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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 desi
by 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 ago1: ₹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.
- aq3cn 10y ago> If anyone thinks ppl keep bulk of their ill gotten wealth in cash they are idiots You are partially correct but govt has to start from somewhere. As you know they are also going to attack "Benami" property. http://indianexpress.com/article/india/india-news-india/black-money-rs-6-crore-cash-seized-in-osmanabad-probe-launched-4377667/ http://indianexpress.com/article/india/india-news-india/blac... http://timesofindia.indiatimes.com/city/meerut/Sedan-caught-with-Rs-40-lakh-black-money-2-held/articleshow/55439808.cms http://timesofindia.indiatimes.com/city/meerut/Sedan-caught-... http://economictimes.indiatimes.com/wealth/whip-cracked-on-benami-property-owners/articleshow/55558621.cms http://economictimes.indiatimes.com/wealth/whip-cracked-on-b... > it impacts the poor 100x more I will not consider anyone poor if he spends more than Rs. 500 per day. This figure is correct on weekly basis. Rs. 500 per week. Poor people earn at most Rs. 250 per day. keep that in mind. Having a fixed deposit of bank account is better for them anyway, because they don't have to worry about income tax dept asking for tax from them. I know they aren't educated enough to do the paper work. But trust in Banks is good thing because it will cut down middle man and they will directy get benefite from the schemees which means less scams irrespective of who is in govt. Street vendors see Rs 500/1000 note once in a while. Plus, Average Indian Spends $1.8 Every Day. https://en.wikipedia.org/wiki/Poverty_in_India https://en.wikipedia.org/wiki/Poverty_in_India https://www.saddahaq.com/average-indian-spends-18-every-day-chinese-7 https://www.saddahaq.com/average-indian-spends-18-every-day-... http://www.hindustantimes.com/india/family-day-how-indian-families-earn-and-spend-their-money/story-Wc8R8WV9ldvIJzIYkvrV4L.html http://www.hindustantimes.com/india/family-day-how-indian-fa... http://timesofindia.indiatimes.com/india/Spend-Rs-32-a-day-Govt-says-you-cant-be-poor/articleshow/10058373.cms http://timesofindia.indiatimes.com/india/Spend-Rs-32-a-day-G... You should also understand that opposition is trying to create panic, so people protest againt current govt. > she doesn't even have a bank account Help her create a bank account + tempt her with interest she will be getting + there is no risk of anyone robbing her savings