2 ms·

wrt #1 where are you getting those numbers from? Can you cite the source?

denzil_correa 10y ago
The Reserve Bank of India is unusually silent but reports based on sources say that 97% of the demonetized currency is back into the system. http://www.livemint.com/Industry/RlRLIaViu44DYPKASuX76K/Banks-said-to-get-97-of-banned-notes-in-setback-to-Modis-b.html http://www.livemint.com/Industry/RlRLIaViu44DYPKASuX76K/Bank...
- photonwins 10y ago
  I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP. https://en.wikipedia.org/wiki/Mint_(newspaper) https://en.wikipedia.org/wiki/Mint_(newspaper) https://en.wikipedia.org/wiki/Shobhana_Bhartia https://en.wikipedia.org/wiki/Shobhana_Bhartia I would rather have some trust in the official RBI's figures, because they are accountable unlike some website.
  - denzil_correa 10y ago
    > I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP. I doubt you read the link I posted. The report was from Bloomberg not Livemint. Would you now discard that too based on another tenuous link? https://www.bloomberg.com/news/articles/2017-01-04/india-said-to-get-97-banned-notes-in-setback-to-graft-crackdown https://www.bloomberg.com/news/articles/2017-01-04/india-sai... > I would rather have some trust in the official RBI's figures RBI has been unusually silent on this. As of December 10 (21 days before the final date), 80% of the demonetized currency was back into the banks [0]. So, even if you trust the RBI figures - don't keep your hopes high. [0] http://timesofindia.indiatimes.com/business/india-business/80-of-old-notes-worth-12-4-lakh-crore-back-in-banks/articleshow/55970699.cms http://timesofindia.indiatimes.com/business/india-business/8...
    - photonwins 10y ago
      You are right, I didn't read the link you posted because the moment I noticed livemint, I kind of jumped to respond (possibly due to my past experience with the articles on their website). However my point still holds, if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers? I went through RBI's press release for December 2016 and didn't find anything stating the $220 billion deposits (as claimed by bloomberg). https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx PS: I am not trying to argue for the sake of arguing, I really would like to know the numbers to apprise myself.
      - denzil_correa 10y ago
        > if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers? The Bloomberg report is based on sources. For a moment, lets discard the Bloomberg reports and look at actual numbers from RBI. The data from RBI on December 13 shows that 80% of the demonetized currency was already back into the banks. RBI has not released data beyond that point of time. Based on a reasonable guesstimate, I would expect the final number to definitely touch 90% or above. Besides, we already know that unaccounted income in cash is 6% - so don't expect a number lesser than 90%.
mbesto 10y ago
Ya, I'd like to know this too. I was just recently in India for 3 weeks and I saw day after day that IT was bringing in people for black money (usually to the tune of $1M USD equivalent). Just propaganda then?

The Reserve Bank of India is unusually silent but reports based on sources say that 97% of the demonetized currency is back into the system. http://www.livemint.com/Industry/RlRLIaViu44DYPKASuX76K/Banks-said-to-get-97-of-banned-notes-in-setback-to-Modis-b.html http://www.livemint.com/Industry/RlRLIaViu44DYPKASuX76K/Bank...

photonwins 10y ago
I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP. https://en.wikipedia.org/wiki/Mint_(newspaper) https://en.wikipedia.org/wiki/Mint_(newspaper) https://en.wikipedia.org/wiki/Shobhana_Bhartia https://en.wikipedia.org/wiki/Shobhana_Bhartia I would rather have some trust in the official RBI's figures, because they are accountable unlike some website.
- denzil_correa 10y ago
  > I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP. I doubt you read the link I posted. The report was from Bloomberg not Livemint. Would you now discard that too based on another tenuous link? https://www.bloomberg.com/news/articles/2017-01-04/india-said-to-get-97-banned-notes-in-setback-to-graft-crackdown https://www.bloomberg.com/news/articles/2017-01-04/india-sai... > I would rather have some trust in the official RBI's figures RBI has been unusually silent on this. As of December 10 (21 days before the final date), 80% of the demonetized currency was back into the banks [0]. So, even if you trust the RBI figures - don't keep your hopes high. [0] http://timesofindia.indiatimes.com/business/india-business/80-of-old-notes-worth-12-4-lakh-crore-back-in-banks/articleshow/55970699.cms http://timesofindia.indiatimes.com/business/india-business/8...
  - photonwins 10y ago
    You are right, I didn't read the link you posted because the moment I noticed livemint, I kind of jumped to respond (possibly due to my past experience with the articles on their website). However my point still holds, if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers? I went through RBI's press release for December 2016 and didn't find anything stating the $220 billion deposits (as claimed by bloomberg). https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx PS: I am not trying to argue for the sake of arguing, I really would like to know the numbers to apprise myself.
    - denzil_correa 10y ago
      > if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers? The Bloomberg report is based on sources. For a moment, lets discard the Bloomberg reports and look at actual numbers from RBI. The data from RBI on December 13 shows that 80% of the demonetized currency was already back into the banks. RBI has not released data beyond that point of time. Based on a reasonable guesstimate, I would expect the final number to definitely touch 90% or above. Besides, we already know that unaccounted income in cash is 6% - so don't expect a number lesser than 90%.

mbesto 10y ago

Ya, I'd like to know this too. I was just recently in India for 3 weeks and I saw day after day that IT was bringing in people for black money (usually to the tune of $1M USD equivalent). Just propaganda then?