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I bet some people will think this is good news. Of course it is good news for digital payments providers. For all the other 99,99999999% of the population, incl

by fiatjaf 10y ago

I bet some people will think this is good news. Of course it is good news for digital payments providers. For all the other 99,99999999% of the population, including the users of digital payments, it is horrible news.

statictype 10y ago
Why is it horrible news? The whole thing seems like a clear win to me.
- notahacker 10y ago
  When most of a country doesn't have access to digital payments, lack of cash is a problem. Although to be fair, the poor aren't the ones trying to buy things with large denomination notes anyway.
- 234dd57d2c8db 10y ago
  More than 50% of the population of India doesn't have a bank account. A large percentage of Indians use an open field as a bathroom and have trouble getting access to clean water. How does this help them in _any_ way? Hold on, let me spend time walking 10 miles to a bank and sign up for electronic payments instead of tending my field and barely making enough to survive on. Yeah, while this is great for India's banking industry to get some growth, I hardly see the benefit for the significant rural population that does not have easy access to a bank nor any of the supporting infrastructure that is required to support electronic payments.
DesiLurker 10y ago
you mean most of them who are required to be provided bank accounts under various govt scheme prior to demonetization. or perhaps you mean all 1 Billion mobile subscribers who dont have access to an electronic payment platform, Right? /s Is it good for them tomorrow, likely not but what about six months from now? you get side benefit of being able to track transactions and tax avoidance.
- MichaelGG 10y ago
  >you get side benefit of being able to track transactions and tax avoidance A lot of good people would consider that to be the opposite of a benefit.
  - MyNameIsFred 10y ago
    By what reasoning? On the surface I would assume that to be false. Please elaborate?
    - gruez 10y ago
      privacy?
parthdesai 10y ago
Anecdotal experience, but all my relatives and many of my friends are happy with this ban as it is a step against corruption. My parents got income tax notice after this ban which shows they are even monitoring bank accounts now, and this is when my parents didn't have a single penny in black money. A lot of people are willing to stand in queues. Modi promised to take steps against black money/corruption and he did take a step against it, so alot of people are happy with him. Modi being a polarising figure will always have people discrediting each and every single move taken by him.
- myowncrapulence 10y ago
  it is a step against corruption Corruption by whom? This is a consolidation of power into payment services and government surveillance. Make no mistake the corruption is simply moving up.
  - swatkat 10y ago
    Cash hasn't been banned in India. Only ₹500 and ₹1000 denomination currency notes have been scrapped. Replacement currency notes (₹₹500 and ₹2000) with new design are being disbursed at banks and ATMs. I don't think there's any consolidation of power into payment systems have been happening. And, government surveillance for online transactions should be similar what is being done in western countries ;)
    - manquer 10y ago
      1: ₹500 , ₹1000 consists of 86 % of cash in circulation by value, that in effect almost a full ban. 2: Try getting that ₹2000 changed with any shop on street. 3. I have yet to see any of the ₹500 in any ATM in Bangalore, it still not well circulated 4. If anyone thinks ppl keep bulk of their ill gotten wealth in cash they are idiots, sure this affect few % of the wealth of rich corrupt people that was in cash, however it impacts the poor 100x more. I can't pay my maid's salary because I don't have the any kind of notes, while I can manage fine using cards, she doesn't even have a bank account, remember > 50% of India is not banked.
thenewwazoo 10y ago
Now, to be fair, 99.99999999% of the population is everyone except about an eighth of a person, so even that last person would be getting a pretty raw deal.
- fiatjaf 10y ago
  I typed it without checking, but I actually wanted to leave a number smaller than 100 out. I guess I almost did it.
photonwins 10y ago
Can you provide some reasons as to why you think this is a horrible news?

by fiatjaf 10y ago

statictype 10y ago

Why is it horrible news? The whole thing seems like a clear win to me.

notahacker 10y ago
When most of a country doesn't have access to digital payments, lack of cash is a problem. Although to be fair, the poor aren't the ones trying to buy things with large denomination notes anyway.
234dd57d2c8db 10y ago
More than 50% of the population of India doesn't have a bank account. A large percentage of Indians use an open field as a bathroom and have trouble getting access to clean water. How does this help them in _any_ way? Hold on, let me spend time walking 10 miles to a bank and sign up for electronic payments instead of tending my field and barely making enough to survive on. Yeah, while this is great for India's banking industry to get some growth, I hardly see the benefit for the significant rural population that does not have easy access to a bank nor any of the supporting infrastructure that is required to support electronic payments.

DesiLurker 10y ago

you mean most of them who are required to be provided bank accounts under various govt scheme prior to demonetization. or perhaps you mean all 1 Billion mobile subscribers who dont have access to an electronic payment platform, Right? /s Is it good for them tomorrow, likely not but what about six months from now? you get side benefit of being able to track transactions and tax avoidance.

MichaelGG 10y ago
>you get side benefit of being able to track transactions and tax avoidance A lot of good people would consider that to be the opposite of a benefit.
- MyNameIsFred 10y ago
  By what reasoning? On the surface I would assume that to be false. Please elaborate?
  - gruez 10y ago
    privacy?

parthdesai 10y ago

Anecdotal experience, but all my relatives and many of my friends are happy with this ban as it is a step against corruption. My parents got income tax notice after this ban which shows they are even monitoring bank accounts now, and this is when my parents didn't have a single penny in black money. A lot of people are willing to stand in queues. Modi promised to take steps against black money/corruption and he did take a step against it, so alot of people are happy with him. Modi being a polarising figure will always have people discrediting each and every single move taken by him.

myowncrapulence 10y ago
it is a step against corruption Corruption by whom? This is a consolidation of power into payment services and government surveillance. Make no mistake the corruption is simply moving up.
- swatkat 10y ago
  Cash hasn't been banned in India. Only ₹500 and ₹1000 denomination currency notes have been scrapped. Replacement currency notes (₹₹500 and ₹2000) with new design are being disbursed at banks and ATMs. I don't think there's any consolidation of power into payment systems have been happening. And, government surveillance for online transactions should be similar what is being done in western countries ;)
  - manquer 10y ago
    1: ₹500 , ₹1000 consists of 86 % of cash in circulation by value, that in effect almost a full ban. 2: Try getting that ₹2000 changed with any shop on street. 3. I have yet to see any of the ₹500 in any ATM in Bangalore, it still not well circulated 4. If anyone thinks ppl keep bulk of their ill gotten wealth in cash they are idiots, sure this affect few % of the wealth of rich corrupt people that was in cash, however it impacts the poor 100x more. I can't pay my maid's salary because I don't have the any kind of notes, while I can manage fine using cards, she doesn't even have a bank account, remember > 50% of India is not banked.

thenewwazoo 10y ago

Now, to be fair, 99.99999999% of the population is everyone except about an eighth of a person, so even that last person would be getting a pretty raw deal.

fiatjaf 10y ago
I typed it without checking, but I actually wanted to leave a number smaller than 100 out. I guess I almost did it.

photonwins 10y ago

Can you provide some reasons as to why you think this is a horrible news?