narratives or real economist analysis?

http://www.livemint.com/Opinion/niFH...tion-math.html

http://www.opindia.com/2017/01/why-a...emonetisation/

http://indianexpress.com/article/opi...y-gdp-4412283/

http://indianexpress.com/article/opi...india-4425646/



If you dont understand what demonetization is, please shut up instead of saying "Demonetization has failed because all money has come back to the banks" It sounds too stupid for someone even with a little understanding of economics.
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Old January 7th, 2017, 06:13 AM   #5
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Quote:
Originally Posted by amaravati View Post
No discussion on DeMo because GOI is damage control mode. Looks like their thought process is to give sops to farmers, pregnant women and senior citizens so bad memories will fade away.

It appears banks got 97% to 100+% of estimated currency in circulation. Not only black turned into pink, now high quality fake currency was also exchanged.
How much of the 97% returned cash was under IDS? How much of that cash is under scrutiny and is likely to be taxed? The picture will be clear only after IT is done with its work.
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Old January 7th, 2017, 06:56 PM   #6
amaravati
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Quote:
Originally Posted by Licit Mortal View Post
If you dont understand what demonetization is, please shut up instead of saying "Demonetization has failed because all money has come back to the banks" It sounds too stupid for someone even with a little understanding of economics.
Uneducated shouldn't be making major decisions either without help.
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Old January 8th, 2017, 11:51 AM   #7
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I agree With the notion if DEMO is a failure or otherwise
|It is upto banks
IT and
smart systems to make it or break it.
Indians are clever and the same Indians are manning the banks IT and other systems
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