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one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? Also, businesses are corrupt because they dont hav

one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? Also, businesses are corrupt because they dont have a choice, running you businesses clean & paying taxes does not precludes you from having to 'service' the IT dept & netas. So it creates an environment of competitive disadvantage for them. at their level they really cant do much to change the game, just play it. the salaried class is doing these infractions again because poor tracability of transactions hence exponentially larger effort needed to audit. secondly there is a very common sense of 'we are being fleeced' in salaried class so they try to do what they can. All of this is an argument to fix these large problems not leave them alone with cynicism.

kamaal 10y ago
>>one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? Last time I checked its still legal to trade in cash. They didn't ban cash, they just swapped notes. And bulk of the black wealth isn't even in cash. >>Also, businesses are corrupt because they dont have a choice, running you businesses clean & paying taxes does not precludes you from having to 'service' the IT dept & netas. It actually just makes it a whole lot harder, making it difficult for people to do business. This is also known as 'slowing the growth'. Then you have a situation where you will prefer black money over stagnation, like many already do today. >>secondly there is a very common sense of 'we are being fleeced' in salaried class so they try to do what they can. That's really some strange definition of getting fleeced, because salaried classes don't even contribute to the bulk of the taxes. Plus most salaried classes didn't pay taxes to build the infrastructure that already exists and most of it exists because of the taxes non-salaried people pay. >>All of this is an argument to fix these large problems not leave them alone with cynicism. But none of this fixed any problem.
- DesiLurker 10y ago
  >> one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? > Last time I checked its still legal to trade in cash. They didn't ban cash, they just swapped notes. And bulk of the black wealth isn't even in cash. And How are they going to acquire the swapped cash? by declaring the assets and income so they's come under IT radar, right? isnt that the core reason behind doing this? to connect money with individual. Once the money is 'whited' how willing do you think after this they'll be willing again to turn it into black & go through this ever painful cycle again? What do you think happens to the 60/40 real estate transactions after this? why do you think real estate prices are falling? Its because its pricing in the writing on the wall. So if you take away real estate how many major avenues are left out there to park black money? So ya you can have your dark cash you cant just cant buy a whole lot with it. In fact I thought as a side effect this would be great time for cryptocurrencies in India. >> That's really some strange definition of getting fleeced, because salaried classes don't even contribute to the bulk of the taxes. Ah yes, the romney 47% argument. the problem with these arguments is it conveniently ignores the actual portion of overall income that goes to salaried class. and do this over decades & you've got massive wealth inequality thats baked into the system where if anything is done to reverse it quickly gets labeled as socialism/populism. >> This is also known as 'slowing the growth'. yes, I agree in short term, but look at multiplier effects in longer term. if most transactions are white there is less chances of money getting parked into rentseeking assets like realestate. realestate falling is good for economy as one mans income is another mans expenses otherwise. more productive assets & more vibrant economy. Do think about this. >> But none of this fixed any problem. Not yet, but its only been a week. these are the birth pangs of a new India. the real question is will you start seeing things turn around before the next elections or not. I think so ;-)
  - kamaal 10y ago
    >>And How are they going to acquire the swapped cash? by declaring the assets and income so they's come under IT radar, right? isnt that the core reason behind doing this? to connect money with individual. Once the money is 'whited' how willing do you think after this they'll be willing again to turn it into black & go through this ever painful cycle again? This thing got discussed over last time too. The very assumption that every one has a bank account. Or should have a bank account is broken beyond explanation. If you are already convinced that the whole world owes it to you in some way to follow your advice. You are already at a level where you will unlikely never listen to the other side of the story at all. >>What do you think happens to the 60/40 real estate transactions after this? A more interesting what happens to all those expensive flats your dearly middle class bought? My guess is nothing much will likely change in the Real Estate domain 5-6 years from now unless there is mass fall in demand due to something like a multi year recession. But those who already bought will likely see 60% of the net value of their flat go to drain. No one will buy and old deprecating flat for an expensive price when new ones are there at a discount. >>why do you think real estate prices are falling? Its because its pricing in the writing on the wall. Those are local minimas. Those trends won't last even a few months. Unless there is a multi year recession. Its not the new properties that are at risk. Its those which are already sold. >>So if you take away real estate how many major avenues are left out there to park black money? Black cash isn't there is all to it. Houses are expensive because people look at them as investment vehicles, even with white buying this is unlikely to change. >>In fact I thought as a side effect this would be great time for cryptocurrencies in India. I thought you wanted accountability and traceability. Anonymity seems to be the cornerstone for cryptocurrencies. >>Ah yes, the romney 47% argument. the problem with these arguments is it conveniently ignores the actual portion of overall income that goes to salaried class. and do this over decades & you've got massive wealth inequality thats baked into the system where if anything is done to reverse it quickly gets labeled as socialism/populism. Let me get this straight. Salaried middle class remains in the stagnant hell hole not because of taxes. But because they are too lazy to work outside 9-5, too very self protective to take any meaningful risks. And beyond all this they think a lot of jobs(which actually pay well) are beneath them. >>Not yet, but its only been a week. these are the birth pangs of a new India. the real question is will you start seeing things turn around before the next elections or not. I think so ;-) I admire your zeal. But the problem in India is people and their dishonesty. People want to be corrupt. In fact the very same middle class salaried people you sympathize with will do the very same if given an opportunity. You can't force people to be honest, nor force them to be dishonest. They will do whatever is in their best interest.

