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Then I'm thankful that you did not riot. Irrespective of your political inclinations. On a lighter note, the "large-scale riot" theory was not propagated by th

Then I'm thankful that you did not riot. Irrespective of your political inclinations. On a lighter note, the "large-scale riot" theory was not propagated by the Government but by the opposition. Read up articles by P Chidambaram and you'll know what I mean. So don't hold us guilty for using that term :)

kranner 10y ago
Of course I did not riot. I don't want to go to jail. That does not mean that I _co-operated_ with the move. Explain to me again how the move was a success. You are assuming a priori that it was a good decision as long as riots don't happen, which they didn't, hence it was good. But why was it good regardless of riots/no riots? I don't see how. So a few hundred crores of black money were caught in raids. That is a drop in the ocean. A hundred times more than that is caught in regular tax raids every year.* It has done absolutely nothing to curb future corruption. What it has done for sure is to reduce spending everywhere and cut down on industrial production and employment. You are welcome to believe it was successful, just like I believe it was a disaster. We'll find out at some point. * http://www.hindustantimes.com/india-news/cash-crunch-rs-242-crore-in-new-currency-seized-after-demonetisation/story-ZFidspQbfQqcIGbQPcgtPJ.html http://www.hindustantimes.com/india-news/cash-crunch-rs-242-... "Countrywide Rs 242 crore in new currency and jewellery worth Rs 15 crore has been seized. The amount is not abnormally high, as I-T sleuths annually unearth Rs 10,500 crore to Rs 11,000 crore in undisclosed income."
- shripadk 10y ago
  > Explain to me again how the move was a success. Because you are confusing demonetization with remonetization and post-remonetization. All are different. Demonetization ended on December 31st. The move was a success as no riots or coups took place. Why should I take that factor to gauge success? If you look at the history of demonetization, with the exception of Britain, 5 other countries either had large-scale riots or the Government's fell due to coups. The remonetization phase did not even commence and in some instances demonetization was also rolled back. Demonetization is just declaring currency as no longer legal tender. It has nothing to do with implementation or the after-effects. The actual implementation of replenishing cash is called "remonetization" and post-remonetization is the real impact. Now is remonetization a success? What about post-remonetization? Only the RBI final report as well as Income Tax assessment of those deposits made during November 8th to December 31st will be able to explain. This will take some time to come out. You are assuming that all money deposited in the banks are automatically converted to white. That is where your assumptions are wrong. The Tax authorities have already started auditing these deposits and are actively catching culprits who deposited huge amount of cash during the remonetization phase (see Mayawati's brother as well as her party being investigated for depositing 104+ crores). They'll start with the big fish and then catch the smaller fish.
  - kranner 10y ago
    > You are assuming that all money deposited in the banks are automatically converted to white. That is where your assumptions are wrong. What? Where did I say this?
    - shripadk 10y ago
      > So a few hundred crores of black money were caught in raids. That is a drop in the ocean. A hundred times more than that is caught in regular tax raids every year.* It has done absolutely nothing to curb future corruption. You are assuming that this is the be-all and end-all of this scheme. You are assuming that the Income Tax authorities won't look at and audit the deposits made in the banks when you declared that "It has done absolutely nothing to curb future corruption".

kranner 10y ago

Of course I did not riot. I don't want to go to jail. That does not mean that I _co-operated_ with the move. Explain to me again how the move was a success. You are assuming a priori that it was a good decision as long as riots don't happen, which they didn't, hence it was good. But why was it good regardless of riots/no riots? I don't see how. So a few hundred crores of black money were caught in raids. That is a drop in the ocean. A hundred times more than that is caught in regular tax raids every year.* It has done absolutely nothing to curb future corruption. What it has done for sure is to reduce spending everywhere and cut down on industrial production and employment. You are welcome to believe it was successful, just like I believe it was a disaster. We'll find out at some point. * http://www.hindustantimes.com/india-news/cash-crunch-rs-242-crore-in-new-currency-seized-after-demonetisation/story-ZFidspQbfQqcIGbQPcgtPJ.html http://www.hindustantimes.com/india-news/cash-crunch-rs-242-... "Countrywide Rs 242 crore in new currency and jewellery worth Rs 15 crore has been seized. The amount is not abnormally high, as I-T sleuths annually unearth Rs 10,500 crore to Rs 11,000 crore in undisclosed income."

shripadk 10y ago
> Explain to me again how the move was a success. Because you are confusing demonetization with remonetization and post-remonetization. All are different. Demonetization ended on December 31st. The move was a success as no riots or coups took place. Why should I take that factor to gauge success? If you look at the history of demonetization, with the exception of Britain, 5 other countries either had large-scale riots or the Government's fell due to coups. The remonetization phase did not even commence and in some instances demonetization was also rolled back. Demonetization is just declaring currency as no longer legal tender. It has nothing to do with implementation or the after-effects. The actual implementation of replenishing cash is called "remonetization" and post-remonetization is the real impact. Now is remonetization a success? What about post-remonetization? Only the RBI final report as well as Income Tax assessment of those deposits made during November 8th to December 31st will be able to explain. This will take some time to come out. You are assuming that all money deposited in the banks are automatically converted to white. That is where your assumptions are wrong. The Tax authorities have already started auditing these deposits and are actively catching culprits who deposited huge amount of cash during the remonetization phase (see Mayawati's brother as well as her party being investigated for depositing 104+ crores). They'll start with the big fish and then catch the smaller fish.
- kranner 10y ago
  > You are assuming that all money deposited in the banks are automatically converted to white. That is where your assumptions are wrong. What? Where did I say this?
  - shripadk 10y ago
    > So a few hundred crores of black money were caught in raids. That is a drop in the ocean. A hundred times more than that is caught in regular tax raids every year.* It has done absolutely nothing to curb future corruption. You are assuming that this is the be-all and end-all of this scheme. You are assuming that the Income Tax authorities won't look at and audit the deposits made in the banks when you declared that "It has done absolutely nothing to curb future corruption".