kamaal 10y ago

>>one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? Last time I checked its still legal to trade in cash. They didn't ban cash, they just swapped notes. And bulk of the black wealth isn't even in cash. >>Also, businesses are corrupt because they dont have a choice, running you businesses clean & paying taxes does not precludes you from having to 'service' the IT dept & netas. It actually just makes it a whole lot harder, making it difficult for people to do business. This is also known as 'slowing the growth'. Then you have a situation where you will prefer black money over stagnation, like many already do today. >>secondly there is a very common sense of 'we are being fleeced' in salaried class so they try to do what they can. That's really some strange definition of getting fleeced, because salaried classes don't even contribute to the bulk of the taxes. Plus most salaried classes didn't pay taxes to build the infrastructure that already exists and most of it exists because of the taxes non-salaried people pay. >>All of this is an argument to fix these large problems not leave them alone with cynicism. But none of this fixed any problem.

DesiLurker 10y ago
>> one by one my dear, one by one. atleast you'll agree that this move makes most of the cash traceable, right? > Last time I checked its still legal to trade in cash. They didn't ban cash, they just swapped notes. And bulk of the black wealth isn't even in cash. And How are they going to acquire the swapped cash? by declaring the assets and income so they's come under IT radar, right? isnt that the core reason behind doing this? to connect money with individual. Once the money is 'whited' how willing do you think after this they'll be willing again to turn it into black & go through this ever painful cycle again? What do you think happens to the 60/40 real estate transactions after this? why do you think real estate prices are falling? Its because its pricing in the writing on the wall. So if you take away real estate how many major avenues are left out there to park black money? So ya you can have your dark cash you cant just cant buy a whole lot with it. In fact I thought as a side effect this would be great time for cryptocurrencies in India. >> That's really some strange definition of getting fleeced, because salaried classes don't even contribute to the bulk of the taxes. Ah yes, the romney 47% argument. the problem with these arguments is it conveniently ignores the actual portion of overall income that goes to salaried class. and do this over decades & you've got massive wealth inequality thats baked into the system where if anything is done to reverse it quickly gets labeled as socialism/populism. >> This is also known as 'slowing the growth'. yes, I agree in short term, but look at multiplier effects in longer term. if most transactions are white there is less chances of money getting parked into rentseeking assets like realestate. realestate falling is good for economy as one mans income is another mans expenses otherwise. more productive assets & more vibrant economy. Do think about this. >> But none of this fixed any problem. Not yet, but its only been a week. these are the birth pangs of a new India. the real question is will you start seeing things turn around before the next elections or not. I think so ;-)
- kamaal 10y ago
  >>And How are they going to acquire the swapped cash? by declaring the assets and income so they's come under IT radar, right? isnt that the core reason behind doing this? to connect money with individual. Once the money is 'whited' how willing do you think after this they'll be willing again to turn it into black & go through this ever painful cycle again? This thing got discussed over last time too. The very assumption that every one has a bank account. Or should have a bank account is broken beyond explanation. If you are already convinced that the whole world owes it to you in some way to follow your advice. You are already at a level where you will unlikely never listen to the other side of the story at all. >>What do you think happens to the 60/40 real estate transactions after this? A more interesting what happens to all those expensive flats your dearly middle class bought? My guess is nothing much will likely change in the Real Estate domain 5-6 years from now unless there is mass fall in demand due to something like a multi year recession. But those who already bought will likely see 60% of the net value of their flat go to drain. No one will buy and old deprecating flat for an expensive price when new ones are there at a discount. >>why do you think real estate prices are falling? Its because its pricing in the writing on the wall. Those are local minimas. Those trends won't last even a few months. Unless there is a multi year recession. Its not the new properties that are at risk. Its those which are already sold. >>So if you take away real estate how many major avenues are left out there to park black money? Black cash isn't there is all to it. Houses are expensive because people look at them as investment vehicles, even with white buying this is unlikely to change. >>In fact I thought as a side effect this would be great time for cryptocurrencies in India. I thought you wanted accountability and traceability. Anonymity seems to be the cornerstone for cryptocurrencies. >>Ah yes, the romney 47% argument. the problem with these arguments is it conveniently ignores the actual portion of overall income that goes to salaried class. and do this over decades & you've got massive wealth inequality thats baked into the system where if anything is done to reverse it quickly gets labeled as socialism/populism. Let me get this straight. Salaried middle class remains in the stagnant hell hole not because of taxes. But because they are too lazy to work outside 9-5, too very self protective to take any meaningful risks. And beyond all this they think a lot of jobs(which actually pay well) are beneath them. >>Not yet, but its only been a week. these are the birth pangs of a new India. the real question is will you start seeing things turn around before the next elections or not. I think so ;-) I admire your zeal. But the problem in India is people and their dishonesty. People want to be corrupt. In fact the very same middle class salaried people you sympathize with will do the very same if given an opportunity. You can't force people to be honest, nor force them to be dishonest. They will do whatever is in their best interest.